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Author : Kōichi Hamada,A. K. Kashyap,David E. Weinstein
Publisher : MIT Press
Page : 435 pages
File Size : 45,7 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780262014892
New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Author : W. R. Garside
Publisher : Edward Elgar Publishing
Page : 229 pages
File Size : 42,9 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857938220
'Recent events have rendered Japan's lost decades all the more relevant to the rest of us. Rick Garside, in this wide-ranging and accessible account, explores the political economy of Japan's great stagnation with an eye toward describing how other advanced economies can avoid going down the same path.' – Barry Eichengreen, University of California, Berkeley, US 'Professor Garside's timely book transcends the national preoccupation suggested by its title. From one viewpoint this is a case study (admittedly on a grand scale) of the experience of one country in one historical period. But in analyzing the dynamic relationship between Japan's post-war economic miracle and its chronic stagnation from the 1990's he offers a penetrating insight into the links between profound and embedded institutional and ideological influences, global upheaval, and almost disastrous national economic performance. Hence, Japan's Great Stagnation – the unfolding story of that country's declining experience from masterful economic power to seeming economic paralysis – provides us with an all-too familiar scenario with which to approach the contemporaneous ills of the world's developed economies. The interaction between banking crises, unwieldy institutions (especially, but not only, financial institutions), policy frailties, and stagnating demand – all conspired to create crisis and then handicap or prevent recovery. And the familiarity of the story is aggravated by the global financial crisis which now threatens to engulf us. History never fully repeats itself, but Professor Garside's illuminating examination of Japan's recent experiences must surely provide important points of relevance for the world's current malaise. He is to be congratulated on the depth and scope of what he has achieved – and for its relevance to what we are experiencing.' – Barry Supple, University of Cambridge, UK This timely book presents a critical examination of the developmental premises of Japan's high-growth success and its subsequent drift into recession, stagnation and piecemeal reform. The country, which within a few decades of wartime defeat mounted a serious challenge to American hegemony, appeared incapable of fully adjusting to shifting economic circumstance once the impulses of catch-up growth and the good fortune of an accommodating international environment faded. The banking crises, spiralling government debt, and stagnant growth experienced by major industrialized nations in recent years have evoked renewed interest in Japan's economic denouement since the 1990s. To many, Japan's drift into recession and financial crisis during the early 1990s, and later into stagnation and prolonged deflation, demonstrated precisely what not to do when fashioning remedial policy. This book details the legacies of Japan's high-growth success and how they affected Japan's capacity to cope with shifting national and international circumstance from the 1980s. It reviews the contentious debates over the causes and consequences of the 'bubble economy' and the 'lost decade', and assesses the extent to which reforms since 1997 have been compromised by lingering attachments to Japan's distinctive post-war political economy. Providing an analytical overview of both the high growth and recessionary periods and of subsequent reform agendas, this timely book will appeal to students, academics and researchers of economic history, development and politics, particularly those with an interest in Japan and Asian studies more generally.
Author : Kenji Aramaki
Publisher : Springer
Page : 367 pages
File Size : 55,5 Mb
Release : 2019-02-07
Category : Business & Economics
ISBN : 9789811321764
This book examines the struggles of the Japanese economy over the last 30 years, analyzing in detail the formation of the huge economic bubble in the 1980s, its collapse at the beginning of the 1990s, and subsequent two decade long economic stagnation and chronic deflation, with the aim of identifying the mechanism of such processes and drawing lessons for future economic policy management. The book also assesses the comprehensive policy efforts called “Abenomics” under the current Abe administration. As Abe continues into a new term, this book will be of interest to Japan scholars, economists, and policymakers around the world, particularly in Asia.
Author : Masayuki Otaki
Publisher : Routledge
Page : 137 pages
File Size : 55,6 Mb
Release : 2015-08-20
Category : Business & Economics
ISBN : 9781317384144
The deflationary Japanese economy is a spurious observation and a precarious political propaganda, which tacitly connects with the fanatic diagnosis urging an inflation-prompting macroeconomic policy. This book provides an overview of the prolonged stagnation of the current Japanese economy. It also examines the politico-economic implications concerning the precarious conversion of Japanese monetary policy and focuses on the vulnerability of the price-sustaining policy concerning the public debt. The book also analyzes and suggests against the acceleration of inflation under the current Japanese foreign exchange system and also suggests that the surge of foreign direct investment towards East Asia is the acute cause of Japanese economy stagnation. The book concludes that to rebuild the economic potential of the Japanese economy, education and fostering the youths are the keys. This book will definitely interest those who are keen to learn more about the relationship between Bank of Japan and the Japanese political parties.
Author : Dongchul Cho,Takatoshi Ito,Andrew Mason
Publisher : Edward Elgar Publishing
Page : 128 pages
File Size : 49,5 Mb
Release : 2024-06-13
Category : Electronic
ISBN : 9781788110440
Japan’s dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term ‘Japanization’ is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing, and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judiciously timed book investigates in depth the causes of Japan’s ‘lost decades’ versus the real recovery achieved by the United States, and the lessons that can be learned.
Author : Masazumi Wakatabe
Publisher : Springer
Page : 209 pages
File Size : 55,6 Mb
Release : 2015-04-23
Category : Business & Economics
ISBN : 9781137438850
As the global Great Recession continues, policymakers, economists, and the public are turning to Japenses economic revitalization for answers. Paul Krugman, Nobel laureate in Economics, once said that Japan was a "full-dress rehearsal for the current crisis." Japan has experienced and valiantly overcome the burst of their Bubble economy, financial crisis, lukewarm recovery, and more than a decade-long deflation and stagnation to become one of the most stable economies today. Japan's Great Stagnation and Abenomics reveals the striking similarities of economic events and policies between the Great Stagnation and the current Great Recession. It also suggests possible dangers ahead and way-outs in the future. This exciting new volume is based on Wakatabe's expertise in economic history and the history of economic ideas and argues that any policy decision is related to cultural ideology. An investigation into the relationship between cultural ideology and policy helps us better understand the policy-making process.
Author : Akio Mikuni,R. Taggart Murphy
Publisher : Rowman & Littlefield
Page : 314 pages
File Size : 40,8 Mb
Release : 2004-05-13
Category : Business & Economics
ISBN : 9780815798767
Until quite recently, the Japanese inspired a kind of puzzled awe. They had pulled themselves together from the ruin of war, built at breakneck speed a formidable array of export champions, and emerged as the world's number-two economy and largest net creditor nation. And they did it by flouting every rule of economic orthodoxy. But today only the puzzlement remains—at Japan's inability to arrest its economic decline, at its festering banking crisis, and at the dithering of its policymakers. Why can't the Japanese government find the political will to fix the country's problems? Japan's Policy Trap offers a provocative new analysis of the country's protracted economic stagnation. Japanese insider Akio Mikuni and long-term Japan resident R. Taggart Murphy contend that the country has landed in a policy trap that defies easy solution. The authors, who have together spent decades at the heart of Japanese finance, expose the deep-rooted political arrangements that have distorted Japan's monetary policy in a deflationary direction. They link Japan's economic difficulties to the Achilles' heel of the U.S. economy: the U.S. trade and current accounts deficits. For the last twenty years, Japan's dollar-denominated trade surplus has outstripped official reserves and currency in circulation. These huge accumulated surpluses have long exercised a growing and perverse influence on monetary policy, forcing Japan's authorities to support a build-up of deflationary dollars. Mikuni and Murphy trace the origins of Japan's policy trap far back into history, in the measures taken by Japan's officials to preserve their economic independence in what they saw as a hostile world. Mobilizing every resource to accumulate precious dollars, the authorities eventually found themselves coping with a hoard they could neither use nor exchange. To counteract the deflationary impact, Japanese authorities resorted to the creation of yen liabilities unrelated to production via the large
Author : Kenji Aramaki
Publisher : Palgrave MacMillan
Page : 392 pages
File Size : 55,9 Mb
Release : 2020-02-23
Category : Business & Economics
ISBN : 9811530734
This book examines the struggles of the Japanese economy over the last 30 years, analyzing in detail the formation of the huge economic bubble in the 1980s, its collapse at the beginning of the 1990s, and subsequent two decade long economic stagnation and chronic deflation, with the aim of identifying the mechanism of such processes and drawing lessons for future economic policy management. The book also assesses the comprehensive policy efforts called "Abenomics" under the current Abe administration. As Abe continues into a new term, this book will be of interest to Japan scholars, economists, and policymakers around the world, particularly in Asia. Kenji Aramaki graduated from Hitotsubashi University with a Bachelor of Arts in Social Studies in 1974 and a Bachelor of Arts in Law in 1976. He was awarded Master of Philosophy in Economics from Oxford University in 1980 and Doctor of Economics in 2001 from Kyoto University. After 30 year-long career at the Ministry of Finance, Government of Japan, including two years as an economist at the IMF, he moved to the University of Tokyo where he taught international economy up to March 2017. He has been teaching at the Tokyo Woman's Christian University since April 2017. He was a visiting professor at the School of Oriental and African Studies (SOAS), London University from 2014 to 2015. His publications include "Capital Account Liberalization: Japan's Experience and Implications for China" in Capital Account Liberalization in China: The Need for a Balanced Approach (2014), "Bretton Woods Institutions and Japan's Response-Past, Present and the Future" in Glenn D. Hook and Harukiyo Hasegawa's edited volume Japanese Responses to Globalization (2006), and in Japanese, The Asian Crisis and the IMF (1999) and Risks of Financial Globalization (2018).
Author : Michael M. Hutchison,Frank Westermann
Publisher : MIT Press
Page : 287 pages
File Size : 46,8 Mb
Release : 2006
Category : Business & Economics
ISBN : 9780262083478
Experts on the Japanese economy examine Japan's prolonged period of economic underperformance, analyzing the ways in which the financial system, monetary policy, and international financial factors contributed to its onset and duration. After experiencing spectacular economic growth and industrial development for much of the postwar era, Japan plunged abruptly into recession in the early 1990s and since then has suffered a prolonged period of economic stagnation, from which it is only now emerging. Japan's malaise, marked by recession or weak economic activity, commodity and asset price deflation, banking failures, increased bankruptcies, and rising unemployment, has been the most sustained economic downturn seen in the industrial world since the 1930s. In Japan's Great Stagnation, experts on the Japanese economy consider key questions about the causes and effects of Japan's prolonged period of economic underperformance and what other advanced economies might learn from Japan's experience. They focus on aspects of the financial and banking system that have contributed to economic stagnation, the role of monetary policy, and the importance of international financial factors--in particular, the exchange rate and the balance of payments. Among the topics discussed are bank fragility and the inaccuracy of measuring it by the "Japan premium," the consequences of weak banking regulation, the controversial policy of "quantitative easing," and the effectiveness of currency devaluation for fighting deflation. Taken together, the contributions demonstrate the importance of a sound financial sector in fostering robust growth and healthy economies--and the enormous economic costs of a dysfunctional financial system. Contributors Yoichi Arai, Robert Dekle, Zekeriya Eser, Eiji Fujii, Kimie Harada, Takeo Hoshi, Michael M. Hutchison, Takatoshi Ito, Ken Kletzer, Nikolas Müller-Plantenberg, Kunio Okina, Joe Peek, Eric S. Rosengren, Shigenori Shiratsuka, Mark M. Spiegel, Frank Westermann, Nobuyoshi Yamori
Author : Naoyuki Yoshino,Farhad Taghizadeh-Hesary
Publisher : Springer
Page : 176 pages
File Size : 45,5 Mb
Release : 2017-09-20
Category : Business & Economics
ISBN : 9789811050213
This book discusses Japan’s long-term economic recession and provides remedies for that recession that are useful for other Asian economies. The book addresses why Japan’s economy has stagnated since the bursting of its economic bubble in the 1990s. Its empirical analysis challenges the beliefs of some economists, such as Paul Krugman, that the Japanese economy is caught in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical “investment–saving” (IS) curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural problems have many causes: an aging demographic (a problem that is frequently overlooked), an over-reliance by local governments on transfers from the central government, and Basel capital requirements that have made Japanese banks reluctant to lend money to start-up businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. All these issues are addressed empirically and theoretically, and several remedies for Japan’s long-lasting recession are provided. This volume will be of interest to researchers and policy makers not only in Japan but also the People’s Republic of China, many countries in the eurozone, and the United States, which may face similar challenges in the future.
Author : Naoyuki Yoshino
Publisher : Unknown
Page : 31 pages
File Size : 51,5 Mb
Release : 2015
Category : Electronic
ISBN : OCLC:1306585755
Japan has suffered from sluggish economic growth and recession since the 1990s, a phenomenon dubbed "Japan's Lost Decade." The People's Republic of China, many countries in the eurozone, and the United States may face similar problems in future and they have been concerned by Japan's long-term recession. This paper will address why Japan's economy has stagnated since the bursting of its economic bubble. Our empirical analysis challenges the beliefs of some western economists, such as Paul Krugman, that the Japanese economy is in a liquidity trap. We argue that Japan's economic stagnation stems from a vertical IS curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural problems have many causes: an aging demographic (a problem that is frequently overlooked), an over-reliance by local governments on transfers from the central government, and Basel capital requirements that have made Japanese banks reluctant to lend money to startup businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. The paper will address all these issues empirically and theoretically and will provide some remedies for Japan's long-lasting recession.
Author : Mitsuhiko Iyoda
Publisher : Springer Science & Business Media
Page : 157 pages
File Size : 46,6 Mb
Release : 2010-08-05
Category : Business & Economics
ISBN : 9781441963321
Since the end of World War II, the Japanese economy has seen rapid changes and remarkable progress. It has also experienced a bubble economy and period of prolonged stagnation. The book seeks to address three major questions: What kind of changes have taken place in the postwar years? In what sense has there been progress? What lessons can be drawn from the experiences? The book is organized as follows: It begins with an overview of the postwar Japanese economy, using data to highlight historical changes. The four major economic issues in the postwar Japanese economy (economic restoration, rapid economic growth, the bubble economy and current topics) are addressed, with particular focus on the meaning of economic growth and the bubble economy. The next chapters examine the important economic issues for Japan related to a welfare-oriented society, including income distribution, asset distribution, and the relative share of income. Another chapter deals with the household structure of Japan, the pension issue, and the importance of the effect of demographic change on income distribution. The final chapter gives a brief summary, examines quality of life as a lesson of this research, and briefly outlines a proposal for a basic design towards achieving a high satisfaction level society. This book will be of interest to economists, economic historians and political scientists and would be useful as a text for any course on the Japanese economy.
Author : Ippei Fujiwara
Publisher : Unknown
Page : 58 pages
File Size : 48,7 Mb
Release : 2007
Category : Financial crises
ISBN : UCSD:31822034578583
"Focusing on policy-making under uncertainty, we analyze the Bank of Japan's monetary policy in the early 1990s when the bubble economy collapsed. Conducting stochastic simulations with a large-scale macroeconomic model of the Japanese economy, we find that the BOJ's monetary policy at that time was essentially optimal under uncertainty about the policy multiplier. On the other hand, we also find that the BOJ's policy was not optimal under uncertainty about inflation dynamics, and that a more aggressive policy response than actually implemented would have been needed. Thus, optimal monetary policy differs greatly depending upon which type of uncertainty is emphasized. Taking into account the fact that overcoming deflation became an important issue from the latter 1990s, it is possible to argue that during the early 1990s the BOJ should have placed greater emphasis on uncertainty about inflation dynamics and implemented a more aggressive monetary policy. The result from a counter-factual simulation indicates that the inflation rate and the real growth rate would have been higher to some extent if the BOJ had implemented a more accommodative policy during the early 1990s. However, the simulation result also suggests that the effects would have been limited, and that an accommodative monetary policy itself would not have changed the overall image of the prolonged stagnation of the Japanese economy during the 1990s."--Author's abstract.
Author : Takatoshi Itō,Hugh T. Patrick,David E. Weinstein
Publisher : Mit Press
Page : 452 pages
File Size : 54,7 Mb
Release : 2005
Category : Business & Economics
ISBN : UCSC:32106018127867
Analysis and policy prescriptions for Japan's sustained economic recovery from its 14-year malaise by 15 top American and Japanese experts on the subject. Japan, the world's second largest economy, has suffered from a prolonged period of stagnation and malaise since 1991. Subpar growth, failing banks, plummeting real estate and stock prices, deflation, unprecedented unemployment, and huge government liabilities have persisted, despite extraordinary fiscal and monetary policy fixes. In Reviving Japan's Economy, 16 top American and Japanese experts analyze Japan's underperforming economy, and develop and recommend policy solutions aimed at achieving Japan's growth potential, improving the quality of life for the Japanese people, and strengthening Japan's contribution to the global economy. A collaborative effort that grew out of a research project begun in 2002 and sponsored by the Center on Japanese Economy and Business at Columbia University and the Research Center for Advanced Science and Technology at the University of Tokyo, the book looks to the future while having as its foundation a careful analysis of Japan's recent economic history. The contributing authors examine such topics as the long-term economic, demographic, social, and political transformation now underway in Japan; the costs of the long economic malaise; lessons for the United States from Japan's post-bubble mistakes; aggregate demand and macroeconomic policy; monetary policy; financial system difficulties; issues facing the Japanese labor market; corporate restructuring and financing; and Japan's new trade policy. The feasible, optimal policy solutions offered in this book aim to prompt a revival of Japan's long-run economic vitality.
Author : Naoyuki Yoshino,Farhad Taghizadeh-Hesary
Publisher : Unknown
Page : 176 pages
File Size : 46,6 Mb
Release : 2017
Category : Economic development
ISBN : 9811050201