Lost Decade In Translation Did The United States Learn From Japan S Post Bubble Mistakes

Author : Philip Tien
Publisher : GRIN Verlag
Page : 61 pages
File Size : 55,7 Mb
Release : 2008-06
Category : Electronic
ISBN : 9783638948609

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Lost decade in translation: Did the United States learn from Japan ́s post-bubble mistakes? by Philip Tien Pdf

Studienarbeit aus dem Jahr 2007 im Fachbereich BWL - Wirtschaftspolitik, Note: 1,7, Universität Osnabrück, Sprache: Deutsch, Abstract: 1.1 Problemhintergrund Ende der 1990er Jahre wurden Beobachter aufmerksam auf den starken Anstieg des amerikanischen Aktienmarktes und stellten Vergleiche zu Japan Ende der 1980er auf. Ökonomen machte sich Sorgen, ob die Erfahrung die Japan mit der geplatzten Blase und einer zehn Jahre langen Stagnation auch die USA treffen könnte. Viele Ähnlichkeiten wie der starke Wirtschaftswachstum und rasches Steigen des Aktienmarktes konnten festgestellt werden. Emerging Japanese Superstate oder Japan as Number One, diese Bezeichnung erhielt Japan in den 1980er Jahren auch von amerikanischen Volkswirten. Mit einer Wachstumsrate von durchschnittlich 3,9% des BIP ließ man die Welt aufhorchen. Nach dem Platzen der Bubbles allerdings stagnierte die Wirtschaft. Ähnliches wurde auch in den USA befürchtet. Nach dem Platzen der Aktienblase wurde deutlich, dass die USA nicht in eine Stagnation gefallen war. Es braucht halt mehr "than a bubble to become Japan". 1.2 [...] 1.3 Problemstellung Ziel dieser Arbeit ist die Beantwortung der Frage, ob die USA aus den Fehlern der Japaner im Post-bubble Verhalten gelernt haben. Dafür ist es notwendig festzustellen, ob die Situationen der beiden Länder vergleichbar waren und ob die Japaner Fehler gemacht haben. Nur wenn dies der Fall ist, können die USA dieses Fehlverhalten vermieden haben. Inhaltsverzeichnis 1 Einleitung 1 1.1 Problemhintergrund 1 1.2 Begriffliche Grundlagen 1 1.3 Problemstellung 2 1.4 Gang der Untersuchung 2 2 Japan in den 1980ern und die USA in den 1990ern 2 2.1 Finanzielle Lage 3 2.2 Wirtschaftslage 4 2.3 Fiskalpolitik 5 2.4 Geldpolitik 5 2.5 Unterschiede 7 3 Situation in der Post-bubble Phase 8 3.1 Probleme in Japan Anfang der 1990er Jahre 8 3.2 Ungleichgewicht zwischen Sparen und Investitionsnachfrage 9 3.3 Probleme im Bankenwesen 10 3.4 Wechselkursbedingte Argumentation der Krise 12 3.5

Author : W. R. Garside
Publisher : Edward Elgar Publishing
Page : 229 pages
File Size : 47,5 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857938220

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Japan's Great Stagnation by W. R. Garside Pdf

'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 : Iris Claus,Leo Krippner
Publisher : John Wiley & Sons
Page : 400 pages
File Size : 50,6 Mb
Release : 2019-02-27
Category : Business & Economics
ISBN : 9781119565192

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Contemporary Topics in Finance by Iris Claus,Leo Krippner Pdf

The literature surveys presented in this edited volume provide readers with up-to-date reviews on eleven contemporary topics in finance. Topics include unconventional monetary policy, implicit bank guarantees, and financial fraud - all linked to the exceptional event of the Global Financial Crisis Explores how recent studies on inflation risk premia and finance and productivity have benefitted from new empirical methods and the availability of relevant data Demonstrates how angel investing, venture capital, relationship lending and microfinance have benefitted from increased research as they have become more seasoned Investigates crowdfunding and crypto-currencies which have both arisen from recent technological developments

Author : National Bureau of Economic Research
Publisher : Unknown
Page : 302 pages
File Size : 40,8 Mb
Release : 2004
Category : Economics
ISBN : CORNELL:31924092656481

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NBER Reporter by National Bureau of Economic Research Pdf

Author : W. Miles Fletcher III,Peter W. von Staden
Publisher : Routledge
Page : 218 pages
File Size : 41,7 Mb
Release : 2014-06-11
Category : Business & Economics
ISBN : 9781317977025

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Japan's 'Lost Decade' by W. Miles Fletcher III,Peter W. von Staden Pdf

Understanding the 'lost decade' of the 1990s is central to explaining Japan today. Following a period of record high growth, the chronic downturn after 1990 raised fundamental questions about the course of the world's third largest economy. This crisis also presented Japan with the opportunity for transformative change. Changes have followed, some of them less than might be expected, and some of them far more sweeping than is generally realized. This volume presents a wide range of international perspectives on post-bubble Japan, exploring the effects of the long downturn on the views of the Japanese business community, management practices, and national policies. To what degree has Japan's traumatic experience prompted basic reforms in terms of legal changes, corporate governance, business strategy, and the longterm national vision for the economy? This book was originally published as a special issue of Asia Pacific Business Review.

Author : Takatoshi Itō,Hugh T. Patrick,David E. Weinstein
Publisher : MIT Press
Page : 452 pages
File Size : 41,8 Mb
Release : 2005
Category : Business & Economics
ISBN : UCSC:32106018127867

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Reviving Japan's Economy by Takatoshi Itō,Hugh T. Patrick,David E. Weinstein Pdf

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 : Randall Morck
Publisher : Unknown
Page : 66 pages
File Size : 53,5 Mb
Release : 2004
Category : Dividends
ISBN : PSU:000054626591

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How to Eliminate Pyramidal Business Groups by Randall Morck Pdf

Arguments for eliminating the double taxation of dividends apply only to dividends paid by corporations to individuals. The double (and multiple) taxation of dividends paid by one firm to another -- intercorporate dividends - was explicitly included in the 1930s as part of a package of tax and other policies aimed at eliminating United States pyramidal business groups. These structures remain the predominant form of corporate organization outside the United States. The first Roosevelt administration associated them with corporate governance problems, corporate tax avoidance, market power, and an objectionable concentration of economic power. Future tax reforms in the United States should mind the original intent of Congress and the President regarding intercorporate dividend taxation. Foreign governments may find the American experience of value should they desire to eliminate their business groups.

Author : Kiichi Tokuoka,Mr. Murtaza H. Syed,Mr. Kenneth Kang
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,8 Mb
Release : 2009-12-01
Category : Business & Economics
ISBN : 9781451918434

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“Lost Decade” in Translation by Kiichi Tokuoka,Mr. Murtaza H. Syed,Mr. Kenneth Kang Pdf

Is the recovery from the global financial crisis now secured? A strikingly similar crisis that stalled Japan''s growth miracle two decades ago could provide some clues. This paper explores the parallels and draws potential implications for the current global outlook and policies. Japan''s experiences suggest four broad lessons. First, green shoots do not guarantee a recovery, implying a need to be cautious about the outlook. Second, financial fragilities can leave an economy vulnerable to adverse shocks and should be resolved for a durable recovery. Third, well-calibrated macroeconomic stimulus can facilitate this adjustment, but carries increasing costs. And fourth, while judging the best time to exit from policy support is difficult, clear medium-term plans may help.

Author : John F. Helliwell
Publisher : Unknown
Page : 60 pages
File Size : 47,9 Mb
Release : 2004
Category : Emigration and immigration
ISBN : UCSD:31822021047279

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Demographic Changes and International Factor Mobility by John F. Helliwell Pdf

"This paper reviews the extent and policy implications of linkages between demographic changes and international factor mobility. Evidence is found of significant demographic effects on both migration and the current account, but for different reasons neither increased migration nor international transfers of savings is expected to offer much assistance in digesting the variety of demographic transitions expected over the next fifty years. The paper also examines more briefly the effects of demography on the factor content of international trade, as exemplified by offshore provision of back-office and other services previously provided closer to home. When considering the consequences of using international capital movements and especially migration to mediate international differences in demographic patterns, I broaden the focus from the usual economic variables, such as the size and distribution of incomes and employment, to consider explicit measures of well-being, which have been shown to depend on far more than economic variables. This has implications for a whole range of policies, both domestic and international, that might help deal with national and global demographic transitions"--NBER website

Author : Anonim
Publisher : Unknown
Page : 108 pages
File Size : 47,6 Mb
Release : 2005
Category : Banks and banking
ISBN : CORNELL:31924107859583

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Research Update by Anonim Pdf

Author : Anonim
Publisher : Unknown
Page : 46 pages
File Size : 40,9 Mb
Release : 2004
Category : Investments, Foreign
ISBN : UCSD:31822021047212

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FDI in Space by Anonim Pdf

"Theoretical models of foreign direct investment (FDI) have only recently begun to model the role of third countries, and the empirical FDI literature has almost exclusively examined bilateral FDI data without recognizing the potential interdependence between FDI decisions to alternative host countries. This paper uses spatial econometric techniques to examine the spatial correlation between FDI to alternative (neighboring) regions. The sign of such correlations can provide evidence for or against alternative theories for FDI motivations. Using data on OECD countries from 1980-2000, we find evidence consistent with export platform FDI in Europe"--NBER website

Author : Naoyuki Yoshino
Publisher : Unknown
Page : 31 pages
File Size : 44,5 Mb
Release : 2015
Category : Electronic
ISBN : OCLC:1306585755

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Japan's Lost Decade by Naoyuki Yoshino Pdf

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 : Ariel T. Burstein,Martin S. Eichenbaum,Sergio Rebelo
Publisher : Unknown
Page : 66 pages
File Size : 50,9 Mb
Release : 2004
Category : Devaluation of currency
ISBN : UCSD:31822021212394

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Large Devaluations and the Real Exchange Rate by Ariel T. Burstein,Martin S. Eichenbaum,Sergio Rebelo Pdf

"In this paper we argue that the primary force behind the large drop in real exchange rates that occurs after large devaluations is the slow adjustment in the price of nontradable goods and services. Our empirical analysis uses data from five large devaluation episodes: Argentina (2001), Brazil (1999), Korea (1997), Mexico (1994), and Thailand (1997). We conduct a detailed analysis of the Argentina case using disaggregated CPI data, data from our own survey of prices in Buenos Aires, and scanner data from supermarkets. We assess the robustness of our findings by studying large real-exchange-rate appreciations, medium devaluations, and small exchange-rate movements"--National Bureau of Economic Research web site.

Author : Christian Miguel Broda,David E. Weinstein
Publisher : Unknown
Page : 68 pages
File Size : 53,5 Mb
Release : 2004
Category : Fiscal policy
ISBN : UCSD:31822031012982

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Happy News from the Dismal Science by Christian Miguel Broda,David E. Weinstein Pdf

"We analyze fiscal policy and fiscal sustainability in Japan using a variant of the methodology developed in Blanchard (1990). We find that Japan can achieve fiscal sustainability over a 100-year horizon with relatively small changes in the tax-to-GDP ratio. Our analysis differs from more pessimistic analyses in several dimensions. First, since Japanese net debt is only half that of gross debt, we demonstrate that the current debt burden is much lower than is typically reported. This means that monetization of the debt will have little impact on Japan's fiscal sustainability because Japan's problem is the level of future liabilities not current ones. Second, we argue that one obtains very different projections of social security burdens based on the standard assumption that Japan's population is on a trend towards extinction rather than transitioning to a new lower level. Third, we demonstrate that some modest cost containment of the growth rate of real per capita benefits, such as cutting expenditures for shrinking demographic categories, can dramatically lower the necessary tax burden. In sum, no scenario involves Japanese taxes rising above those in Europe today and many result in tax-to-GDP ratios comparable to those in the United States"--National Bureau of Economic Research web site.

Author : Kyle Bagwell,Robert W. Staiger
Publisher : Unknown
Page : 66 pages
File Size : 40,6 Mb
Release : 2004
Category : Commercial treaties
ISBN : UCSD:31822021047220

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Enforcement, Private Political Pressure and the GATT/WTO Escape Clause by Kyle Bagwell,Robert W. Staiger Pdf

"We consider the design and implementation of international trade agreements when: (i) negotiations are undertaken and commitments made in the presence of uncertainty about future political pressures; (ii) governments possess private information about political pressures at the time that the agreement is actually implemented; and (iii) negotiated commitments can be implemented only if they are self-enforcing. We thus consider the design of self-enforcing trade agreements among governments that acquire private information over time. In this context, we provide equilibrium interpretations of GATT/WTO negotiations regarding upper bounds on applied tariffs and GATT/WTO escape clauses. We find that governments achieve greater welfare when they negotiate the optimal upper bound on tariffs rather than precise tariff levels; furthermore, when governments negotiate the optimal upper bound on tariffs, the observed applied tariffs often fall strictly below the bound. Our analysis also provides a novel interpretation of a feature of the WTO Safeguard Agreement, under which escape clause actions cannot be re-imposed in the same industry for a time period equal to the duration of the most recent escape clause action. We find that a dynamic usage constraint of this kind can raise the expected welfare of negotiating governments"--National Bureau of Economic Research web site.