The Japanese Economy During The Great Depression

Author : Masato Shizume
Publisher : Springer Nature
Page : 125 pages
File Size : 41,5 Mb
Release : 2021-09-25
Category : Business & Economics
ISBN : 9789811373572

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The Japanese Economy During the Great Depression by Masato Shizume Pdf

This book provides a systematic explanation of a remarkable policy innovation in an emerging economy in the modern world. In doing so, it highlights the nature of the Japanese economy during the interwar period. It offers a canonical case study for an international macroeconomic policy of a small and open economy. Readers can draw lessons from the Japanese experience in the 1930s, recalling what kinds of challenges policymakers faced in a crisis situation, what they can do, and what they should not do. As a whole, it is a novel reference both for scholars in economic history and international economics and for policymakers all over the world. A comprehensive and clear-cut picture of the Japanese economy during the Great Depression in the 1930s is presented, including the policy innovations brought about by an iconoclastic finance minister, Korekiyo Takahashi, at that time. To this end, the book integrates the narrative analysis based on newly available archival documents and the quantitative analysis based on newly constructed macroeconomic data and contemporary econometric methodologies. This work shows how Japan escaped from the depression in its early stage. It illustrates a transmission mechanism of the macroeconomic stimulus package of currency depreciation, easy money, and fiscal expansion. As well, it argues that the key for economic recovery was currency depreciation and that expectations played a pivotal role in ending deflation and kick-starting economic recovery. Also contained here is an exploration of politico-economic interaction in the shaping of economic policy and the long-term consequences of policy actions such as departure from the gold standard and initiation of the government debt finance by the central bank. It is shown that the collapse of the international gold standard and the lack of governance of military spending resulted in a loss of fiscal discipline in the long run.

Author : Masato Shizume
Publisher : Unknown
Page : 0 pages
File Size : 40,9 Mb
Release : 2021
Category : Electronic
ISBN : 9811373582

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The Japanese Economy During the Great Depression by Masato Shizume Pdf

This book provides a systematic explanation of a remarkable policy innovation in an emerging economy in the modern world. In doing so, it highlights the nature of the Japanese economy during the interwar period. It offers a canonical case study for an international macroeconomic policy of a small and open economy. Readers can draw lessons from the Japanese experience in the 1930s, recalling what kinds of challenges policymakers faced in a crisis situation, what they can do, and what they should not do. As a whole, it is a novel reference both for scholars in economic history and international economics and for policymakers all over the world. A comprehensive and clear-cut picture of the Japanese economy during the Great Depression in the 1930s is presented, including the policy innovations brought about by an iconoclastic finance minister, Korekiyo Takahashi, at that time. To this end, the book integrates the narrative analysis based on newly available archival documents and the quantitative analysis based on newly constructed macroeconomic data and contemporary econometric methodologies. This work shows how Japan escaped from the depression in its early stage. It illustrates a transmission mechanism of the macroeconomic stimulus package of currency depreciation, easy money, and fiscal expansion. As well, it argues that the key for economic recovery was currency depreciation and that expectations played a pivotal role in ending deflation and kick-starting economic recovery. Also contained here is an exploration of politico-economic interaction in the shaping of economic policy and the long-term consequences of policy actions such as departure from the gold standard and initiation of the government debt finance by the central bank. It is shown that the collapse of the international gold standard and the lack of governance of military spending resulted in a loss of fiscal discipline in the long run.

Author : Anders Ögren,Lars Fredrik Øksendal
Publisher : Springer
Page : 267 pages
File Size : 43,6 Mb
Release : 2011-12-16
Category : Business & Economics
ISBN : 9780230362314

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The Gold Standard Peripheries by Anders Ögren,Lars Fredrik Øksendal Pdf

The remarkably successful gold standard before 1914 was the first international monetary regime. This book addresses the experience of the gold standard peripheries; i.e. regime takers with limited influence on the regime. How did small countries adjust to an international monetary regime with seemingly little room for policy autonomy?

Author : Ronald Philip Dore,Radha Sinha,Mari Sako
Publisher : Springer
Page : 232 pages
File Size : 50,5 Mb
Release : 1987-06-18
Category : Business & Economics
ISBN : 9781349075201

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Japan and World Depression by Ronald Philip Dore,Radha Sinha,Mari Sako Pdf

Author : Tomoko Shiroyama
Publisher : BRILL
Page : 358 pages
File Size : 53,9 Mb
Release : 2020-03-23
Category : History
ISBN : 9781684174652

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China During the Great Depression by Tomoko Shiroyama Pdf

"The Great Depression was a global phenomenon: every economy linked to international financial and commodity markets suffered. The aim of this book is not merely to show that China could not escape the consequences of drastic declines in financial flows and trade but also to offer a new perspective for understanding modern Chinese history. The Great Depression was a watershed in modern China. China was the only country on the silver standard in an international monetary system dominated by the gold standard.Fluctuations in international silver prices undermined China’s monetary system and destabilized its economy. In response to severe deflation, the state shifted its position toward the market from laissez-faire to committed intervention. Establishing a new monetary system, with a different foreign-exchange standard, required deliberate government management; ultimately the process of economic recovery and monetary change politicized the entire Chinese economy. By analyzing the impact of the slump and the process of recovery, this book examines the transformation of state–market relations in light of the linkages between the Chinese and the world economy."

Author : Makoto Itoh
Publisher : Springer
Page : 278 pages
File Size : 55,9 Mb
Release : 1990-11-01
Category : Business & Economics
ISBN : 9781349210848

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The World Economic Crisis and Japanese Capitalism by Makoto Itoh Pdf

The current world economic crisis and its impact on Japanese capitalism contains many paradoxes. After the historical conditions of continuous growth under US economic hegemony broke down, generating a global economic crisis from the beginning of the 1970s, the restructuring of capitalism through the 'information revolution' seems paradoxically to be causing a historical reverse in social conditions of over a century. Although the Japanese economy is often regarded as an exceptionally successful economy it is not immune from the crisis. The process of restrengthening Japanese competitive power has weakened the social position of Japanese workers. This book offers a stimulating analysis of the dynamics of the world and Japanese economy. The author's previous book The Basic Theory of Capitalism gives a solid theoretical basis for the treatment of the current crisis in this present study.

Author : Kerry Douglas Smith
Publisher : Harvard Univ Asia Center
Page : 518 pages
File Size : 41,7 Mb
Release : 2001
Category : Business & Economics
ISBN : 0674003705

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A Time of Crisis by Kerry Douglas Smith Pdf

This study of Japan's transformation by the economic crises of the 1930s focuses on efforts to overcome the effects of the Great Depression in rural areas, particularly the activities of local activists and Tokyo policymakers. Smith sheds light on how average Japanese responded to problems of modernization and how they re-created the countryside.

Author : Michael M. Hutchison,Frank Westermann
Publisher : MIT Press
Page : 287 pages
File Size : 44,7 Mb
Release : 2006
Category : Business & Economics
ISBN : 9780262083478

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Japan's Great Stagnation by Michael M. Hutchison,Frank Westermann Pdf

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 : Barry J. Eichengreen
Publisher : Oxford University Press, USA
Page : 521 pages
File Size : 47,6 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780199392001

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Hall of Mirrors by Barry J. Eichengreen Pdf

"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--

Author : Mitsuhiko Iyoda
Publisher : Springer Science & Business Media
Page : 167 pages
File Size : 46,6 Mb
Release : 2010-08-05
Category : Business & Economics
ISBN : 9781441963321

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Postwar Japanese Economy by Mitsuhiko Iyoda Pdf

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 : Yasukichi Yasuba
Publisher : Unknown
Page : 24 pages
File Size : 42,9 Mb
Release : 1985
Category : Japan
ISBN : 0867846542

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The Japanese Economy and Economic Policy in the 1930s by Yasukichi Yasuba Pdf

Author : M. Low
Publisher : Springer
Page : 242 pages
File Size : 50,7 Mb
Release : 2005-05-05
Category : History
ISBN : 9781403981110

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Building a Modern Japan by M. Low Pdf

In the late Nineteenth-century, the Japanese embarked on a program of westernization in the hope of building a strong and modern nation. Science, technology and medicine played an important part, showing European nations that Japan was a world power worthy of respect. It has been acknowledged that state policy was important in the development of industries but how well-organized was the state and how close were government-business relations? The book seeks to answer these questions and others. The first part deals with the role of science and medicine in creating a healthy nation. The second part of the book is devoted to examining the role of technology, and business-state relations in building a modern nation.

Author : Kerry Smith
Publisher : BRILL
Page : 509 pages
File Size : 44,5 Mb
Release : 2020-05-11
Category : History
ISBN : 9781684173419

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A Time of Crisis by Kerry Smith Pdf

This study of Japan’s transformation by the economic crises of the 1930s focuses on efforts to overcome the effects of the Great Depression in rural areas, particularly the activities of local activists and policymakers in Tokyo. The reactions of inhabitants of rural areas to the depression shed new light on how average Japanese responded to the problems of modernization and how they re-created the countryside.

Author : Bai Gao
Publisher : Cambridge University Press
Page : 382 pages
File Size : 44,9 Mb
Release : 1997-07-28
Category : History
ISBN : 0521582407

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Economic Ideology and Japanese Industrial Policy by Bai Gao Pdf

During the Great Depression and World War II, the ideology of developmentalism--characterized by a nationalistic perspective, a production orientation, and a strategic view of the economy, including restraint of market competition and rejection of the profit principle--emerged and strongly influenced policy innovation in Japan and institutional reforms in its economy. Liberal capitalism in the postwar era eliminated the military nature of the Japanese economy, and forced developmentalism to adapt to democratic political institutions and the free trade regime.

Author : Richard Werner
Publisher : Routledge
Page : 384 pages
File Size : 46,8 Mb
Release : 2015-03-04
Category : Education
ISBN : 9781317462194

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Princes of the Yen by Richard Werner Pdf

This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.