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Author: Naoyuki Yoshino
Publisher: Springer
ISBN: 981105021X
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
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: Springer
ISBN: 981105021X
Category : Business & Economics
Languages : en
Pages : 176
Get Book
Book Description
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: Gary Saxonhouse
Publisher: Wiley-Blackwell
ISBN: 9781405119177
Category : Political Science
Languages : en
Pages : 132
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Book Description
This volume explores the origins of Japan’s current economic crisis and assesses the country’s prospects for recovery. An exploration of the origins and consequences of Japan’s current economic crisis. Examines the collapse of the equity and real estate market bubbles in the late 1980s. Analyses the failure of Japanese monetary and fiscal policies to reverse the ensuing economic decline. Evaluates unorthodox options available to policy makers that might enable Japan to recover from its ‘lost decade’. Suggests that Japan’s prospects for economic recovery are still uncertain.
Author: Yoichi Funabashi
Publisher: Routledge
ISBN: 1317503368
Category : Social Science
Languages : en
Pages : 372
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Book Description
This book examines five features of Japan’s ‘Lost Decades’: the speed of the economic decline in Japan compared to Japan’s earlier global prowess; a rapidly declining population; considerable political instability and failed reform attempts; shifting balances of power in the region and changing relations with Asian neighbouring nations; and the lingering legacy of World War Two. Addressing the question of why the decades were lost, this book offers 15 new perspectives ranging from economics to ideology and beyond. Investigating problems such as the risk-averse behaviour of Japan’s bureaucracy and the absence of strong political leadership, the authors analyse how the delay of ‘loss-cutting policies’ led to the 1997 financial crisis and a state of political gridlock where policymakers could not decide on firm strategies that would benefit national interests. To discuss the rebuilding of Japan, the authors argue that it is first essential to critically examine Japan’s ‘Lost Decades’ and this book offers a comprehensive overview of Japan’s recent 20 years of crisis. The book reveals that the ‘Lost Decades’ is not an issue unique to the Japanese context but has global relevance, and its study can provide important insights into challenges being faced in other mature economies. With chapters written by some of the world’s leading Japan specialists and chapters focusing on a variety of disciplines, this book will be of interest to students and scholars in the areas of Japan studies, Politics, International Relations, Security Studies, Government Policy and History.
Author: W. Miles Fletcher III
Publisher: Routledge
ISBN: 1317977033
Category : Business & Economics
Languages : en
Pages : 158
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Book Description
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: Jun-ichi Nakamura
Publisher: Springer
ISBN: 4431559183
Category : Business & Economics
Languages : en
Pages : 73
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Book Description
Why has Japan's lost decade become the lost two decades? This book attempts to provide a novel perspective on causes of stagnant productivity growth of the Japanese corporate sector during the lost two decades. Exploiting the corporate financial dataset compiled by the Development Bank of Japan, it shows empirical evidence that an excessive conservative financial policy of firms in good standing were responsible for sluggish reallocation of productive resources after the recovery of “zombie” firms. The questions taken up in the book include: How can “zombie” firms be properly identified only on the basis of financial data? Why did a majority of “zombie” firms eventually recover? Why did the productivity and profitability of the corporate sector as a whole remain low even after the recovery of “zombie” firms? Why did firms in good standing stick to an excessive conservative financial policy and seem reluctant to invest for innovation? What can be the effective prescription to revitalize these firms in good standing? Supported by both in-depth data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's lost two decades from the financial and corporate behavioral points of view.
Author: William Pesek
Publisher: John Wiley & Sons
ISBN: 1118780728
Category : Political Science
Languages : en
Pages : 256
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Book Description
An in-depth look at Japan's economic malaise and the steps itmust take to compete globally In Japanization, Bloomberg columnist WilliamPesek—based in Tokyo—presents a detailed look atJapan's continuing twenty-year economic slow-down, the politicaland economic reasons behind it, and the policies it could andshould undertake to return to growth and influence. Despite newPrime Minister Shinzo Abe's promise of economic revitalization,investor optimism about the future, and plenty of potential,Japanization reveals why things are unlikely to change anytime soon. Pesek argues that "Abenomics," as the new policies are popularlyreferred to, is nothing more than a dressed-up version of the sameold fiscal and monetary policies that have left Japan withcrippling debt, interest rates at zero, and constant deflation. Heexplores the ten forces that are stunting Japan's growth and offersprescriptions for fixing each one. Offers a skeptical counterpoint to the popular rosy narrativeon the economic outlook for Japan Gives investors practical and detailed insight on the realcondition of Japan's economy Reveals ten factors stunting Japan's growth and why they areunlikely to be solved any time soon Explains why most of what readers believe they know aboutJapan's economy is wrong Includes case studies of some of the biggest Japanesecompanies, including Olympus, Japan Airlines, Sony, and Toyota,among others For many investors, businesspeople, and economists, Japan's longeconomic struggle is difficult to comprehend, particularly giventhe economic advantages it appears to have over its neighbors.Japanization offers a ground-level look at why its problemscontinue and what it can do to change course.
Author: Kōichi Hamada
Publisher: MIT Press
ISBN: 0262014890
Category : Business & Economics
Languages : en
Pages : 435
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Book Description
New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Author: Mr.Tim Callen
Publisher: International Monetary Fund
ISBN: 158906187X
Category : Business & Economics
Languages : en
Pages : 282
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Book Description
Japan’s weak economic performance in the 1990s has had implications not only for its own people, but for the world economy more generally, given Japan’s importance as a trading partner and supplier of capital. Therefore, it is essential that Japan unlock its growth potential. The IMF has worked with the Japanese authorities to identify the policies needed to bring Japan’s economy out of its recent slump. This book contributes to this ongoing debate, whose major topics include the need for an integrated policy strategy based on the decisive restructuring of the banking and corporate sectors, combined with macroeconomic policies designed to bring an end to deflation.
Author: W. Miles Fletcher III
Publisher: Routledge
ISBN: 1317977025
Category : Business & Economics
Languages : en
Pages : 218
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Book Description
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: Frank Baldwin
Publisher: NYU Press
ISBN: 1479889385
Category : History
Languages : en
Pages : 360
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Book Description
"A joint publication of the Social Science Research Council and New York University Press."
