Japanese Economic Policy Reconsidered
E. Elgar Pub., 1998 - Political Science - 276 pages
This attractively titled volume, Japanese Economic Policy Reconsidered, analyses the Japanese economy and associated economic policy issues not by responding to old arguments dealing with Japan s "Economic Miracle", but by taking a pragmatic view of the current complexities that define the industrial and financial organization of Japan. The internationally known scholars tackle the problems associated with the need for reform in a mature economy. They conclude that Japan requires significant reforms in monetary, regulatory and even foreign policy. The striking insights are made easily accessible thanks to the editor's insightful introduction. Anyone interested in the economic problems currently facing Japan will find much in this volume to be of lasting interest. Mitsuaki Okabe, Keio University, Japan The rise and relative decline of the Japanese economy has been an important feature of the world economy over the last decade. In this innovative book, distinguished experts re-evaluate commonly held perceptions in the West and in Japan about the strength of the economy. They shed new light on Japan s current economic situation and prescribe policies to restructure the domestic economy in order to achieve growth objectives. Japanese Economic Policy Reconsidered provides a critical evaluation of the key issues facing the Japanese economy, and the political and economic environments that continue to hold back Japan s future growth. The contributors advocate far-reaching structural reform in order to allow market forces to dictate industry policy. They then turn to the changing role of foreign trade and evaluate the Clinton Administration s attempt to define a new approach to US Japan trade relations. Special attention is given to an empirical analysis of the problem of overseas production. They also examine the peculiar characteristics of Japanese foreign direct investment inflows, and advocate the removal of disincentives to foreign investment, in order to encourage trade and economic growth. The authors then discuss the role of the financial sector, particularly in relation to Germany and the United States, and discover parallels in monetary policy in all three countries. They recommend regulatory reform of the financial sector in Japan to adapt to the future financial environment. This volume will be accessible to both scholars and practitioners looking for a deeper insight into modern Japan. It will also be of great use to students of macroeconomics, Asian studies, business economics and international economics.
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1a The growth rate of nondurables and services and real
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alliance American Asian Bank of Japan bankruptcy behaviour bilateral trade billion capital cent central bank coefficient companies competition consumption costs deregulation developed countries domestic dummy variable East Asia economic growth Economic Report effect electrical machinery equation estimated exchange rate exports FDI in Japan FDI outflows financial institutions financial system fiscal Foreign Direct Investment foreign firms Frontier Party Fukao global growth rate horizontal keiretsu impact imports incentives increase inflation Institute for International instrumental variables International Economics International Trade Investment in Japan Japan bashing Japanese economy Japanese firms Japanese market Japanese trade JASA JASA's Kawai keiretsu Korea labour manufacturing Meiji Restoration military monetary policy Noland Phase political produce overseas R&D intensity relative risk-aversion risk premium Saxonhouse sector share statistically significant structural reform Table target Tokyo trade barriers Tyson Economic Report United Urata US-Japan vertical keiretsu
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