Why did Japan stumble?: causes and cures
Edward Elgar, 1999 - Business & Economics - 236 pages
. . . interesting, informative, and worthwhile reading. This reviewer recommends the book for anyone interested in understanding what happened to Japan in the 1990s. Thomas F. Cargill, Journal of Economic Literature . . . the publication of Why Did Japan Stumble? . . . is very welcome. In a single location, the reader can sample a wide variety of conflicting explanations, some of them by very influential Japanese thinkers. . . . Those interested in the state of debate among top rank participants would do well to include this book on their reading list. Richard Katz, Journal of Japanese Studies In this ground-breaking book, leading commentators on the Japanese economy analyse both the immediate and deep-seated causes that make a sustained economic recovery in Japan problematic. They debate the deep-rooted structural causes of Japan s decline and assess Japan s faltering financial system before prescribing policies to abate the continuing crisis. Starting with Japan s unanticipated economic collapse in the 1990s, the volume s contributors try to fathom the way forward for a seemingly catatonic economy. The first section deals with the entrenched structural causes of Japan s economic decline and demonstrates why sustained recovery is likely to be difficult. The second section tackles a more immediate difficulty impeding economic recovery Japan s nearly bankrupt financial system and discusses how regulators and politicians both helped to cause and can possibly combat this problem. All contributors agree that measures must be taken to ensure the synchronization of political, institutional and cultural structures to guarantee Japan s successful recovery. They are unable to agree on which measures will be effective and feasible. This highly insightful and accessible volume will be of interest to scholars of Japanese studies, financial economics and international economics as well as anyone with an interest in the current Japanese crisis.
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Why do I expect Japan to collapse?
Declining population the size of the government
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aggregate demand amakudari analysis asset prices bad debts bad loans balance sheets Bank of Japan banking crisis banking problems banking system birth rate bonds bridge bank business culture capital cent of GDP collapse companies competitive Confucianism corporate countercyclical credit crunch credit growth decline deficit depositors economic society effect employees equity estimated exchange rate factors failed banks financial deflation financial institutions financial system firms funds future GDP growth government investment important income increase industrial countries information asymmetry insolvent interest rates issue Japanese banking Japanese economy Japanese government jusen Keynesian labour liquidation macroeconomic measures Meiji ment Michio Morishima Ministry Morishima Nihon Keizai Shimbun non-performing loans OECD onset paper period political politicians population post-war predict public pension public sector ratio real GDP real-estate recapitalization reforms restructuring result social stock prices structure Tokyo trillion yen variables workers workouts