Japan S Fiscal Crisis
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Japan S Fiscal Crisis
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Author : Maurice Wright
language : en
Publisher:
Release Date : 2002
Japan S Fiscal Crisis written by Maurice Wright and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
In this controversial and authoritative account of Japan's public budgeting and politics, the author traces the origins and development of Japan's present fiscal crisis. In a detailed analysis of the institutions, structures, and processes of central government, the role of the Ministry of Finance is analysed and its relationship with other ministries in deciding how much to spend and on what is examined. Drawing on a rich archive of interview material and primary budget data, the author explains how and why Japan accumulated the world's largest public debt.
Japan S Great Stagnation
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Author : W. R. Garside
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Japan S Great Stagnation written by W. R. Garside and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
'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.
Japan S Financial Crisis
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Author : Jennifer Amyx
language : en
Publisher: Princeton University Press
Release Date : 2013-10-31
Japan S Financial Crisis written by Jennifer Amyx and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-31 with Political Science categories.
At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.
Japan S Financial Crisis And Its Parallels To U S Experience
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Author : Ryōichi Mikitani
language : en
Publisher: Peterson Institute
Release Date : 2000
Japan S Financial Crisis And Its Parallels To U S Experience written by Ryōichi Mikitani and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Japan is only one of many industrialized economies to suffer a financial crisis in the past 15 years, but it has suffered the most from its crisis--as measured in lost output and investment opportunities, and in the direct costs of clean-up. Comparing the response of Japanese policy in the 1990s to that of US monetary and financial policy to the American Savings and Loan Crisis of the late 1980s sheds light on the reasons for this outcome. This volume was created by bringing together several leading academics from the United States and Japan--plus former senior policymakers from both countries--to discuss the challenges to Japanese financial and monetary policy in the 1990s. The papers address in turn both the monetary and financial aspects of the crisis, and the discussants bring together broad themes across the two countries' experiences. As the papers in this Special Report demonstrate, while the Japanese government's policy response to its banking crisis in the 1990s was slow in comparison to that of the US government a decade earlier, the underlying dynamics were similar. A combination of mismanaged partial deregulation and regulatory forebearance gave rise to the crisis and allowed it to deepen, and only the closure of some banks and injection of new capital into others began the resolution. The Bank of Japan's monetary policy from the late 1980s onward, however, was increasingly out of step with US or other developed country norms. In particular, the Bank of Japan's limited response to deflation after being granted independence in 1998 stands out as a dangerous and unusual stance.
Restoring Japan S Economic Growth
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Author : Adam Simon Posen
language : en
Publisher: Peterson Institute
Release Date : 1998
Restoring Japan S Economic Growth written by Adam Simon Posen and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Criticism of current Japanese macroeconomic and financial policies is so wide spread that the reasons for it are assumed to be self-evident. In this volume, Adam Posen explains in depth why a shift in Japanese fiscal and monetary policies, as well as financial reform, would be in Japan's self-interest. He demonstrates that Japanese economic stagnation in the 1990s is the result of mistaken fiscal austerity and financial laissez-faire rather than a structural decline of the "Japan Model." The author outlines a program for putting the country back on the path to solid economic growth - primarily through permanent tax cuts and monetary stabilization - and draws broader lessons from the recent Japanese policy actions that led to the country's continuing stagnation.
Japan In Crisis
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Author : S. Maswood
language : en
Publisher: Springer
Release Date : 2002-08-06
Japan In Crisis written by S. Maswood and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-08-06 with Political Science categories.
The long postwar economic boom in Japan ended in the early 1990s. Since then, the Japanese economy has stagnated and a series of reforms have failed to initiate economic growth. S. Javed Maswood focuses on the period after the Asian Crisis and looks at the measures that have been taken to revitalize the banking sector and to overcome regulatory and administrative impediments to economic growth. Including analysis of the latest data from Japan, this is an important study of Japan's political economy and the implications of Japan's economic slowdown for regional and global economic prosperity.
Making Fiscal Policy In Japan
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Author : Hiromitsu Ishi
language : en
Publisher: OUP Oxford
Release Date : 2000-12-07
Making Fiscal Policy In Japan written by Hiromitsu Ishi and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12-07 with Business & Economics categories.
Making Fiscal Policy in Japan is written for those who want to understand the role and performance of fiscal policy as an integral component of macroeconomic policy, and the attendant effects on economic growth. The case explored here is post-Second World War Japan, but the approach is one of international comparison. Ishi traces and analyses the central features of postwar Japanese fiscal policy and considers the institutional framework and policy objectives which shaped the budget process. The first part of the book provides a detailed overview of the topic, with detailed institutional and empirical information. In particular, the role that government played in Japan's postwar economic growth is explored in depth, with specific focus on the four sub-periods of occupation, rapid economic growth, internationalization, and the bubble economy. Part II explains the basic framework of budgets, the budgetary process in Japan, and fundamental strategies of fiscal authority. It looks in depth at the unique aspects of the balanced budget policy for 1953-65 and then at how financial resources for budgeting were automatically generated in a growing economy. The final part analyses specific policy issues in the public sector, among them human resource development, the ageing population and the social security system, tax incentives for export promotion, the Fiscal Investment and Loan Programme, and intergovernmental grant policy. Ishi argues that the Japanese government has been generally passive in guiding the state's economic activities, using fiscal policy to support the private economy rather than directly to influence the economy through deliberate expenditure and tax policies. The approach has been one of enhancing the market rather than of government intervention.
Examining Japan S Lost Decades
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Author : Yoichi Funabashi
language : en
Publisher: Routledge
Release Date : 2015-04-10
Examining Japan S Lost Decades written by Yoichi Funabashi and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-10 with Social Science categories.
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.
Banking On Stability
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Author : Saori N. Katada
language : en
Publisher: University of Michigan Press
Release Date : 2001
Banking On Stability written by Saori N. Katada and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
An exploration of Japanese involvement in the resolution of international financial crises
Japan S Response To Crisis And Change In The World Economy
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Author : Michèle Schmiegelow
language : en
Publisher: Routledge
Release Date : 2018-10-24
Japan S Response To Crisis And Change In The World Economy written by Michèle Schmiegelow and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-24 with Business & Economics categories.
Originally published in 1986, after a period of global changes and financial crisis in the majority of industrialised countries, this book explores how Japan’s economy seemed to maintain its success. This study provides an overview of the Japanese case and the main schools of thought that arose from it by dealing with export-related issues such as reforms in foreign exchange and trade control laws and the internationalisation of Japan’s financial markets as well as more domestic issues such as employment and wages. This title will be of interest to students of Asian Studies and Economics.