Institutional Change in Japan
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Institutional Change in Japan by Magnus Blomstrom
Book DescriptionThis is a new analysis of recent changes in important Japanese institutions. It addresses the origin, development, and recent adaptation of core institutions, including financial institutions, corporate governance, lifetime employment, and the amakudari system. After four decades of rapid economic growth in Japan, the 1990s saw the country enter a prolonged period of economic stagnation. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has been impervious to aggressive fiscal stimulus measures and has been plagued by ongoing price deflation for years. Japan's struggle has called into question the ability of the country's economic institutions, originally designed to support factor accumulation and rapid development, to adapt to the new economic environment of the twenty-first century. This book discusses both historical and international comparisons including Meiji Japan, and recent economic and financial reforms in Korea, Scandinavia, Switzerland, and New Zealand, placing the current institutional changes in perspective. The contributors argue that, contrary to conventional wisdom that Japanese institutions have remained relatively rigid, there has been significant institutional change over the last decade.
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Book DetailsISBN: 9780415380157
(234mm x 156mm x 19mm)
Publisher: Taylor & Francis Ltd
Publish Date: 4-May-2006
Country of Publication: United Kingdom
Books By Author Magnus Blomstrom
Structural Impediments to Growth in Japan, Hardback (December 2003)
A team of notable editors and contributors present nine papers offering a comprehensive assessment of the long economic stagnation in Japan and the long-term challenges ahead.
Topics in Empirical International Economics, Hardback (April 2001)» View all books by Magnus Blomstrom
This work addresses developments in three areas. The first section focuses on international comparisons of output and prices. The next section discusses international trade, including issues such as child labour exploitation. The last section offers research on multinational corporations.
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Author Biography - Magnus Blomstrom
Magnus Blomstrom is Professor of Economics at the Stockholm School of Economics and President of the European Institute of Japanese Studies. Sumner La Croix is Professor of Economics at the University of Hawaii-Manoa, USA.
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