Japan's New Economy
Continuity and Change in the Twenty-first Century
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Japan's New Economy by Magnus Blomstrom
Book DescriptionJapan's economy stumbled in the 1990s. After four decades of rapid growth that transformed Japan into a wealthy country at the world's technological frontier, the last decade brought prolonged economic stagnation. The rapid run-up in asset prices in the late 1980s, followed by their collapse in the early 1990s, left a debt overhang that paralyzed the banking sector. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has seemed impervious to aggressive fiscal stimulus measures and is still plagued by ongoing price deflation. 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 21st century. Yet Japan's economy is already changing. Driven by an aging population, rapid technological change, and increasing global competition, the country's public and private institutions are being slowly reshaped. This volume explores the forces that will drive structural and institutional change in three areas over the next decade: the macroeconomy, the organization of industry, and the global economic and political environment. Economists, demographers, and Japan specialists examine key aspects of the economy that will be transformed in coming years, including population and savings, the public pension system, labor markets, financial reforms, deregulation of service industries, productivity performance, foreign investment, trade, and the impact of an emerging China. The volume fills an important gap in the existing economic literature. While much has been written about Japan's pre-1990s institutions and economic performance, this volume is unique in its forward-looking orientation - trying to understand not only the institutional and structural changes that have already reshaped Japan in the 1990s, but to identify the critical trends and institutional changes that will mould Japan's new economy over the next decade.
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Book DetailsISBN: 9780199241729
(244mm x 164mm x 23mm)
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 25-Jan-2001
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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