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Japan's Lost Decade: Origins, Consequences and Prospects for Recovery

Japan's Lost Decade: Origins, Consequences and Prospects for Recovery

Gary Saxonhouse (Editor), Robert Stern (Editor)

ISBN: 978-1-405-11917-7

Mar 2004, Wiley-Blackwell

132 pages

Select type: Paperback

In Stock

$41.95

Description

This volume explores the origins of Japan’s current economic crisis and assesses the country’s prospects for recovery.

  • An exploration of the origins and consequences of Japan’s current economic crisis.

  • Examines the collapse of the equity and real estate market bubbles in the late 1980s.

  • Analyses the failure of Japanese monetary and fiscal policies to reverse the ensuing economic decline.

  • Evaluates unorthodox options available to policy makers that might enable Japan to recover from its ‘lost decade’.

  • Suggests that Japan’s prospects for economic recovery are still uncertain.
1. The Bubble and the Lost Decade: Gary R. Saxonhouse and Robert M. Stern (both University of Michigan).

2. Retrospective on the Bubble Period and its Relationship to Developments in the 1990s: Takatoshi Ito (University of Tokyo).

3. Why Does the Problem Persist? ‘Rational Rigidity’ and the Plight of Japanese Banks: Kiyohiko G. Nishimura (University of Tokyo) and Yuko Kawamoto (McKinsey & Company, Japan).

4. Japan’s Fiscal Policies in the 1990s: Toshihiro Ihori (University of Tokyo), Toru Nakazato (Sophia University, Tokyo), and Masumi Kawade (University of Tokyo).

5. Japan’s Negative Risk Premium in Interest Rates: The Liquidity Trap and the Fall in Bank Lending: Rishi Goyal (International Monetary Fund) and Ronald McKinnon (Stanford University).

6. Japan’s Lost Decade and its Financial System: Mitsuhiro Fukao (Keio University, Tokyo).

Index.


  • An exploration of the origins and consequences of Japan’s current economic crisis.
  • Examines the collapse of the equity and real estate market bubbles in the late 1980s.
  • Analyses the failure of Japanese monetary and fiscal policies to reverse the ensuing economic decline.
  • Evaluates unorthodox options available to policy makers that might enable Japan to recover from its ‘lost decade’.
  • Suggests that Japan’s prospects for economic recovery are still uncertain.