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Japan’s Lost Decade - Lessons for Asian Economies (Hardcover, 1st ed. 2017)
Loot Price: R3,753
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Japan’s Lost Decade - Lessons for Asian Economies (Hardcover, 1st ed. 2017)
Series: ADB Institute Series on Development Economics
Expected to ship within 10 - 15 working days
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This book discusses Japan’s long-term economic recession and
provides remedies for that recession that are useful for other
Asian economies. The book addresses why Japan’s economy has
stagnated since the bursting of its economic bubble in the 1990s.
Its empirical analysis challenges the beliefs of some economists,
such as Paul Krugman, that the Japanese economy is caught in a
liquidity trap. This book argues that Japan’s economic stagnation
stems from a vertical “investment–saving” (IS) curve rather
than a liquidity trap. The impact of fiscal policy has declined
drastically, and the Japanese economy faces structural problems
rather than a temporary downturn. These structural problems have
many causes: an aging demographic (a problem that is frequently
overlooked), an over-reliance by local governments on transfers
from the central government, and Basel capital requirements that
have made Japanese banks reluctant to lend money to start-up
businesses and small and medium-sized enterprises. This latter
issue has discouraged Japanese innovation and technological
progress. All these issues are addressed empirically and
theoretically, and several remedies for Japan’s long-lasting
recession are provided. This volume will be of interest to
researchers and policy makers not only in Japan but also the
People’s Republic of China, many countries in the eurozone, and
the United States, which may face similar challenges in the future.
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