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Japan?s dramatic transformation from economic success to economic
stagnation offers important policy lessons to advanced countries
everywhere that are struggling with stagnation. The term
'?Japanization'? is often used by economists to describe long-term
stagnation and deflation. Symptoms include high unemployment, weak
economic activity, interest rates near zero, quantitative easing
and population aging. In the global context, what can governments
do to mitigate the downward trends experienced by Japan? This
judicious volume investigates in depth the causes of Japan?s ?lost
decades? versus the real recovery achieved by the United States,
and the lessons that can be learned. This book helps to provide a
basis for assessing a wide range of policy approaches from which
policymakers and governments can choose to avoid economic decline.
The expert contributions provide an overview of the pattern of
'?Japanization'? in a global economic perspective, analyze
similarities and differences between the Korean and Japanese
economies, and examine policies taken by Japan during the lost
decades. From this analysis, the book proposes future policy
solutions for countries experiencing ?'Japanization'?. Economic
stagnation and the relevant policy reactions have been of keen
interest around the globe since the global financial crisis and
this book will be an invaluable resource for scholars,
policymakers, and economic commentators alike. Contributors
include: D. Cho, M. Fukao, K. Ito, T. Ito, D. Jeong, K.-C. Jung,
S.T. Kim, Y.G. Kim, K. Kwon, A. Mason, J. Oh, I. Saito, J. Schiff,
I. Song
The yen is now one of the major currencies freely traded in the
world, and yet, many Japanese exporters take on a currency risk by
invoicing in US dollars. In this book, the authors examine why this
is the case, particularly for those exporters who have a strong
presence in global markets. Managing Currency Risk enhances our
understanding of exporters? behaviour by analysing the key factors
that influence their choice of invoice currency. Detailed research
based on unique data sets is used to highlight how firm size,
product competitiveness, intra/inter-firm trade and the geography
of export destination impact this decision. This book is a valuable
resource for international finance researchers and political
economists wishing to discover up-to-date information regarding
currency invoicing by multinational firms. It will also be a vital
tool for financial and governmental practitioners to discover more
about their competitors? behaviour.
Rock Mechanics and Engineering Geology in Volcanic Fields includes
keynote lectures and papers from the 5th International Workshop on
Rock Mechanics and Engineering Geology in Volcanic Fields
(RMEGV2021, Fukuoka, Japan, 9-10 September 2021). This book deals
with challenging studies related to solving engineering issues
around volcanic fields, including: Volcanic geology, disasters and
their mitigation Resources and energy in volcanic fields Mechanical
behavior of volcanic rocks and soils Groundwater and environmental
problems in volcanic fields Geotechnical engineering in volcanic
fields Rock Mechanics and Engineering Geology in Volcanic Fields is
of great interest to civil engineers and engineering geologists
working in the areas of rock and soil mechanics, geotechnical
engineering, geothermal energy, engineering geology, and
environmental science.
Rock Mechanics and Engineering Geology in Volcanic Fields includes
keynote lectures and papers from the 5th International Workshop on
Rock Mechanics and Engineering Geology in Volcanic Fields
(RMEGV2021, Fukuoka, Japan, 9-10 September 2021). This book deals
with challenging studies related to solving engineering issues
around volcanic fields, including: Volcanic geology, disasters and
their mitigation Resources and energy in volcanic fields Mechanical
behavior of volcanic rocks and soils Groundwater and environmental
problems in volcanic fields Geotechnical engineering in volcanic
fields Rock Mechanics and Engineering Geology in Volcanic Fields is
of great interest to civil engineers and engineering geologists
working in the areas of rock and soil mechanics, geotechnical
engineering, geothermal energy, engineering geology, and
environmental science.
The failure of the dollar peg to prevent the Asian currency crisis
of 1997 to 1998 has highlighted the importance of the exchange rate
regime in Asia and provoked much discussion as to what the
alternatives are in terms of exchange rate systems.
Bringing together extensive research on Asian basket currencies in
one volume, this new text discusses whether a currency basket
system is the answer, striking a balance between the theoretical
and empirical. With strong policy implications for East Asia, the
impressive team of contributors argue that for countries that have
close economic relationships with several currency areas, it is
well worth considering a currency basket system. The book also
pursues the important idea of coordination failure, whereby if each
individual country tries to adopt an optimal exchange rate given
other neighbouring countries' policies, they may collectively fail
to reach a region's optimal exchange rate regime.
A Basket Currency for Asia is a topical and significant text that
will appeal to students and scholars of international finance and
Asian economics.
The failure of the dollar peg to prevent the Asian currency crisis
of 1997 to 1998 has highlighted the importance of the exchange rate
regime in Asia and provoked much discussion as to what the
alternatives are in terms of exchange rate systems.
Bringing together extensive research on Asian basket currencies in
one volume, this new text discusses whether a currency basket
system is the answer, striking a balance between the theoretical
and empirical. With strong policy implications for East Asia, the
impressive team of contributors argue that for countries that have
close economic relationships with several currency areas, it is
well worth considering a currency basket system. The book also
pursues the important idea of coordination failure, whereby if each
individual country tries to adopt an optimal exchange rate given
other neighboring countries' policies, they may collectively fail
to reach a region's optimal exchange rate regime.
"A Basket Currency for Asia" is a topical and significant text that
will appeal to students and scholars of international finance and
Asian economics.
This book contends that the East Asian financial constitution lacks
an appropriate infrastructure, resulting in inefficient allocation
of high savings and an over-inflated short-term debt market. It
goes on to point out that despite high savings, East Asia's
dependency on financial centers outside the region is also
relatively high, and that there is no strong region-wide network to
connect various financial centers in East Asia. Against this
economic background, the contributors make recommendations for the
establishment of effective and stable capital recycling in East
Asia. The financial intermediary function of the regional financial
centers - Hong Kong, Singapore and Tokyo - is evaluated. Discussion
focusses on the issues of building an organic network between the
financial markets of major economies in the region and enhancing
the future role and function of those regional financial centres.
The policy implications of the future development of regional
financial markets - based on regional financial networks - that
could potentially act as intermediaries between the high savings
and productive sectors in East Asia are also examined.
Concentrating on the major issues identified as central to building
a new financial market structure in East Asia, this book will be
appeal to those with a special interest in Asian studies and
financial economics.
This book brings together studies conducted by researchers in East
Asian countries who seek to better understand the impact of China's
rise and the consequent policy challenges.The expert contributors
illustrate that the rise of China and its integration with the rest
of the world is one of the most important developments in the
global economy. Over the past thirty years or so, China's economy
has grown at nearly ten percent per annum with the expansion of the
modern, export-oriented industrial sector, to become the third
largest economy in the world and the second largest in trade. This
book reviews the economic growth of East Asian countries since the
1990s and the various impacts that the rise of China has had on
these countries. In particular, it addresses policy challenges
faced in coping with the rise of China and maintaining economic
growth. This timely book will strongly appeal to academics and
researchers focusing on East Asia and China as well as those
interested in international trade, development and economic growth.
For more than three decades, the United States has conducted a
unique Japan-specific economic policy. This policy was motivated by
Japan's economic size and dynamism, fears that a unique "Japanese
model of capitalism" enabled it to compete unfairly and threaten
American prosperity during a period of prolonged US economic
difficulties, and that the United States had unique capabilities to
induce policy change in Japan due to its provision of security
guarantees. No More Bashing argues that these assessments are
mistaken and that the United States should abandon its
Japan-specific policy. Japan's declining relative importance in the
world economy, the waning distinctiveness of its economic
institutions, the failure of most recent US initiatives toward
Japan, and the emergence of strengthened international institutions
such as the World Trade Organization, all underscore the
advisability of formulating new approaches to bilateral relations
rooted more firmly in multilateral institutions. This volume
analyzes the outlook for the Japanese and US economies; their trade
and financial relationships, including their trade negotiations
over the past decade; the implications of new regional
developments, most notably the rise of China and proposals for East
Asian economic cooperation; and the roles of the United States and
Japan in the provision of international public goods such as
development assistance, environmental protection, and international
security. It emphasizes that their trade agenda is increasingly
moving beyond traditional border impediments toward the more
politically sensitive issues of internal regulation and
deregulation, such as competition policy. The authors propose a
series of new initiatives to address these challenges and
strengthen the multilateral system.
The second edition of a comprehensive account of all the major
aspects of the Japanese economy, substantially updated and
expanded. This textbook offers a comprehensive, rigorous but
accessible account of all the major aspects of the Japanese
economy, grounding its approach in mainstream economics. The second
edition has been extensively revised and substantially updated,
with new material that covers Japan's period of economic stagnation
between 1991 and 2010. The first edition, published in 1992,
focused on Japan as a success story of catch-up economic
development; this edition reflects the lessons learned from Japan's
Lost Two Decades. After presenting the historical background, the
book begins with macroeconomics, studying growth and business
cycles. It then covers essential policy issues, with new material
that takes into account the Japanese banking crisis of 1997-1998
and the global financial crisis of 2008-2009, discussing financial
regulation, monetary policy, and fiscal policy. It goes on to
examine saving, demography, and social security in light of Japan's
ongoing demographic transition; industrial organization; labor
markets; international trade and international finance; and the
Japan-U.S. relationship. A new chapter offers a detailed analysis
of the Lost Two Decades, synthesizing and applying concepts
discussed in previous chapters and offering insights into such
issues as successful catch-up growth, demographic shifts, and
credit booms and busts.
Recent studies show that almost all industrial countries have
experienced dramatic decreases in both fertility and mortality
rates. This situation has led to aging societies with economies
that suffer from both a decline in the working population and a
rise in fiscal deficits linked to increased government spending.
East Asia exemplifies these trends, and this volume offers an
in-depth look at how long-term demographic transitions have taken
shape there and how they have affected the economy in the region.
"The Economic Consequences of Demographic Change in East Asia"
assembles a group of experts to explore such topics as comparative
demographic change, population aging, the rising cost of health
care, and specific policy concerns in individual countries. The
volume provides an overview of economic growth in East Asia as well
as more specific studies on Japan, Korea, China, and Hong Kong.
Offering important insights into the causes and consequences of
this transition, this book will benefit students, researchers, and
policy makers focused on East Asia, as well as anyone concerned
with similar trends elsewhere in the world.
This book analyzes how the bank-dominated financial system-a key
element of the oft-heralded "Japanese economic model"-broke down in
the 1990s and spawned sweeping reforms. Japan's financial
institutions and policy underwent remarkable change in the past
decade. The country began the 1990s with a heavily regulated
financial system managed by an unchallenged Ministry of Finance and
ended the decade with a Big Bang financial market reform, a
complete restructuring of its regulatory financial institutions,
and an independent central bank. These reforms have taken place
amid recession and rising unemployment, collapsing asset prices, a
looming banking crisis, and the lowest interest rates in the
industrial world. This book analyzes how the bank-dominated
financial system-a key element of the oft-heralded "Japanese
economic model"-broke down in the 1990s and spawned sweeping
reforms. It documents the sources of the Japanese economic
stagnation of the 1990s, the causes of the financial crisis, the
slow and initially limited policy response to banking problems, and
the reform program that followed. It also evaluates the new
financial structure and reforms at the Bank of Japan in light of
the challenges facing the Japanese economy. These challenges range
from conducting monetary policy in a zero-interest rate environment
characterized by a "liquidity trap" to managing consolidation in
the Japanese banking sector against the backdrop of increasing
international competition.
This capstone volume to the Brookings project on Integrating
National Economies--a pathbreaking series of books on the future of
economic integration--presents a new vision to guide international
policy. This book offers a thought-provoking and positive outlook
on how national economies should be further integrated as we
prepare to meet the challenge of creating a peaceful yet dynamic
future for the global community in the next millennium.
Over the last twenty-five years, there has been an acceleration in
the move from government regulation towards privatization.
"Governance, Regulation, and Privatization in the Asia-Pacific
Region" is the first thoroughgoing account of the relative success
of the different approaches to privatization as undertaken in
Korea, China, Australia, and Japan.
In most contexts, privatization is expected to yield greater
efficiency and cost effectiveness while avoiding the corruption and
bloated budgets of government regulation or monopoly control. But
broad-scale privatization, if ill designed, has also yielded its
share of difficulties in East Asia. Privatization sometimes has
created a vacuum in corporate governance for some of the region's
most important industries and in some cases merely reinstated the
monopoly-like configurations. The papers presented in this book
discuss the experiences of privatization in several industries,
including railroad and telecom, corporate governance problems,
accounting issues, and challenges for the future in East Asian
countries.
The first section is theoretical in nature and proposes boundaries
among government protection, market freedom, and shareholder
expectations. The second part is constituted by country case
studies, beginning with an analysis of both the Korean financial
crisis that followed its 1997 law to privatize large, public sector
corporations and the new ways Korean corporations finance
themselves. Following is an evaluation of China's approach to
privatization, with an in-depth look at the financial transitions
of companies slated for initial public offering.
Providing provocative examples of the methods of privatization in
theAsia-Pacific region specifically, these papers will be of huge
import to any economist or policymaker interested in transposing
those successes for their own region.
During the first three decades following the Second World War, an
increasingly open international trading system contributed to
unprecedented economic growth throughout the world. But in recent
years, that openness has been threatened by increased
protectionism, regional trading arrangements - Europe 1992 and the
U.S.-Canada Free Trade Agreement - and setbacks in negotiations on
the General Agreement on Tariffs and Trade. In Trade and
Protectionism, American and East Asian scholars consider the
dangers of this trend for East Asian countries in particular and
the world economy in general. The first two papers in the volume
look at the context in which East Asian trading relations with the
United States take place. The papers focus on the role of GATT, the
importance of an open multilateral trading system, and the current
threats to it. An analysis of the United States' regional trading
arrangements is also included. The second set of papers addresses
sensitive sectoral issues that have led to frictions in
Japanese-American semiconductor trade and agricultural protection
among Japan, Korea, and Hong Kong. In the third group of studies,
the authors examine U.S.-Japanese trade issues, the impact of
U.S.-administered protection on Korean exports, and the openness of
the Japanese market to exports from other Asian countries. Next,
aspects of international economic relations among Asian countries
are considered. Two studies explore foreign direct investment
relations between Japan and other Asian countries, and the
relationship between Japanese foreign direct investment and trade
flows among Asian countries. The final five papers analyze how
political-economic interaction affects levels ofprotection,
focusing on the political economy of protection in Korea and
Taiwan. This is the second volume in the series to come from the
National Bureau of Economic Research-East Asia Seminar on
Economics. The first volume, The Political Economy of Tax Reform,
addresses tax reform in the global economy.
In recent years the tremendous growth of the service
sector--including international trade in services--has outstripped
that of manufacturing in many industrialized nations. As the
importance of services has grown, economists have begun to focus on
policy issues raised by them and have tried to understand what, if
any, differences there are between production and delivery of goods
and services.
This volume is the first book-length attempt to analyze trade in
services in the Asia-Pacific region. Contributors provide overviews
of basic issues involved in studying the service sector;
investigate the impact of increasing trade in services on the
economies of Taiwan, Korea, and Hong Kong; present detailed
analyses of specific service sectors (telecommunications, financial
services, international tourism, and accounting); and extend our
understanding of trade in services beyond the usual concept
(measured in balance of payment statistics) to include indirect
services and services undertaken abroad by subsidiaries and
affiliates.
The contributors to this volume analyze the growth experiences of
Japan, Korea, China, Hong Kong, Singapore, and Taiwan in light of
the recently developed endogenous growth theory to provide an
understanding of the economic boom in East Asia. The theory
explored in this volume attributes the phenomenal economic success
of these countries to, among other factors, the role of an outward
orientation - a focus on exporting rather than on protecting home
markets. In addition, the importance of exchange rate behavior, of
the supportive role of government policy, and of the accumulation
and promotion of physical and human capital are explored in detail.
This collection also makes significant contributions to recent work
examining the extent to which growth in each country became
self-sustaining once it began. This fourth volume in the NBER-East
Asia Seminar on Economics series demonstrates the relevance of
endogenous growth theory for studying this important region and
will be invaluable for economists and for those interested in East
Asian affairs.
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