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International impacts on domestic political economy: a case of Japanese general elections

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  • Ito, Takatoshi

Abstract

The objective of this paper is twofold. First, this paper emphasizes that in a parliamentary system, such as in Japan, election timings become endogenous, in that good economic performances tend to trigger elections. Second, impacts of international factors, such as foreign exchange reserves and elections of the United States, on domestic economic performances will be examined in the context of political business cycles. This paper finds only a limited link between economic performances and international variables, except one that upcoming elections in the United States tend to cause a higher rate of growth in Japan. Evidence suggests that although blatant policies, such as a beggar-thy-neighbor policy, were not adopted, a more subtle international cooperation, in the form of Japanese expansion to pill up the United States economy, have been used.
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Suggested Citation

  • Ito, Takatoshi, 1991. "International impacts on domestic political economy: a case of Japanese general elections," Journal of International Money and Finance, Elsevier, vol. 10(1, Supple), pages 73-89, March.
  • Handle: RePEc:eee:jimfin:v:10:y:1991:i:supplement1:p:s73-s89
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    References listed on IDEAS

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    1. William D. Nordhaus, 1989. "Alternative Approaches to the Political Business Cycle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(2), pages 1-68.
    2. Ito, Takatoshi & Park, Jin Hyuk, 1988. "Political business cycles in the parliamentary system," Economics Letters, Elsevier, vol. 27(3), pages 233-238.
    3. Ito, Takatoshi, 1990. "The timing of elections and political business cycles in Japan," Journal of Asian Economics, Elsevier, vol. 1(1), pages 135-156.
    4. Thomas F. Cargill & Michael M. Hutchison, 1988. "Political business cycles in a parliamentary setting: the case of Japan," Working Papers in Applied Economic Theory 88-08, Federal Reserve Bank of San Francisco.
    5. Terrones, M.E., 1989. "Macroeconomic Policy Cycles Under Alternative Electoral Structures," University of Western Ontario, Departmental Research Report Series 8905, University of Western Ontario, Department of Economics.
    6. William D. Nordhaus, 1975. "The Political Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(2), pages 169-190.
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    Cited by:

    1. Alberto Alesina & Gerald D. Cohen & Nouriel Roubini, 1992. "Macroeconomic Policy And Elections In Oecd Democracies," Economics and Politics, Wiley Blackwell, vol. 4(1), pages 1-30, March.
    2. Eric Dubois, 2016. "Political Business Cycles 40 Years after Nordhaus," Post-Print hal-01291401, HAL.
    3. Eric Dubois, 2016. "Political business cycles 40 years after Nordhaus," Public Choice, Springer, vol. 166(1), pages 235-259, January.
    4. Alastair Smith, 1996. "Endogenous Election Timing In Majoritarian Parliamentary Systems," Economics and Politics, Wiley Blackwell, vol. 8(2), pages 85-110, July.
    5. Eric Dubois, 2016. "Political Business Cycles 40 Years after Nordhaus," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01291401, HAL.

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