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From Growth Superstar to Economic Underachiever: The Role of Trade in Japan's Sagging Fortunes

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  • Richard Katz

Abstract

Japan is a case of "success that soured."1 While Japan was a miracle economy during the high-growth era, the miracle ran out of juice more than twenty years ago. A twenty-three-country regression using a "conditional convergence" model shows that, in 1960-70, Japan achieved 8.4 percent annual growth in real gross domestic product (GDP) per worker, far above a model projection of 7.0 percent. In 1973-90, by contrast, Japan's growth was only 3.0 percent, far below the model projection of 4.3 percent. A Japan dummy is sizable and significant in both cases.

Suggested Citation

  • Richard Katz, 1996. "From Growth Superstar to Economic Underachiever: The Role of Trade in Japan's Sagging Fortunes," Japanese Economy, Taylor & Francis Journals, vol. 24(2), pages 3-72.
    • Handle: RePEc:mes:jpneco:v:24:y:1996:i:2:p:3-72
    DOI: 10.2753/JES1097-203X24023
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