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Recese, deflace, bankovní krize a past likvidity v Japonsku
[Recession, deflation, bank crisis and liquidity trap in Japan]

Author

Listed:
  • Jan Frait
  • Martin Melecký
  • Helena Horská

Abstract

During 1990s' the economy of Japan slipped into a long-sustained recession with strong deflation pressures. The aim of the paper is not to analyse this particular development in detail. It focuses on some specific aspects of macroeconomic development of the Japanese economy that gave birth to a new wave of interest in some nearly forgotten pieces of Keynesian macroeconomics, instead. One of them is liquidity trap that was highlighted by Paul Krugman's writings in the Japan's case. The paper thus presents some of his rather unconventional opinions and confronts them with the Japan's economic developments in the last few years. The structure of the paper evolves from the discussions of methodological aspects of deflation and liquidity trap in closed and open economies to the suggestions of various macroeconomic policies to cope with them. We conclude that Paul Krugman's view, though rather controversial, offers highly valuable ideas for Japanese policy-makers.

Suggested Citation

  • Jan Frait & Martin Melecký & Helena Horská, 2002. "Recese, deflace, bankovní krize a past likvidity v Japonsku [Recession, deflation, bank crisis and liquidity trap in Japan]," Politická ekonomie, Prague University of Economics and Business, vol. 2002(2).
    • Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:2:id:360
    DOI: 10.18267/j.polek.360
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    Cited by:

    1. Martin Mandel & Vladimír Tomšík, 2014. "Monetary Policy Efficiency in Conditions of Excess Liquidity Withdrawal," Prague Economic Papers, Prague University of Economics and Business, vol. 2014(1), pages 3-23.

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