This paper examines the Japanese economy in the 1990s, a decade of economic stagnation. We find that the problem is not a breakdown of the financial system, as corporations large and small were able to find financing for investments. There is no evidence of profitabkle investment opportunities not being exploited due to lack of access to capital markets. The problem then and still today is a low productivity growth rate. Growth theory, treating TFP as exogenous, accounts well for the Japanese lost decade of growth. We think that research effort should be focused on what policy change will allow productivity to again grow rapidly. (Copyright: Elsevier)
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.
Volume (Year): 5 (2002) Issue (Month): 1 (January) Pages: 206-235 Download reference. The following formats are available: HTML,
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Handle: RePEc:red:issued:v:5:y:2002:i:1:p:206-235
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Find related papers by JEL classification: E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity O5 - Economic Development, Technological Change, and Growth - - Economywide Country Studies
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