Is Germany Turning Japanese?
AbstractAfter the recent IT bubble, Germany alone among OECD countries is beginning to share Japan's political-economic profile: too many banks with too little capital, macroeconomic policy division and deflationary bias, and financially and politically passive households. Germany has been spared Japan's fate of persistent stagnation so far because of its long-standing openness and commitment to international economic integration. But this commitment is newly in jeopardy, as Germany backs an approach to the European Union's enlargement that would elevate the power and interests of larger incumbent nations - a shift from Germany's traditional support for EU federalism. The change in the German approach to EU enlargement could well tip the country into a full-fledged Japan syndrome.
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Bibliographic InfoPaper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP03-2.
Date of creation: Mar 2003
Date of revision:
Germany; Japan; economy; banks; banking; macroeconomic; international economic integration;
Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
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