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The Global Economic Effects of the Japanese Crisis

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  • Marcus Noland

    ()
    (Peterson Institute for International Economics)

  • Sherman Robinson

    (Peterson Institute for International Economics)

  • Zhi Wang

    (Peterson Institute for International Economics)

Abstract

Economic performance in Japan--the world's second largest economy, the largest in Asia, and the world's largest creditor country--is going from bad to worse. Growth has essentially been flat since 1992, and the economy is now shrinking at an annualized rate of more than 3 percent. The OECD (1997) and Posen (1998) calculate that as a consequence of this prolonged period of subpar growth, Japan has accumulated a substantial "output gap" indicating that actual growth is well below potential. Given Japan's characteristics, one conservatively could expect national income to grow at approximately 2.5 percent--with a transitory period of faster growth to absorb accumulated slack.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP98-6.

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Date of creation: 1998
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Handle: RePEc:iie:wpaper:wp98-6

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Cited by:
  1. Diehl, Markus & Nunnenkamp, Peter, 2001. "Lehren aus der Asienkrise : wirtschaftspolitische Reaktionen und fortbestehende Reformdefizite," Kiel Discussion Papers 373, Kiel Institute for the World Economy (IfW).

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