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A structural analysis of Japanese economic development

Author

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  • Tsujimura, Kazusuke
  • Tsujimura, Masako

Abstract

Japan successfully escaped from poverty after the world war and attained prosperity in a matter of two decades. There were two keys for the success. One was the priority production system – the idea to develop the industries at the bottom of the triangulated input-output table first, and to climb the triangle step by step. The second key for the success was the country’s unique financial system; they deliberately grew both long-term financial institutions for large enterprises and local credit associations for small businesses. When Japanese exporting manufacturers fought the appreciation of yen at the end of the 20th century, their answer was the mass introduction of industrial robots. The exporters won the fight but the country did not. What went wrong; what lesson do we learn from it?

Suggested Citation

  • Tsujimura, Kazusuke & Tsujimura, Masako, 2018. "A structural analysis of Japanese economic development," IDE Discussion Papers 695, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    • Handle: RePEc:jet:dpaper:dpaper695
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    References listed on IDEAS

    as
    1. Kazusuke Tsujimura & Masako Mizoshita, 2003. "Asset-Liability-Matrix Analysis Derived from the Flow-of-Funds Accounts: The Bank of Japan's Quantitative Monetary Policy Examined," Economic Systems Research, Taylor & Francis Journals, vol. 15(1), pages 51-67, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Priority production system; Specialty financial institutions; Savinginvestment balance; Robotization; Japan; Economic development; Economic policy; Forms of production; Exports;
    All these keywords.

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E16 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Social Accounting Matrix
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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