Some Lessons from the Japanese Bubble
AbstractIn the second part of the 80s, Japan was under political pressure to expand aggregate demand. It followed suit in increasing its money supply. This caused severe inflation and the financial bubble which collapsed in 1990 resulting in capital losses and in a sizable loss of GDP. This paper draws some lessons from the Japanese experience. The bottom line is that Japan became the victim of a misleading concept of global demand management.
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Bibliographic InfoPaper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 919.
Length: 19 pages
Date of creation: Apr 1999
Date of revision:
Find related papers by JEL classification:
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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- C. Fred Bergsten, 1988. "America in the World Economy: A Strategy for the 1990s," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 80.
- Allan H. Meltzer, 1995. "Monetary, Credit and (Other) Transmission Processes: A Monetarist Perspective," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 49-72, Fall.
- Alois Guger, 1999. "Wirtschaftspolitisches Forum: Deflationsgefahr und Auswirkungen auf die Wirtschaftspolitik," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(9), pages 623-641, September.
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