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Japan's New Growth Strategy to Create Demand and Jobs

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  • Randall S. Jones
  • Byungseo Yoo
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    Abstract

    The New Growth Strategy aims to create demand and jobs through regulatory reform and fiscal measures. The Strategy focuses on key challenges, notably climate change and population ageing, which can be turned into sources of growth. Given Japan’s precarious fiscal position, it is essential to co-ordinate spending related to the Strategy with the medium-term fiscal plan, in part by increasing the emphasis on regulatory reform. Such measures should cover the entire economy, rather than being limited to the seven areas identified in the Strategy. Among those areas, effectively promoting green innovation will require market-based instruments to place a price on carbon, preferably through a mandatory and comprehensive emissions trading system, to promote private investment, accompanied by a range of other policies. Achieving deeper economic integration with Asia depends on reducing support for agriculture to facilitate more bilateral and regional trade agreements, while bringing down barriers to foreign direct investment and foreign workers. Policies to expand venture capital would help launch innovative firms. This Working Paper relates to the 2011 OECD Economic Survey of Japan (www.oecd.org/eco/surveys/Japan). La Nouvelle stratégie de croissance du Japon visant à stimuler la demande et l'emploi La Nouvelle stratégie de croissance a pour objectif de stimuler la demande et l’emploi par le biais de la réforme de la réglementation et de mesures budgétaires. Elle met l’accent sur des enjeux fondamentaux, notamment le changement climatique et le vieillissement de la population, qui peuvent devenir des sources de croissance. La situation budgétaire du Japon étant délicate, il est primordial de coordonner les dépenses liées à la stratégie avec le plan budgétaire à moyen terme, en partie en privilégiant la réforme de la réglementation. Ces mesures devraient intéresser l’ensemble de l’économie, et non être limitées aux sept volets définis dans la stratégie. S’agissant de ces derniers, pour promouvoir efficacement l’innovation verte, il faudra utiliser des instruments fondés sur le marché pour instituer une tarification du carbone, de préférence dans le cadre d’un système obligatoire et complet d’échange de droits d’émission, afin d’encourager l’investissement privé, parallèlement à diverses autres mesures. Pour parvenir à une intégration économique plus étroite avec l’Asie, il importe de réduire le soutien à l’agriculture de manière à faciliter la multiplication des accords commerciaux bilatéraux et régionaux, tout en éliminant les obstacles à l’entrée des investissements directs étrangers et des travailleurs étrangers. Des mesures destinées à accroître le capital-risque favoriseraient la création d’entreprises innovantes. Ce Document de travail se rapporte à l’Étude économique de l’OCDE du Japon, 2011 (www.oecd.org/eco/etudes/japon).

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    File URL: http://dx.doi.org/10.1787/5kg58z5z007b-en
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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 890.

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    Date of creation: 06 Sep 2011
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    Handle: RePEc:oec:ecoaaa:890-en

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    Keywords: regulatory reforms; financial sector; health care reforms; foreign direct investment; economic partnership agreements; Japan; climate change; immigration; New Growth Strategy; Asian economic integration; free trade agreements; Japanese economy; green growth; regional development; Nouvelle stratégie de croissance; intégration économique en Asie; développement régional; réforme du système de soins de santé; accords libre-échange; économie japonaise; croissance verte; changement climatique; Japon; accords de partenariat économique; réforme de la réglementation; investissement direct étranger; secteur financier;

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