La trampa estructural de Japón. Lecciones para Europa y Estados Unidos

This article analyses the evolution of the Japanese authorities'''' economy and policies as from the bursting of the stock exchange bubble. The article concludes that the Japanese authorities'''' response was, in its beginnings, consistent with the orthodoxy of the moment. However, Japanese society''''s complex incentives and subsidies system prevented an effective response, and the policies that were finally implemented were late, insufficient and wrongly designed. Applying the results of this analysis to the current situation in Europe and in the United States, the conclusion is that Europe will still experience a long period of stable but slow growth, whereas United States went through a period of volatile growth that is to end, in the best of the cases, with high inflation rates.