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The Assessment: Japan's Stagnation--Can Policy Revive the Economy?

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  • Boltho, Andrea
  • Corbett, Jenny

Abstract

For a decade now Japan has virtually stagnated. Some blame this on a succession of unfavourable shocks that began with the bursting of the "bubble" economy. More appropriate macroeconomic policies, targeting inflation and/or the exchange rate, could, in this view, lead to a revival. Others argue that the country's problems are deeper seated and require major structural reforms. Many aspects of Japan's distinctive economic system should, in this view, be either jettisoned or profoundly changed. It is unlikely that demand-management policies can add much to what they have done so far. Deregulation is needed in many areas and would, no doubt, help, but a wholesale rejection of erstwhile institutions and practices does not seem on the cards and might well be disruptive. Copyright 2000 by Oxford University Press.

Suggested Citation

  • Boltho, Andrea & Corbett, Jenny, 2000. "The Assessment: Japan's Stagnation--Can Policy Revive the Economy?," Oxford Review of Economic Policy, Oxford University Press, vol. 16(2), pages 1-17, Summer.
  • Handle: RePEc:oup:oxford:v:16:y:2000:i:2:p:1-17
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    Cited by:

    1. Tim Callen & Warwick J. McKibbin, 2001. "Policies and Prospects in Japan and the Implications for the Asia-Pacific Region," IMF Working Papers 01/131, International Monetary Fund.
    2. Miroslav Prokopijevic, 2002. "Does growth further improve economic freedom?," ICER Working Papers 16-2002, ICER - International Centre for Economic Research.
    3. Bleischwitz, Raimund, 2002. "Governance of eco effiency in Japan: An institutional approach," Wuppertal Papers 124, Wuppertal Institute for Climate, Environment and Energy.
    4. Cowling, Keith & Tomlinson, Philip R., 2002. "Re-Visiting The Roots Of Japan'S Structural Decline:The Role Of The Japanese Corporation," The Warwick Economics Research Paper Series (TWERPS) 624, University of Warwick, Department of Economics.
    5. W. R. Garside, 2012. "Japan’s Great Stagnation," Books, Edward Elgar Publishing, number 14624.
    6. Kenichiro Suzuki & David Cobham, 2005. "Recent trends in the sources of finance for Japanese firms: has Japan become a 'high internal finance' country?," Discussion Paper Series, Department of Economics 200501, Department of Economics, University of St. Andrews.
    7. Pascha, Werner, 2002. "Wirtschaftspolitische Reformen in Japan: Kultur als Hemmschuh?," Working Papers on East Asian Studies 44/2002, University of Duisburg-Essen, Institute of East Asian Studies IN-EAST.
    8. Rod Tyers & Ying Zhang, 2011. "Japan's Economic Recovery: Insights from Multi-Region Dynamics," Economics Discussion / Working Papers 11-13, The University of Western Australia, Department of Economics.

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