The 1990s in Japan: A Lost Decade
This paper examines the Japanese economy in the 1990s, a decade of economic stagnation. We find that the problem is not a breakdown of the financial system, as corporations large and small were able to find financing for investments. There is no evidence of profitabkle investment opportunities not being exploited due to lack of access to capital markets. The problem then and still today is a low productivity growth rate. Growth theory, treating TFP as exogenous, accounts well for the Japanese lost decade of growth. We think that research effort should be focused on what policy change will allow productivity to again grow rapidly. (Copyright: Elsevier)
Volume (Year): 5 (2002)
Issue (Month): 1 (January)
|Note:||A data appendix is available|
|Contact details of provider:|| Postal: |
Web page: http://www.EconomicDynamics.org/review.htm
More information through EDIRC
|Order Information:|| Web: http://www.EconomicDynamics.org/RED17.htm Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Takeo Hoshi & Anil Kashyap, 1999.
"The Japanese Banking Crisis: Where Did It Come From and How Will It End?,"
NBER Working Papers
7250, National Bureau of Economic Research, Inc.
- Takeo Hoshi & Anil Kashyap, 2000. "The Japanese Banking Crisis: Where Did It Come From and How Will It End?," NBER Chapters, in: NBER Macroeconomics Annual 1999, Volume 14, pages 129-212 National Bureau of Economic Research, Inc.
- Ogawa, Kazuo & Suzuki, Kazuyuki, 1998.
"Land Value and Corporate Investment: Evidence from Japanese Panel Data,"
Journal of the Japanese and International Economies,
Elsevier, vol. 12(3), pages 232-249, September.
- Ogawa, K. & Suzuki, K., 1995. "Land Value and Corporate Investment: Evidence from Japanese Panel Data," ISER Discussion Paper 0373, Institute of Social and Economic Research, Osaka University.
- Ogawa, K. & Suzuki, K., 1996. "Land Value and Corporate Investment: Evidence from Japanese Panel Data," ISER Discussion Paper 0408, Institute of Social and Economic Research, Osaka University.
- Richard Rogerson, 2010.
"Indivisible Labor, Lotteries and Equilibrium,"
Levine's Working Paper Archive
250, David K. Levine.
- Hansen, Gary D., 1985.
"Indivisible labor and the business cycle,"
Journal of Monetary Economics,
Elsevier, vol. 16(3), pages 309-327, November.
- Anil Kashyap & Jeremy C. Stein, 1993.
"Monetary Policy and Bank Lending,"
NBER Working Papers
4317, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:red:issued:v:5:y:2002:i:1:p:206-235. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Zimmermann)
If references are entirely missing, you can add them using this form.