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Japan's New Economy: Continuity and Change in the Twenty-First Century

Editor

Listed:
  • Blomstrom, Magnus
    (The European Institute of Japanese Studies, Stockholm School of Economics)

  • Gangnes, Byron
    (Department of Economics, University of Hawaii at Manoa)

  • La Croix, Sumner
    (Department of Economics, University of Hawaii at Manoa)

Abstract

Japan's economy stumbled in the 1990s. After four decades of rapid growth that transformed Japan into a wealthy country at the world's technological frontier, the last decade brought prolonged economic stagnation. The rapid run-up in asset prices in the late 1980s, followed by their collapse in the early 1990s, left a debt overhang that paralyzed the banking sector. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has seemed impervious to aggressive fiscal stimulus measures and is still plagued by ongoing price deflation. Japan's struggle has called into question the ability of the country's economic institutions - originally designed to support factor accumulation and rapid development - to adapt to the new economic environment of the 21st century. Yet Japan's economy is already changing. Driven by an aging population, rapid technological change, and increasing global competition, the country's public and private institutions are being slowly reshaped. This volume explores the forces that will drive structural and institutional change in three areas over the next decade: the macroeconomy, the organization of industry, and the global economic and political environment. Economists, demographers, and Japan specialists examine key aspects of the economy that will be transformed in coming years, including population and savings, the public pension system, labor markets, financial reforms, deregulation of service industries, productivity performance, foreign investment, trade, and the impact of an emerging China. The volume fills an important gap in the existing economic literature. While much has been written about Japan's pre-1990s institutions and economic performance, this volume is unique in its forward-looking orientation - trying to understand not only the institutional and structural changes that have already reshaped Japan in the 1990s, but to identify the critical trends and institutional changes that will mould Japan's new economy over the next decade. Contributors to this volume - David E. Weinstein Andrew Mason and Naohiro Ogawa F. Gerard Adams and Byron Gangnes Charles Yuji Horioka Marcus Rebick Thomas F. Cargill Takatoshi Ito and Michael Melvin Edward N. Wolff Orjan Sjoberg and Marie Soderberg Sumner La Croix and James Mak Magnus Blomstrom, Danise Konan, and Robert E. Lipsey Steven Globerman and Ari Kokko Ari Kokko, Bruce Henry Lambert, and Fredrik Sjoholm Shigeyuki Abe, Chung H. Lee, and East-West Center

Suggested Citation

  • Blomstrom, Magnus & Gangnes, Byron & La Croix, Sumner (ed.), 2001. "Japan's New Economy: Continuity and Change in the Twenty-First Century," OUP Catalogue, Oxford University Press, number 9780199241736, Decembrie.
  • Handle: RePEc:oxp:obooks:9780199241736
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    Citations

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    Cited by:

    1. Suzuki, Kenji, 2004. "The Changing Pattern of Amakudari Appointments - The Case of Regional Banks 1991-2000," EIJS Working Paper Series 187, Stockholm School of Economics, The European Institute of Japanese Studies.
    2. Suzuki, Kenji, 2004. "Is Amakudari Changing? The Case of Regional Banks," EIJS Working Paper Series 198, Stockholm School of Economics, The European Institute of Japanese Studies.
    3. Carlile, Lonny, 2004. "The Japanese Labor Movement and Institutional Reform," EIJS Working Paper Series 200, Stockholm School of Economics, The European Institute of Japanese Studies.
    4. Sumner J. La Croix & Denise Eby Konan, 2002. "Intellectual Property Rights in China: The Changing Political Economy of Chinese–American Interests," The World Economy, Wiley Blackwell, vol. 25(6), pages 759-788, June.
    5. Charles Yuji Horioka, 2006. "The Dissaving of the Aged Revisited: The Case of Japan," NBER Working Papers 12351, National Bureau of Economic Research, Inc.
    6. Fukunari Kimura & Kozo Kiyota, 2007. "Foreign‐owned versus Domestically‐owned Firms: Economic Performance in Japan," Review of Development Economics, Wiley Blackwell, vol. 11(1), pages 31-48, February.
    7. Ono, Hiroshi, 2004. "Divorce in Japan: Why It Happens, Why It Doesn’t," EIJS Working Paper Series 201, Stockholm School of Economics, The European Institute of Japanese Studies, revised 26 Jan 2006.
    8. James Mak & Lonny Carlile & Sally Dai, 2004. "Impact of Population Aging on Japanese International Travel," Working Papers 200408, University of Hawaii at Manoa, Department of Economics.
    9. W. R. Garside, 2012. "Japan’s Great Stagnation," Books, Edward Elgar Publishing, number 14624.

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