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Acceleration of Economic Reform in Japan and the Role of the Council on Economic and Fiscal Policy


  • Mitsuo Hosen

    (Economic and Social Research Institute, Cabinet Office, Government of Japan)


Creation of the Council on Economic and Fiscal Policy (CEFP) made Japans economic and fiscal policy making more transparent, consistent and coherent. This new institutional arrangement accelerated structural reform and improved economic and fiscal policy making in general, thus contributing to the recent economic recovery.Success of this new institutional arrangement is, at least in part, attributable to a couple of virtues of CEFPs decision making process :transparency, an economy-wide view and an integrated approach.However, the CEFP is a new institutional setting and not deeply rooted in Japanese political system.In post-Koizumi era, further efforts should be made to make more use of the CEFP as a tool to improve policy making and an engine of economic reform.

Suggested Citation

  • Mitsuo Hosen, 2006. "Acceleration of Economic Reform in Japan and the Role of the Council on Economic and Fiscal Policy," EABER Working Papers 21832, East Asian Bureau of Economic Research.
  • Handle: RePEc:eab:wpaper:21832

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    References listed on IDEAS

    1. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    2. Andrew Sheng, 2006. "Building National and Regional Financial Markets: The East Asian Experience," Papers Presented at Global Meetings of the Emerging Markets Forum 2006regfinmkt, Emerging Markets Forum.
    3. Serge Jeanneau & Marian Micu, 2002. "Determinants of international bank lending to emerging market countries," BIS Working Papers 112, Bank for International Settlements.
    4. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters,in: Understanding the Process of Economic Change Princeton University Press.
    5. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
    6. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007. "The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004," Journal of International Economics, Elsevier, vol. 73(2), pages 223-250, November.
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    More about this item


    CEFP; Fiscal Policy; Japan; economic reform;

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact


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