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The Global Economic Effects of the Japanese Crisis

Author

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  • Marcus Noland

    (Peterson Institute for International Economics)

  • Sherman Robinson

    (Peterson Institute for International Economics)

  • Zhi Wang

    (Peterson Institute for International Economics)

Abstract

Economic performance in Japan--the world's second largest economy, the largest in Asia, and the world's largest creditor country--is going from bad to worse. Growth has essentially been flat since 1992, and the economy is now shrinking at an annualized rate of more than 3 percent. The OECD (1997) and Posen (1998) calculate that as a consequence of this prolonged period of subpar growth, Japan has accumulated a substantial "output gap" indicating that actual growth is well below potential. Given Japan's characteristics, one conservatively could expect national income to grow at approximately 2.5 percent--with a transitory period of faster growth to absorb accumulated slack.

Suggested Citation

  • Marcus Noland & Sherman Robinson & Zhi Wang, 1998. "The Global Economic Effects of the Japanese Crisis," Working Paper Series WP98-6, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp98-6
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    File URL: https://www.piie.com/publications/working-papers/global-economic-effects-japanese-crisis
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    Cited by:

    1. Salisu, Afees A. & Ogbonna, Ahamuefula E. & Vo, Xuan Vinh, 2023. "Oil tail risks and the realized variance of consumer prices in advanced economies," Resources Policy, Elsevier, vol. 83(C).
    2. Lee, Hiro & van der Mensbrugghe, Dominique, 2001. "Interactions Between Direct Investment and Trade in the Asia-Pacific Region," Conference papers 330945, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    3. Diehl, Markus & Nunnenkamp, Peter, 2001. "Lehren aus der Asienkrise: wirtschaftspolitische Reaktionen und fortbestehende Reformdefizite," Kiel Discussion Papers 373, Kiel Institute for the World Economy (IfW Kiel).

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