Some Lessons from the Japanese Bubble
In the second part of the 80s, Japan was under political pressure to expand aggregate demand. It followed suit in increasing its money supply. This caused severe inflation and the financial bubble which collapsed in 1990 resulting in capital losses and in a sizable loss of GDP. This paper draws some lessons from the Japanese experience. The bottom line is that Japan became the victim of a misleading concept of global demand management.
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- Allan H. Meltzer, 1995. "Monetary, Credit and (Other) Transmission Processes: A Monetarist Perspective," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 49-72, Fall.
- C. Fred Bergsten, 1988. "America in the World Economy: A Strategy for the 1990s," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 80, May.
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