International Impacts on Domestic Political Economy: A Case of Japanese General Elections
The objective of this paper is twofold. First, this paper emphasizes that in a parliamentary system, such as in Japan, election timings become endogenous, in that good economic performances tend to trigger elections. Second, impacts of international factors, such as foreign exchange reserves and elections of the United States, on domestic economic performances will be examined in the context of political business cycles. This paper finds only a limited link between economic performances and international variables, except one that upcoming elections in the United States tend to cause a higher rate of growth in Japan. Evidence suggests that although blatant policies, such as a beggar-thy-neighbor policy, were not adopted, a more subtle international cooperation, in the form of Japanese expansion to pill up the United States economy, have been used.
|Date of creation:||Aug 1991|
|Date of revision:|
|Publication status:||published as Journal of International Money and Finance, Vol. 10, pp. S73-S89, (1991).|
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- Terrones, M.E., 1989. "Macroeconomic Policy Cycles Under Alternative Electoral Structures," UWO Department of Economics Working Papers 8905, University of Western Ontario, Department of Economics.
- William D. Nordhaus, 1989.
"Alternative Approaches to the Political Business Cycle,"
Cowles Foundation Discussion Papers
927, Cowles Foundation for Research in Economics, Yale University.
- William D. Nordhaus, 1989. "Alternative Approaches to the Political Business Cycle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(2), pages 1-68.
- Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
- Ito, Takatoshi & Park, Jin Hyuk, 1988. "Political business cycles in the parliamentary system," Economics Letters, Elsevier, vol. 27(3), pages 233-238.
- Thomas F. Cargill & Michael M. Hutchison, 1988. "Political business cycles in a parliamentary setting: the case of Japan," Working Papers in Applied Economic Theory 88-08, Federal Reserve Bank of San Francisco.
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