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Product Market Competition and Economic Performance in Japan

Listed author(s):
  • Jens Høj
  • Michael Wise
Registered author(s):

    Empirical work shows that competition is important for promoting economic growth. However, in Japan the promotion of competition has long been compromised by ministerial guidance and exemptions from the competition law. Thus, the level and growth of productivity have been low in many domestically oriented sectors and consumer welfare has suffered under high prices and the slow introduction of new goods and services. This misallocation of resources contributes to explaining why the Japanese economy had difficulty in coming out of the quasi-stagnation of the past decade. Recognising that gains from more pro-competition policies are substantial, the Japanese government has now made the promotion of competitive markets a cornerstone of its economic policy. Reforms to promote product market competition in Japan should inter alia focus on strengthening the legal framework by increasing fines to a deterrent level and introducing cartel destabilising measures, such as a leniency ... Concurrence sur les marchés de produits et performance économique au Japon Des études empiriques montrent que la concurrence est importante pour promouvoir la croissance économique. Mais au Japon, la stimulation de la concurrence a longtemps été compromise par des directives ministérielles et des exemptions au droit de la concurrence. Aussi, le niveau et le taux de croissance de la productivité ont été bas dans de nombreux secteurs tournés vers le marché intérieur, et le bien-être des consommateurs a souffert de prix élevés et d’une diffusion trop lente des nouveaux biens et services. Cette mauvaise allocation des ressources contribue à expliquer pourquoi l’économie japonaise n’est pas parvenue à sortir de la quasi-stagnation de la dernière décennie. Conscient que des politiques plus propices au jeu de la concurrence peuvent s’avérer très bénéfiques, le gouvernement japonais a fait de la promotion des marchés concurrentiels l’une des pièces maîtresses de sa politique économique. Les réformes visant à stimuler la concurrence sur les marchés de produits au ...

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    Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 387.

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    Date of creation: 06 May 2004
    Handle: RePEc:oec:ecoaaa:387-en
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