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Some lessons from the Japanese bubble

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  • Siebert, Horst

Abstract

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.

Suggested Citation

  • Siebert, Horst, 1999. "Some lessons from the Japanese bubble," Kiel Working Papers 919, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:919
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    File URL: https://www.econstor.eu/bitstream/10419/2247/1/268909717.pdf
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    References listed on IDEAS

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    1. 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.
    2. C. Fred Bergsten, 1986. "Gearing up World Growth," Challenge, Taylor & Francis Journals, vol. 29(2), pages 35-40, May.
    3. Lynn E. Browne & Rebecca Hellerstein & Jane Sneddon Little, 1998. "Inflation, asset markets, and economic stabilization: lessons from Asia," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-32.
    4. 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, January.
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    Cited by:

    1. Heinrich, Ralph P., 1999. "Complementarities in Corporate Governance - A Survey of the Literature with Special Emphasis on Japan," Kiel Working Papers 947, Kiel Institute for the World Economy (IfW Kiel).
    2. Alois Guger, 1999. "Wirtschaftspolitisches Forum: Deflationsgefahr und Auswirkungen auf die Wirtschaftspolitik," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(9), pages 623-641, September.

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    More about this item

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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