
Economic Stagnation in Japan
Exploring the Causes and Remedies of Japanization
Edward Elgar Publishing
Published on 26. January 2018
Book
Hardback
352 pages
978-1-78811-043-3 (ISBN)
Description
Japan's dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term ''Japanization'' is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judicious volume investigates in depth the causes of Japan's 'lost decades' versus the real recovery achieved by the United States, and the lessons that can be learned.This book helps to provide a basis for assessing a wide range of policy approaches from which policymakers and governments can choose to avoid economic decline. The expert contributions provide an overview of the pattern of ''Japanization'' in a global economic perspective, analyze similarities and differences between the Korean and Japanese economies, and examine policies taken by Japan during the lost decades. From this analysis, the book proposes future policy solutions for countries experiencing ''Japanization''.
Economic stagnation and the relevant policy reactions have been of keen interest around the globe since the global financial crisis and this book will be an invaluable resource for scholars, policymakers, and economic commentators alike.
Contributors include: D. Cho, M. Fukao, K. Ito, T. Ito, D. Jeong, K.-C. Jung, S.T. Kim, Y.G. Kim, K. Kwon, A. Mason, J. Oh, I. Saito, J. Schiff, I. Song
Economic stagnation and the relevant policy reactions have been of keen interest around the globe since the global financial crisis and this book will be an invaluable resource for scholars, policymakers, and economic commentators alike.
Contributors include: D. Cho, M. Fukao, K. Ito, T. Ito, D. Jeong, K.-C. Jung, S.T. Kim, Y.G. Kim, K. Kwon, A. Mason, J. Oh, I. Saito, J. Schiff, I. Song
Reviews / Votes
'. . . this book is a valuable summary of where the discussion on Japanese deflation is, and why research on this topic needs to be taken further. The prospect of 'Japanization' in the rest of the world, raised by Takatoshi Ito, is one that cannot be left to regional experts.' -- Economic IssuesMore details
Series
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
Professional and scholarly
Dimensions
Height: 234 mm
Width: 156 mm
ISBN-13
978-1-78811-043-3 (9781788110433)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Edited by Dongchul Cho, Member of the Monetary Policy Board, The Bank of Korea and former Chief Economist, Korea Development Institute, Takatoshi Ito, Professor in the School of International and Public Affairs, Columbia University and Andrew Mason, Professor Emeritus of Economics, University of Hawaii at Manoa and Adjunct Senior Fellow, East-West Center, Hawaii, US
Content
Contents:
Preface
1. Introduction and overview
Dongchul Cho, Takatoshi Ito and Andrew Mason
PART I AGING, INDUSTRY MATURATION AND JAPANIZATION
2. Japanization: Is it spreading to the rest of the world?
Takatoshi Ito
3. GDP growth from the perspective of demographic change: Will aging Korea become another Japan?
Kyooho Kwon
4. Export dynamics of Japan, Korea and China
Kyu-Chul Jung
PART II RESOURCE ALLOCATIONS AND TFP
5. Product market efficiencies and TFP: A comparative study of Japanese and Korean firms
Keiko Ito and YoungGak Kim
6. Misallocation in the manufacturing sector of Korea: A micro data analysis
Jiyoon Oh
PART III ROLES OF FINANCIAL MARKETS
7. Financial market efficiency: A comparative perspective
Mitsuhiro Fukao
8. How to deal with the rise of zombie firms in Korea
Daehee Jeong
PART IV MONETARY POLICY AND HOUSE PRICES
9. Deflation and monetary policy
Barry Eichengreen
10. Is Korea's monetary policy following in the footsteps of Japan?
Dongchul Cho
11. Aging and housing prices: The cases of Korea and Japan
Inho Song
PART V JAPANIZATION AND FISCAL POLICY
12. Avoiding another "lost decade": What role for fiscal policy?
Jerry Schiff and Ikuo Saito
13. Lessons for Korea from Japan's fiscal policy
SeongTae Kim
Index
Preface
1. Introduction and overview
Dongchul Cho, Takatoshi Ito and Andrew Mason
PART I AGING, INDUSTRY MATURATION AND JAPANIZATION
2. Japanization: Is it spreading to the rest of the world?
Takatoshi Ito
3. GDP growth from the perspective of demographic change: Will aging Korea become another Japan?
Kyooho Kwon
4. Export dynamics of Japan, Korea and China
Kyu-Chul Jung
PART II RESOURCE ALLOCATIONS AND TFP
5. Product market efficiencies and TFP: A comparative study of Japanese and Korean firms
Keiko Ito and YoungGak Kim
6. Misallocation in the manufacturing sector of Korea: A micro data analysis
Jiyoon Oh
PART III ROLES OF FINANCIAL MARKETS
7. Financial market efficiency: A comparative perspective
Mitsuhiro Fukao
8. How to deal with the rise of zombie firms in Korea
Daehee Jeong
PART IV MONETARY POLICY AND HOUSE PRICES
9. Deflation and monetary policy
Barry Eichengreen
10. Is Korea's monetary policy following in the footsteps of Japan?
Dongchul Cho
11. Aging and housing prices: The cases of Korea and Japan
Inho Song
PART V JAPANIZATION AND FISCAL POLICY
12. Avoiding another "lost decade": What role for fiscal policy?
Jerry Schiff and Ikuo Saito
13. Lessons for Korea from Japan's fiscal policy
SeongTae Kim
Index