By F. Gerard Adams, Lawrence R. Klein, Kumasaka Yuzo, Shinozaki Akihiko

The jap economic climate is commencing to express symptoms of restoration after years of stagnation/deflation, yet many eastern policymakers warn that this financial development should be gradual: slower than within the usa and positively slower than in different East Asian nations. Japan faces major fiscal difficulties, together with an getting older inhabitants, a wide monetary deficit, and the necessity to comply with the IT economic system and to festival with the remainder of East Asia. A sluggish development state of affairs could tremendously lessen possibilities for brand spanking new effective funding and might make it more and more tricky to supply for Japan's starting to be social wishes.

The authors of this publication argue that Japan can and will develop extra speedily, and look at the explanations for the gradual functionality of the japanese financial system. for instance, a few eastern monetary sectors, relatively in distribution and finance, have didn't benefit from new info and communications know-how to speed up the expansion of productiveness, as has occurred in different international locations, similar to the united states. creation functionality stories and econometric version simulations recommend that with applicable rules the japanese economic climate can develop extra speedily and take care of its destiny difficulties. The booklet posits a couple of coverage proposals which might support to speed up Japan's fiscal growth

This ebook may be of curiosity to scholars of the japanese economic system, macroeconomics and foreign economies, and in addition to policymakers and execs drawn to Japan’s financial system.

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Extra info for Accelerating Japan's Economic Growth: Resolving Japan's Growth Controversy (Routledge Studies in the Growth Economies of Asia)

Sample text

This period demonstrated how the combination of high rates of investment and accumulated knowledge can produce an upsurge of growth—after all, Japan had been an industrial economy before the War and took advantage of vast technological development in the intervening period. An excellent work ethic and high-class products (textiles, appliances, cars, infrastructure expansion) created a surge in the late 1950s and 1960s, but the “Oil Shocks” of the 1970s and the collapse of the Bretton Woods exchange rate system called for a downgrade.

It is possible to extend the advantages of IT to sectors like services and agriculture that traditionally have operated with low levels of technology, though the availability of skilled technicians may be essential to set up and maintain the operating system. Culture and business organization may also play an important role. The ability of business people and business organizations to adapt their way of working to the IT revolution is a key to success. The IT revolution has dramatically changed the transactions between businesses, known as B2B (business to business) and between businesses and consumers (B2C).

The trade balance has remained substantially positive. Business fixed investment as a share of GDP has declined in recent years to approximately 23% of GDP. While investment in IT has shown an increase in recent years, it continues to account for only a small share of GDP, only 4%. A number of interacting factors explain what knocked the Japanese economy off its high-growth path and sent it into a long period of deflation. Some of these factors relate specifically to the boom and bust. But our special concern is to explain why the period of stagnation following the crash extended over so many years.

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