The Japanese Economy / Edition 1

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Overview

A comparative perspective and an analytic approach grounded in mainstream economics distinguish this broad, accessible introduction to the Japanese economy. Throughout, Ito utilizes standard economic concepts in comparing Japan with the United States in terms of economic performances, underlying institutions, and government policies.Referring to cultural factors where appropriate, Ito subjects the basic facts about the Japanese economy to modern theoretical and empirical scrutiny, discussing macroeconomic growth, business cycles, monetary and fiscal policies,
industrial structures and policies, the labor market, saving and investment, and international trade and finance.Ito reviews relevant aspects of Japan's history before launching into a broad analysis of the country's markets and its economic policies. He concludes with a look at such contemporary economic issues as the Japanese distribution system, Japanese asset prices, and US-Japan trade conflicts.Takatoshi Ito is Professor of Economics at Hitotsubashi University's Institute of Economic
Research in Tokyo and at the University of Minnesota.

The MIT Press

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Product Details

  • ISBN-13: 9780262090292
  • Publisher: MIT Press
  • Publication date: 12/18/1991
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 474
  • Product dimensions: 7.20 (w) x 9.00 (h) x 1.40 (d)

Meet the Author

Takatoshi Ito is Professor of Economics at the Graduate School of Economics, University of
Tokyo.
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Table of Contents

Preface
Preliminary Notes
Acknowledgements
I Background
1 An Introduction to the Japanese Economy
2 Historical Background of the Japanese Economy
The Tokugawa (Edo) Era: 16031868
Foreign Pressure and the Fall of Tokugawa
From the Meiji Restoration to World War II
Summary
AppendiX A: Case Studies
AppendiX B: Japan as an EXample for Developing Countries
AppendiX C: Sources of Data
Notes
Bibliography
II Economic Analysis
3 Economic Growth
Analyzing Sources of Economic Growth
Growth in Aggregate Demand
Reform and the Beginning of Strong Growth: 19451950
Rapid Growth: 19501973
The Slowdown
Summary
AppendiX: Guide to GNP Data
Notes
Bibliography
4 Business Cycles and Economic Policies
Dating of Business Cycles
Regularities among Business Cycles
Postwar Business Cycles in Japan
Theory and Estimation
Political Business Cycles
Summary
AppendiX: Theories of Business Cycles
Notes
Bibliography
5 Financial Markets and Monetary Policy
Institutional Characteristics
Japan's Financial Markets in the 1950s and the 1960s
Disequilibrium in Financial Markets
Changes in the 1970s
The ShortTerm Financial Market
Deregulation
The "Mistake" of Japanese Monetary Policy: 19711975
A Comparison of Japanese and American Monetary Policies, 19751989
Summary
AppendiX A: Guide to Financial Data
AppendiX B: Theories of Monetary Policy
Notes
Bibliography
6 Public Finance and Fiscal Policies
The TaX Structure
Government Spending
The Rise and Fall of the Government Deficit, 19751989
Ricardian Neutrality
Summary
AppendiX: Guide to Data
Notes
Bibliography
7Industrial Structure and Policy
Industrial Structure
Industrial Policy
AntiMonopoly Law and Depression Cartels
AppendiX: Sources of Data
Notes
Bibliography
8 The Labor Market
Basic Statistics
Conventional Wisdom
Lifetime Employment and Seniority Wages
Enterprise Unions
Do the Japanese Work Too Much?
The Female Labor Force
Bonuses and the Share Economy
The Spring Offensive [Shunto]
Why Is the Japanese Unemployment Rate So Low and InfleXible?
Summary
AppendiX A: Concepts and Theories of Unemployment
AppendiX B: Guide to Japanese Labor Statistics
Notes
Bibliography
9 Saving and the Cost of Capital
Definitions and Japanese Data
USJapan Comparison
Data from a CrossSectional Survey
Stylized Facts
Why Is the Japanese Saving Rate So High?
The Cost of Capital and Investment
AppendiX A: Guide to Data on Consumption and Saving
AppendiX B: The SavingInvestment Identity
AppendiX C: The LifeCycle Hypothesis of Saving
Notes
Bibliography
10 International Trade
Trade Structure
EXchangeRate Adjustment and the JCurve Effect
New Trade Theory and Trade Policy
IntraIndustry Trade
Summary
Notes
Bibliography
11 International Finance
From the Bretton Woods System to the FloatingRate Regime
Japanese Capital Controls
Covered Interest Parity
A Yen for Yen?
EXchangeRate Dynamics and News
News Analysis: One Year after the Plaza Agreement
The Target Zone
Concluding Remarks
AppendiX: The Forward Market and the Futures Market
Notes
Bibliography
III Contemporary Topics
12 USJapan Economic Conflicts
The "Japan as Number One" Syndrome
American Frustrations
The Super301 Clause and Structural Impediments Initiatives
The Use of "Gaiatsu"
Concluding Remarks
Notes
Bibliography
13 The Distribution System
The Conventional Wisdom
Measures of Efficiency in the Distribution Sector
Concluding Remarks
Notes
Bibliography
14 Asset Prices: Land and Equities
An International Comparison
Evidence from LandPrice Time Series
Policy Implications
Why Are Japanese Stock Prices So High?
Concluding Remarks
AppendiX: Guide to Data
Notes
Bibliography
IndeX
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