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Restoring Japan's Economic Growth
     

Restoring Japan's Economic Growth

by Adam S. Posen
 

ISBN-10: 0881322628

ISBN-13: 9780881322620

Pub. Date: 09/25/1998

Publisher: Peterson Institute for International Economics

Will the Japanese government take the decisive but manageable policy actions needed to bring about economic recovery? Despite claims to the contrary, macroeconomic expansion has yet to be seriously tried in Japan. Criticism of current Japanese macroeconomic and financial policies is so widespread that the reasons for it are assumed to be self-evident. In this

Overview

Will the Japanese government take the decisive but manageable policy actions needed to bring about economic recovery? Despite claims to the contrary, macroeconomic expansion has yet to be seriously tried in Japan. Criticism of current Japanese macroeconomic and financial policies is so widespread that the reasons for it are assumed to be self-evident. In this volume, Adam Posen explains in depth why a shift in Japanese fiscal and monetary policies, as well as financial reform, would be in Japan's own self-interest. He demonstrates that Japanese economic stagnation in the 1990s is the result of mistaken fiscal austerity and financial laissez-faire rather than any supposed structural failures of the "Japan Model." The author outlines a program for putting the country back on the path to solid economic growth—primarily through permanent tax cuts and monetary stabilization—and draws broader lessons to be learned from the recent Japanese policy actions that led to the country's continuing stagnation. The book will be a useful supplementary text for both undergraduate and postgraduate courses in macroeconomics, comparative political economy, Japan or East Asian studies, public finance, and international relations.

Product Details

ISBN-13:
9780881322620
Publisher:
Peterson Institute for International Economics
Publication date:
09/25/1998
Series:
Policy Analyses in International Economics Ser.
Edition description:
New Edition
Pages:
186
Product dimensions:
5.90(w) x 8.90(h) x 0.40(d)

Table of Contents

(I) Introduction;
(II) Diagnosis-Macroeconomic Stagnation, not Structural Change;
(III) Fiscal Policy Works When It Is Tried;
(IV) The Short and the Long of Fiscal Policy;
(V) Mounting Downside Risks-Financial and International;
(VI) A Program for Japanese Economic Recovery;
(VII) Recognizing Policy Mistakes, Not Blaming the Model.
Technical Appendix..

(*) Formerly advertised as How Much is Enough for Japan?

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