Description
Book SynopsisThis volume explores the origins of Japan's current economic crisis and assesses the country's prospects for recovery.
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- An exploration of the origins and consequences of Japan's current economic crisis.
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- Examines the collapse of the equity and real estate market bubbles in the late 1980s.
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- Analyses the failure of Japanese monetary and fiscal policies to reverse the ensuing economic decline.
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- Evaluates unorthodox options available to policy makers that might enable Japan to recover from its lost decade'.
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- Suggests that Japan's prospects for economic recovery are still uncertain.
Table of Contents1. The Bubble and the Lost Decade: Gary R. Saxonhouse and Robert M. Stern (both University of Michigan).
2. Retrospective on the Bubble Period and its Relationship to Developments in the 1990s: Takatoshi Ito (University of Tokyo).
3. Why Does the Problem Persist? ‘Rational Rigidity’ and the Plight of Japanese Banks: Kiyohiko G. Nishimura (University of Tokyo) and Yuko Kawamoto (McKinsey & Company, Japan).
4. Japan’s Fiscal Policies in the 1990s: Toshihiro Ihori (University of Tokyo), Toru Nakazato (Sophia University, Tokyo), and Masumi Kawade (University of Tokyo).
5. Japan’s Negative Risk Premium in Interest Rates: The Liquidity Trap and the Fall in Bank Lending: Rishi Goyal (International Monetary Fund) and Ronald McKinnon (Stanford University).
6. Japan’s Lost Decade and its Financial System: Mitsuhiro Fukao (Keio University, Tokyo).
Index.
