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Government Deficit and Fiscal Reform in Japan

Government Deficit and Fiscal Reform in Japan
Author: Toshihiro Ihori
Publisher: Springer
Total Pages: 0
Release: 2010-12-07
Genre: Business & Economics
ISBN: 9781441952929

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Government Deficit And Fiscal Reform In Japan presents a theoretical-based comprehensive analysis of economic consequences of government deficits and fiscal reform in Japan. Particular emphasis is directed at developing tools that can be applied to theoretically and empirically clarify essential economic concerns in Japan such as generational incidence of fiscal reform and a growing dependence on government bonds for covering financial deficits. This book evaluates the recent movement of Japanese fiscal reform and government deficit. The authors first summarize fiscal policy in 1990's. Then, they move on to investigate the macroeconomic impact of government dept and the sustainability problem, and then discuss benefits and costs of public investment. The political aspect of fiscal reconstruction movements in Japan is also examined. Finally, the authors investigate the behavior of central government's control on local governments' debt issuance and its effect on the real activities of local governments. This book points out that the long-run structural fiscal reform is more important than the short-run Keynesian fiscal policy in Japan.


Dynamics of Japan’s Trade and Industrial Policy in the Post Rapid Growth Era (1980–2000)

Dynamics of Japan’s Trade and Industrial Policy in the Post Rapid Growth Era (1980–2000)
Author: RIETI
Publisher: Springer
Total Pages: 322
Release: 2020-09-18
Genre: Business & Economics
ISBN: 9789811519895

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This open access book provides an in-depth examination of Japan's policy responses to the economic challenges of the 1980s and '90s. While MITI's earlier role in promoting rapid growth has been addressed in other studies, this volume, based on official records and exhaustive interviews, is the first to examine the aftermath of rapid growth and the evolution of MITI's interpretation of the economy's changing needs. Covering such topics as the oil shocks, trade conflict with the United States, and the rise and collapse of the so-called bubble economy, it presents a detailed analysis and evaluation of how these challenges were interpreted by government officials, the kinds of policies that were enacted, the extent to which policy aims were realized, and lessons for the longer term. This book is recommended especially to officials of countries concerned about the challenges that follow on high economic growth and to readers interested in Japan’s contemporary economic history.


Japanese Economic Policy Reconsidered

Japanese Economic Policy Reconsidered
Author: Craig Freedman
Publisher: Edward Elgar Publishing
Total Pages: 304
Release: 1998
Genre: Business & Economics
ISBN:

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The rise and relative decline of the Japanese economy has been an important feature of the world economy since the late 1980s. This book re-evaluates commonly held perceptions in the West and in Japan about the strength of the Japanese economy, shedding new light on Japan's current economic situation and prescribing policies to restructure the domestic economy in order to achieve growth objectives.


The Political Economy of Reform Lessons from Pensions, Product Markets and Labour Markets in Ten OECD Countries

The Political Economy of Reform Lessons from Pensions, Product Markets and Labour Markets in Ten OECD Countries
Author: Tompson William
Publisher: OECD Publishing
Total Pages: 501
Release: 2009-08-24
Genre:
ISBN: 9264073116

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By looking at 20 reform efforts in ten OECD countries, this report examines why some reforms are implemented and other languish.


Japan’s Lost Decade

Japan’s Lost Decade
Author: Naoyuki Yoshino
Publisher: Springer
Total Pages: 187
Release: 2017-09-20
Genre: Business & Economics
ISBN: 981105021X

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This book discusses Japan’s long-term economic recession and provides remedies for that recession that are useful for other Asian economies. The book addresses why Japan’s economy has stagnated since the bursting of its economic bubble in the 1990s. Its empirical analysis challenges the beliefs of some economists, such as Paul Krugman, that the Japanese economy is caught in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical “investment–saving” (IS) curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural problems have many causes: an aging demographic (a problem that is frequently overlooked), an over-reliance by local governments on transfers from the central government, and Basel capital requirements that have made Japanese banks reluctant to lend money to start-up businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. All these issues are addressed empirically and theoretically, and several remedies for Japan’s long-lasting recession are provided. This volume will be of interest to researchers and policy makers not only in Japan but also the People’s Republic of China, many countries in the eurozone, and the United States, which may face similar challenges in the future.


Policy Uncertainty in Japan

Policy Uncertainty in Japan
Author: Ms.Elif C Arbatli
Publisher: International Monetary Fund
Total Pages: 48
Release: 2017-05-30
Genre: Business & Economics
ISBN: 1484302362

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We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.


Changing Politics in Japan

Changing Politics in Japan
Author: Ikuo Kabashima
Publisher: Cornell University Press
Total Pages: 203
Release: 2012-09-15
Genre: Political Science
ISBN: 0801457637

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Changing Politics in Japan is a fresh and insightful account of the profound changes that have shaken up the Japanese political system and transformed it almost beyond recognition in the last couple of decades. Ikuo Kabashima—a former professor who is now Governor of Kumamoto Prefecture—and Gill Steel outline the basic features of politics in postwar Japan in an accessible and engaging manner. They focus on the dynamic relationship between voters and elected or nonelected officials and describe the shifts that have occurred in how voters respond to or control political elites and how officials both respond to, and attempt to influence, voters. The authors return time and again to the theme of changes in representation and accountability. Kabashima and Steel set out to demolish the still prevalent myth that Japanese politics are a stagnant set of entrenched systems and interests that are fundamentally undemocratic. In its place, they reveal a lively and dynamic democracy, in which politicians and parties are increasingly listening to and responding to citizens' needs and interests and the media and other actors play a substantial role in keeping democratic accountability alive and healthy. Kabashima and Steel describe how all the political parties in Japan have adapted the ways in which they attempt to organize and channel votes and argue that contrary to many journalistic stereotypes the government is increasingly acting in the "the interests of citizens"—the median voter's preferences.


Confronting Policy Challenges of the Great Recession

Confronting Policy Challenges of the Great Recession
Author: Eskander Alvi
Publisher: W.E. Upjohn Institute
Total Pages: 152
Release: 2017-11-20
Genre: Political Science
ISBN: 0880996366

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This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.


Structural Reforms, Productivity and Technological Change in Latin America

Structural Reforms, Productivity and Technological Change in Latin America
Author: Jorge M. Katz
Publisher: United Nations Publications
Total Pages: 164
Release: 2001
Genre: Business & Economics
ISBN:

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In the last ten to fifteen years, profound structural reforms have moved Latin America and the Caribbean from closed, state-dominated economies to ones that are more market-oriented and open. Policymakers expected that these changes would speed up growth. This book is part of a multi-year project to determine whether these expectation have been fulfilled. Focusing on technological change, the impact of the reforms on the process of innovation is examined. It notes that the development process is proving to be highly heterogenous across industries, regions and firms and can be described as strongly inequitable. This differentiation that has emerged has implications for job creation, trade balance, and the role of small and medium sized firms. This ultimately suggests, amongst other things, the need for policies to better spread the use of new technologies.