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Japan's Lost Decade
Origins, Consequences and Prospects for Recovery

Gary Saxonhouse (Edited by), Saxonhouse (Author), Robert Stern (Edited by)

9781405119177, Wiley

Paperback / softback, published 6 January 2004

132 pages
24.6 x 17 x 0.8 cm, 0.245 kg

This volume explores the origins of Japan’s current economic crisis and assesses the country’s prospects for recovery.


  • An exploration of the origins and consequences of Japan’s current economic crisis.

  • Examines the collapse of the equity and real estate market bubbles in the late 1980s.

  • Analyses the failure of Japanese monetary and fiscal policies to reverse the ensuing economic decline.

  • Evaluates unorthodox options available to policy makers that might enable Japan to recover from its ‘lost decade’.

  • Suggests that Japan’s prospects for economic recovery are still uncertain.

1. 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.

Subject Areas: Society & culture: general [JF]
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