Japans long stagnation, deflation, and abenomics mechanisms and lessons
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Japans long stagnation, deflation, and abenomics mechanisms and lessons
V Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessonsn’s Long Stagnation, Deflation, and AbenomicsMechanisms and Lessonspalgravema cm i IlanKenji AramakiTokyo Woman's Christian UniversityTokyo, JapanUniversity of TokyoTokyo, JapanĨSBN 978-981 -13-2175-7 ISBN 978-981 -13-2176-4 (eBook) hrqxs://doi.org/l 0.1007/978-981 -13-2176-4Library of Congress Cont Japans long stagnation, deflation, and abenomics mechanisms and lessonsrol Number: 2018953058© The F.ditor(s) (if applicable) and The Author(s) 2018This work is subject to copyright. All rights arc solely and exclusivelyJapans long stagnation, deflation, and abenomics mechanisms and lessons
licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessonsctronic adaptation, computer software, or by similar or dissimilar methodology' now known or hereafter developed.rhe use of general descriptive names, registered names, trademarks, service marks, etc. in this publication docs not imply, even in the absence of a specific statement, that such names ar Japans long stagnation, deflation, and abenomics mechanisms and lessonsc exempt from the relevant protective law's and regulations and therefore free for general use. The publisher, the authors and the editors arc safe toJapans long stagnation, deflation, and abenomics mechanisms and lessons
assume that the advice and information in this book arc believed to be true and accurate at the date of publication. Neither the pub lisher nor the aV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessons been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.Cover Image: <£) 2nix / Getty ImagesCover Design by Tjasa KrivccThis Palgrave Macmillan imprint is published by the registered company Springer Nature Singapore Pte Ltd.The Japans long stagnation, deflation, and abenomics mechanisms and lessons registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, SingaporePrefaceThe objective of this book, which covers theJapans long stagnation, deflation, and abenomics mechanisms and lessons
Japanese economy since the 1980s, is to identify the mechanism of formation and collapse of a huge bubble and the subsequent long economic stagnationV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessonsy of Finance of Japan for about 30 years and then moved to Tokyo University, w here Ĩ taught international economics for more than 10 years. The reason why 1 have written a book on the Japanese economy, which is not strictly my specialty, is that 1 have had a strong desire to find out an answer to m Japans long stagnation, deflation, and abenomics mechanisms and lessonsy long-held questions, that is, “Why did the Japanese economy fall to its current situation?” and “Was it inevitable?”It was 1976, when 1 started to wJapans long stagnation, deflation, and abenomics mechanisms and lessons
ork, more than 40 years ago. The Japanese economy ar that time was dynamic and filled with increasingly Strengthened confidence. At the height of the V Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessons with the Japanese economy at that lime, but my confidence in the strength of the Japanese economy did nor change. Even after rhe collapse of rhe bubble in the 1990s, 1 felt that the Japanese economy would be able to return at any moment to the previous conditions, which had been filled with vitalit Japans long stagnation, deflation, and abenomics mechanisms and lessonsy. However, the reality did nor turn out that way. The Japanese economy experienced a serious financial crisis in the late 1990s, and deflation set inJapans long stagnation, deflation, and abenomics mechanisms and lessons
. Even after entering the 2000s, low grow th continued, and the Japanese economy lagged behind the growth of the global economy for decades. Japan helV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessonsalf that, at about 4%. China’s nominal GDP, which was 18% of Japan’s nominal GDP in 1996, is 2.3 times larger than that of Japan, as of 2017.1 No one at that time expected to see the economy as it is in 2017, and 1 have thought that it is the responsibility of our generation to answer “why?”However, Japans long stagnation, deflation, and abenomics mechanisms and lessons the work to find out an answers presented many difficulties, as there were limited opportunities to exchange view’s outside the field of my expertiseJapans long stagnation, deflation, and abenomics mechanisms and lessons
, which is international finance. I chose, for the first time, to examine the issues of the Japanese economy as a topic in a seminar class that 1 taugV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessonserials. In 2014, 1 was awarded the opportunity to conduct research as a visiting professor at the School of Oriental and African Studies (SOAS) of London University. There, 1 gave lectures on the Japanese economy as a guest lecturer, while conducting research on international financial crises. Prepa Japans long stagnation, deflation, and abenomics mechanisms and lessonsratory work for these guest lectures motivated me to further analyze rhe Japanese economy. Since rhe summer of 2015, w hen I left SOAS, 1 have given pJapans long stagnation, deflation, and abenomics mechanisms and lessons
resentations on the Japanese economy in London, Berlin, and Zurich ar the conferences of the Japan Economy Network (JEN), which is an international neV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessonsmura, and myself organized in 201 5 at a conference, together w ith rhe economists in attendance. The book gradually came into a concrete shape, and it has taken more than seven years to complete.rhe central argument of the book is that, at the center of the anomalies and difficulties of the Japanes Japans long stagnation, deflation, and abenomics mechanisms and lessonse economy over an extended period of time including formation and collapse of rhe bubble, rhe financial crisis, and deflation, were corporate behaviorJapans long stagnation, deflation, and abenomics mechanisms and lessons
s that have changed while showing substantial fluctuations. For example, the biggest negative legacy that rhe bubble left with Japan was excess assetsV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapan Japans long stagnation, deflation, and abenomics mechanisms and lessonseconomy did nor show a strong growth for a long time after the collapse of the bubble is that, as sales by companies stopped growing and economic growth decelerated following*IMF World Economic Outlook, April 2018. Nominal GDP in terms of home currency of each country is converted to the dollar usin Japans long stagnation, deflation, and abenomics mechanisms and lessonsg market exchange rate.V Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapanV Fl r .KENJI ARAMAKIMechanisms and LessonsLong Stagnation Deflation, and AbenomicsJapan’s Long Stagnation, Deflation, and AbenomicsKenji AramakiJapanGọi ngay
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