Research Catalog

Japan's bubble, deflation, and long-term stagnation

Title: Japan's bubble, deflation, and long-term stagnation / edited by Koichi Hamada, Anil K Kashyap, and David E. Weinstein.
Publication: Cambridge, Mass. : MIT Press, [2011], ©2011.

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Description

xi, 420 pages : illustrations; 24 cm

Summary

Japan's economic bubble burst in the early 1990s, and the country entered its famous "lost decade"--A period of stagnation and economic disruption that persisted until 2003. The current declines in global equity and real estate markets have eerie parallels to Japan's economic woes of the 1990s. If we are to avoid repeating Japan's experience on a global scale, we must understand what happened, why it happened, and the effectiveness (or ineffectiveness) of Japan's policy choices. In this volume, prominent economists -- Japan specialists and others -- bring state-of-the-art models and analytic tools to bear on these questions. The essays generate new facts and new findings about Japan's lost decade. As much of the research shows, the slowdown can be broken down into two phases: a typical recession, followed by a breakdown in the economy likely due to insufficient restructuring, which is not well described by conventional models. The contributors offer forceful arguments showing that Japan's experience, and the unconventional -- sometimes unsuccessful -- measures adopted by Japan's government and central bank, offer valuable lessons for our post-boom world. - Publisher.

Subject

Bibliography (note)

Includes bibliographical references and index.

Contents

Introduction / Koichi Hamada, Anil K Kashyap, and David E. Weinstein -- The Japanese asset price bubble : a heterogeneous approach / Robert Barsky -- Time of troubles : the yen and Japan's economy, 1985-2008 / Maurice Obstfeld -- The Japan-US exchange rate, productivity, and the competitiveness of Japanese industries / Robert Dekle and Kyoji Fukao, with the Assistance of Murat Ungor -- International financial integration and Japanese economic performance / Philip R. Lane -- Consumption, land prices, and the monetary transmission mechanism in Japan / John Muellbauer and Keiko Murata -- The Japanese employment system after the bubble burst : new evidence / Ryo Kambayashi and Takao Kato -- Labor immobility in Japan : its causes and consequences / Kenn Ariga and Ryosuke Okazawa -- The changing role of main banks in aiding distressed firms in Japan / Joe Peek -- Corporate restructuring in Japan during the lost decade / Takeo Hoshi, Satoshi Koibuchi, and Ulrike Schaede -- An exploration of Japan's 1990 slowdown / Diego Comin.

ISBN

9780262014892
0262014890

LCCN

2010015783

OCLC

ocn608297675
608297675
SCSB-13567476

Owning Institutions

Columbia University Libraries