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Description :
Summary
The second edition of a comprehensive account of all the major aspects of the Japanese economy, substantially updated and expanded.
This textbook offers a comprehensive, rigorous but accessible account of all the major aspects of the Japanese economy, grounding its approach in mainstream economics. The second edition has been extensively revised and substantially updated, with new material that covers Japan's period of economic stagnation between 1991 and 2010. The first edition, published in 1992, focused on Japan as a success story of catch-up economic development; this edition reflects the lessons learned from Japan's Lost Two Decades.
After presenting the historical background, the book begins with macroeconomics, studying growth and business cycles. It then covers essential policy issues, with new material that takes into account the Japanese banking crisis of 1997–1998 and the global financial crisis of 2008–2009, discussing financial regulation, monetary policy, and fiscal policy. It goes on to examine saving, demography, and social security in light of Japan's ongoing demographic transition; industrial organization; labor markets; international trade and international finance; and the Japan–U.S. relationship. A new chapter offers a detailed analysis of the Lost Two Decades, synthesizing and applying concepts discussed in previous chapters and offering insights into such issues as successful catch-up growth, demographic shifts, and credit booms and busts.
Takatoshi Ito
Takatoshi Ito is Professor in the School of International and Public Affairs at Columbia University and Senior Professor at the National Graduate Institute for Policy Studies in Tokyo. He has served as Deputy Vice Minister for International Affairs in Japan's Ministry of Finance and as Senior Advisor in the Research Department of the International Monetary Fund.
Takeo Hoshi
Takeo Hoshi is Professor of Economics at the University of Tokyo and coauthor of Corporate Finance and Governance in Japan: The Road to the Future (MIT Press).
Content :
Preface xvii
Preliminary Notes xxi
Acknowledgements xxiii
1 An Introduction to the Japanese Economy
1
2 History of the Japanese Economy
5
3 Economic Growth
41
4 Business Cycles and Boom and Bust
75
5 Financial Markets and Supervision 111
6 Monetary Policy 149
7 Public Finance 195
8 Saving Demography and Social Security 255
9 Industrial Structure 291
10 The Labor Market 335
11 International Trade 389
12 International Finance 425
13 USJapan Economic Conflicts 489
14 The Lost Two Decades 521
References 563
Index 565
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