Discuss the reasons for Japan’s ‘lost decade’. To what extent is government policy to blame for the economy’s performance?

Order Description

Introduction
Body
Summary

The Japanese Growth Slowdown of the 1990s
Readings

A good overview of Japanese economic development can be found in:

Cargill, T.F. and T. Sakamoto (2008): Japan since 1980, Cambridge: Cambridge University
Press 2008.
Flath, D. (2014): The Japanese Economy, Third Edition, Oxford: Oxford University Press.
Ito, T. (1992): The Japanese Economy, Cambridge, MA: MIT Press.
Nakamura, T. (1995): The Postwar Japanese Economy -Its Development and Structure, 1937-
1994, Second Edition, Tokyo: University of Tokyo Press.
Ohno, Kenichi (2006): The Economic Development of Japan. The Path Travelled by Japan as a
Developing Country, Tokyo: National Graduate Institute for Policy Studies
(http://www.grips.ac.jp/forum/pdf06/EDJ.pdf).
Okazaki, T. and M. Okuno-Fujiwara (eds., 1999): The Japanese Economic System and its
Historical Origins, Oxford: Oxford University Press.
Readings on the bubble economy, banking crisis, deflation and Japan’s ‘lost decades’:
Aoki, R. (2012): “A Demographic Perspective on Japan’s “Lost Decades””, Population and
Development Review 38 (Supplement), 103-112
(http://www.popcouncil.org/pdfs/PDRSupplements/Vol38_PopPublicPolicy/Aoki_pp103-
112.pdf).
Bank of Japan (2002): “Japan’s Nonperforming Loan Problem”, Bank of Japan Quarterly
Bulletin November
(https://www.boj.or.jp/en/announcements/release_2002/data/fss0210a.pdf).
Callen, T. and J.D. Ostry (eds., 2003): Japan’s Lost Decade -Policies for Economic Revival,
Washington, DC: International Monetary Fund.
Corbett, J. (2012): “Has Japan’s Lost Decade(s) Changed Economic Thinking?”, Economic
Record 88 (Special Issue), 100-105.
*Fukao, Kyoji (2010): The Structural Causes of Japan’s “Two Lost Decades”, RIETI Research
Digest No.03, Tokyo: Research Institute of Economy, Trade & Industry
(http://www.rieti.go.jp/en/about/Highlight_32/chap6.pdf).
Garside, W.R. (2012): Japan’s Great Stagnation. Forging Ahead, Falling Behind, Cheltenham:
Edward Elgar.
Hamada, K., A.K. Kashyap and D.E. Weinstein (eds., 2010): Japan’s Bubble, Deflation, and
Long-term Stagnation, Cambridge, MA: MIT Press.
Hoshi, T. (2001): “What Happened to Japanese Banks?”, Monetary and Economic Studies 19
(1), 1-30 (http://www.imes.boj.or.jp/english/publication/mes/2001/abst/me19-1-1.html).

Hoshi, T. and A. Kashyap (2000): “The Japanese Banking Crisis: Where Did It Come From and
How Will It End?”, in B. Bernanke and J. Rosemberg (eds), NBER Macroeconomics Annual
1999, Chicago, IL: Chicago University Press, 129-201
(http://www.nber.org/chapters/c11047.pdf).
Hoshi, T. and A. Kashyap (2011): “Why Did Japan Stop Growing?”, Tokyo: National Institute
for Research Advancement.
Ito, T. and F.S. Mishkin (2006): “Two Decades of Japanese Monetary Policy and the Deflation
Problem”, in T. Ito and A.K. Rose (eds.), Monetary Policy under Very Low Inflation in the
Pacific Rim (NBER-EASE, Vol. 15), Chicago: IL: University of Chicago Press, 131-193
(http://www.nber.org/chapters/c0092).
Ito, T., H. Patrick and D.E. Weinstein (eds., 2005): Reviving Japan’s Economy. Problems and
Prescription, Cambridge, MA: MIT Press.
Kamikawa, R. (2006): “The Bubble Economy and the Bank of Japan”, Osaka University Law
Review 53 (105), 105-135 (http://ir.library.osaka-u.ac.jp/metadb/up/LIBOULRK01/oulr053-
105.pdf).
Katz, R. (1998): Japan: The System that Soured, New York: M.E. Sharpe, chapter 7.
Krugman, P.R. (1998): “It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap”,
Brookings Papers on Economic Activity 2, 137–205
(http://web.mit.edu/krugman/www/bpea_jp.pdf).
McKinsey Global Institute (2000): Why the Japanese Economy is not Growing: Micro Barriers
to Productivity Growth, Washington, DC: McKinsey Global Institute
(http://www.mbsportal.bl.uk/secure/subjareas/interbusin/mckinsey/122738japan.pdf).
Mikitani R. and A. Posen (eds., 2000): Japan’s Financial Crisis and Its Parallels to U.S.
Experience, Washington, DC: Institute for International Economics.
*Okina, K., M. Shirakawa and S. Shiratsuka (2001): “The Asset Price Bubble and Monetary
Policy: Japan’s Experience in the Late 1980s and the Lessons”, Monetary and Economic
Studies (Special Edition) February (www.quartetfest.ca/documents/4743/jap_bubble.pdf).
Posen, A. (1998): Restoring Japan’s Economic Growth, Washington, DC: Institute for
International Economics (http://bookstore.piie.com/book-store/35.html).
Saxonhouse, G. and R. Stern (eds., 2004): Japan’s Lost Decade: Origins, Consequences and
Prospects for Recovery, London: Wiley-Blackwell.
Shimizu, C. and T. Watanabe (2010): “Housing Bubbles in Japan and the United States”,
Public Policy Review 6 (3), 431-472
(http://www.mof.go.jp/english/pri/publication/pp_review/ppr009/ppr009d.pdf).
The Economist (2011): “Japan’s economy. Whose lost decade?”, 19 November
(http://www.economist.com/node/21538745).
Wood, C. (1992): The Bubble Economy: Japan’s Extraordinary Speculative Boom of the ’80s
and the Dramatic Bust of the ’90s, Atlantic Monthly Press

Overcoming Deflation and the Changing Japanese Economic System

Readings

Adams, F.G., L.R. Klein, K. Yuzo and S. Akihiko (2008): Accelerating Japan’s Economic Growth.
Resolving Japan’s Growth Controversy, London and New York: Routledge.
*Aso, T. (2013): “What is Abenomics? Current and Future Steps of Japanese Economic
Revival”, Speech at CSIS, Washington, DC,
(http://www.mof.go.jp/english/public_relations/statement/others/20130419.htm).
Bernanke, B.S. (2000): “Japanese Monetary Policy: A Case of Self-Induced Paralysis?” in R.
Mikitani and Adam S. Posen (eds.), Japan’s Financial Crisis and Its Parallels to U.S.
Experience, Washington: Institute for International Economics (working paper version:
http://www.princeton.edu/~pkrugman/bernanke_paralysis.pdf).
Blomstrom, M., B. Gangnes and S. La Croix (eds., 2001): Japan’s New Economy: Continuity
and Change in the Twenty-first Century, Oxford: Oxford University Press.
Feldstein, M. (2013): “The Wrong Growth Strategy for Japan”, Project Syndicate, 17 January
(http://www.project-syndicate.org/commentary/the-wrong-growth-strategy-for-japan-bymartin-
feldstein).
Grimes, W.W. (2013): “Will Abenomics Restore Japanese Growth?”, NBR Analysis Brief, 25
June, Seattle, WA and Washington, DC: National Bureau of Asian Research
(http://www.nbr.org/publications/analysis/pdf/Brief/062513_Grimes_Abenomics.pdf).
Hamada, K. (2013): “Grading Abenomics”, Project Syndicate, 13 December
(http://www.project-syndicate.org/commentary/koichi-hamada-assesses-the-progress-thatjapanese-
prime-minister-shinzo-abe-s–three-arrows–strategy-for-economic-revitalizationhas-
made-so-far#j1fV67qu1WDtr44J.99).
Harris, T. (2013): “Don’t Declare Victory for Abenomics Yet”, East Asia Forum, 24 May
(http://www.eastasiaforum.org/2013/05/24/dont-declare-victory-for-abenomics-yet/).
Hayashi, T. (2013): “Is It Abenomics or Post-Disaster Recovery? A Counterfactual Analysis”,
APIR Discussion Paper Series No.35, Osaka: Asia Pacific Institute of Research
(http://www.apir.or.jp/ja/research/files/2013/06/DP_35.pdf).
IMF (2013): “Japan 2013 Article IV Consultation”, August
(http://www.imf.org/external/pubs/ft/scr/2013/cr13253.pdf).
Krugman, P.R. (2013): “Japan the Model”, The Conscience of a Liberal, New York Times, 10
June (http://www.nytimes.com/2013/05/24/opinion/krugman-japan-the-model.html?_r=0).
Krugman, P.R. (2013): “Abenomics and Interest Rates: A Finger Exercise (Wonkish)”, The
Conscience of a Liberal, New York Times, 10 June
(http://krugman.blogs.nytimes.

Kumagai, M., M. Hashimoto, T. Saito and S. Kugo (2013): “Will Abenomics Rehabilitate
Japan’s Economy?”, Japan’s Economic Outlook No. 176 (Update)
(http://www.dir.co.jp/english/research/report/jquarterly/20130312_006927.pdf).
Stern, R. (ed., 2003): Japan’s Economic Recovery -Commercial Policy, Monetary policy and
Corporate Governance, Cheltenham: Edward Elgar.
Stiglitz, J.E. (2013): “The Promise of Abenomics”, CFO Insight, 9 April (http://www.cfoinsight.
com/markets-economy/global-economy/the-promise-of-abenomics/).
The Economicst (2013): “Japan and Abenomics. Once More with Feeling”, 18 March
(http://www.economist.com/news/briefing/21578052-shinzo-abe-shaking-up-japanseconomy-
seems-different-man-one-whose-previous).
Volz, U. (2010): “What Japan Needs to do to End Deflation”, East Asia Forum, 30 June
(http://www.eastasiaforum.org/2010/06/30/what-japan-needs-to-do-to-end-deflation/).
Xu, B. (2013). “Abenomics and the Japanese Economy”, Backgrounder, Updated 16 October,
New York: Council on Foreign Relations (http://www.cfr.org/japan/abenomics-japaneseeconomy/
p30383).

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