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Author: Eisuke Sakakibara Publisher: Rowman & Littlefield ISBN: 0815796269 Category : Business & Economics Languages : en Pages : 190
Book Description
In this unusually candid book, Japan's former top financial diplomat asserts the urgent need for wholesale structural reform to revitalize the long-stagnant Japanese economy. Eisuke Sakakibara, whose influence over global currency markets earned him the nickname of "Mr. Yen," envisions a social and economic revolution that encompasses all sectors of Japanese society. Whereas previous analyses of Japanese policies of the past decade focus narrowly on such issues as nonperforming assets and deregulation, Sakakibara provides a new perspective. Japan's economic problems are structural, rather than cyclical, according to Sakakibara. Profitable investment opportunities are hard to find in the dysfunctional corporate sector, where costs are high and income continues to decline. The country's entrenched power elite—the Liberal Democratic Party, the bureaucracy, and vested interest groups—are threatened by reform efforts. It will be difficult to restore economic health to Japan until its political leaders are able to break the grip of this "iron triangle" and implement aggressive, widespread reforms. This book furthers the understanding that structural reform or new institution building in Japan needs an all-encompassing approach that includes the various sectors of Japanese society and the economy. Only with this kind of understanding can pragmatic and meaningful structural reform in Japan be implemented.
Author: Eisuke Sakakibara Publisher: Rowman & Littlefield ISBN: 0815796269 Category : Business & Economics Languages : en Pages : 190
Book Description
In this unusually candid book, Japan's former top financial diplomat asserts the urgent need for wholesale structural reform to revitalize the long-stagnant Japanese economy. Eisuke Sakakibara, whose influence over global currency markets earned him the nickname of "Mr. Yen," envisions a social and economic revolution that encompasses all sectors of Japanese society. Whereas previous analyses of Japanese policies of the past decade focus narrowly on such issues as nonperforming assets and deregulation, Sakakibara provides a new perspective. Japan's economic problems are structural, rather than cyclical, according to Sakakibara. Profitable investment opportunities are hard to find in the dysfunctional corporate sector, where costs are high and income continues to decline. The country's entrenched power elite—the Liberal Democratic Party, the bureaucracy, and vested interest groups—are threatened by reform efforts. It will be difficult to restore economic health to Japan until its political leaders are able to break the grip of this "iron triangle" and implement aggressive, widespread reforms. This book furthers the understanding that structural reform or new institution building in Japan needs an all-encompassing approach that includes the various sectors of Japanese society and the economy. Only with this kind of understanding can pragmatic and meaningful structural reform in Japan be implemented.
Author: Pelin Berkmen Publisher: International Monetary Fund ISBN: 1455211915 Category : Business & Economics Languages : en Pages : 22
Book Description
With Japan’s public debt reaching historical levels, the need for fiscal consolidation and structural reforms have increased. As fiscal consolidation will require a sustained and large adjustment in the fiscal balance, its growth effect is a concern particularly for the short run. This paper uses the IMF’s Global Integrated Monetary and Fiscal Model to analyze the growth impact of fiscal consolidation and structural reforms. Although fiscal consolidation has short-term costs, the potential long-term benefits are considerable, and reforms that raise potential growth could support consolidation. Simulations show that the external environment also matters but domestic policies should be the priority.
Author: Mr.Tamim Bayoumi Publisher: International Monetary Fund ISBN: 9781557756961 Category : Business & Economics Languages : en Pages : 256
Book Description
This volume, by Bijan B. Aghevli, Tamim Bayoumi, and Guy Meredith, is based on a seminar on structural change in Japan held in early 1997 and chaired by the IMF's First Deputy Managing Director, Stanley Fischer. Discussion of teh day-to-day management of the standard levers of fiscal and monetary policy is interlinked with consideration for the more deep-seated structural issues. By shifting and destabilizing the underlying economic relationships and creating uncertainty, structural change complicates the task of policy analysis. This volume describes how the IMF is responding to these challenges and how outside experts assess this effect.
Author: Toshihiro Ihori Publisher: Springer ISBN: 4431551271 Category : Business & Economics Languages : en Pages : 202
Book Description
This book investigates the reasons for persistent public deficits and delayed fiscal reform in Japan, placing a special emphasis on political economy aspects. Japan is confronted with the need to pursue fiscal discipline for fiscal consolidation and implement structural reforms for reorganizing fiscal expenditures. Focusing on particular policy fields including social security, female labor supply, public works, and intergovernmental transfer schemes, the book clarifies economic and political elements that have hindered effective steps toward these two goals. Facing population aging and a business downturn, the Japanese government was urged to increase social security expenditures and the budget for Keynesian stimulus policies. As elucidated in the book, the institutional design has worked to over-represent the demands of elderly generations and local interest groups and to expand these expenditures. Rigorous theoretical and numerical analyses reported throughout the book consequently provide readers with insights into incentive designs and institutional reforms necessary for fiscal consolidation, also presenting points of view for public policy and public debate.
Author: Toshihiro Ihori Publisher: Springer Science & Business Media ISBN: 9781402070969 Category : Business & Economics Languages : en Pages : 186
Book Description
Government Deficit And Fiscal Reform In Japan presents a theoretical-based comprehensive analysis of economic consequences of government deficits and fiscal reform in Japan. Particular emphasis is directed at developing tools that can be applied to theoretically and empirically clarify essential economic concerns in Japan such as generational incidence of fiscal reform and a growing dependence on government bonds for covering financial deficits. This book evaluates the recent movement of Japanese fiscal reform and government deficit. The authors first summarize fiscal policy in 1990's. Then, they move on to investigate the macroeconomic impact of government dept and the sustainability problem, and then discuss benefits and costs of public investment. The political aspect of fiscal reconstruction movements in Japan is also examined. Finally, the authors investigate the behavior of central government's control on local governments' debt issuance and its effect on the real activities of local governments. This book points out that the long-run structural fiscal reform is more important than the short-run Keynesian fiscal policy in Japan.
Author: Hiromitsu Ishi Publisher: OUP Oxford ISBN: 0191590118 Category : Business & Economics Languages : en Pages : 374
Book Description
Making Fiscal Policy in Japan is written for those who want to understand the role and performance of fiscal policy as an integral component of macroeconomic policy, and the attendant effects on economic growth. The case explored here is post-Second World War Japan, but the approach is one of international comparison. Ishi traces and analyses the central features of postwar Japanese fiscal policy and considers the institutional framework and policy objectives which shaped the budget process. The first part of the book provides a detailed overview of the topic, with detailed institutional and empirical information. In particular, the role that government played in Japan's postwar economic growth is explored in depth, with specific focus on the four sub-periods of occupation, rapid economic growth, internationalization, and the bubble economy. Part II explains the basic framework of budgets, the budgetary process in Japan, and fundamental strategies of fiscal authority. It looks in depth at the unique aspects of the balanced budget policy for 1953-65 and then at how financial resources for budgeting were automatically generated in a growing economy. The final part analyses specific policy issues in the public sector, among them human resource development, the ageing population and the social security system, tax incentives for export promotion, the Fiscal Investment and Loan Programme, and intergovernmental grant policy. Ishi argues that the Japanese government has been generally passive in guiding the state's economic activities, using fiscal policy to support the private economy rather than directly to influence the economy through deliberate expenditure and tax policies. The approach has been one of enhancing the market rather than of government intervention.
Author: Mr.Tim Callen Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 288
Book Description
For thirteen years excess capacity and debt have weighed down the Japanese economy. This weak economic performance has implications for the world economy as a whole and so the IMF has been involved in a dialogue with the Japanese authorities to identify the policies needed to bring it out of its slump. The papers in this book are part of the process of identifying the causes and proposing solutions. They examine the weakness of the financial sector; corporate restructuring and structural reforms; fiscal policy; monetary and exchange rate policy and the impact of Japanese economic policies on the rest of Asia. The overall conclusion is that although a start has been made on necessary reforms, much still needs to be done
Author: Aurelia George Mulgan Publisher: ANU E Press ISBN: 192502105X Category : Political Science Languages : en Pages : 270
Book Description
This book should be read by all political scientists, journalists, economists, and students interested in contemporary Japan. Ellis S. Krauss Graduate School of International Relations and Pacific Studies University of California, San Diego. The author takes a scalpel to dissect Japan’s dysfunctional political system. She shows with wonderful clarity and depth of knowledge why the Koizumi reforms are not succeeding, and why revolutionary political change is needed as a precondition for economic recovery. The book should be required reading for anyone involved with contemporary Japan. J.A.A. Stockwin University of Oxford -- Publisher's description.
Author: Mr.Dennis P Botman Publisher: International Monetary Fund ISBN: 1498385184 Category : Deflation (Finance) Languages : en Pages : 20
Book Description
Since the bursting of the bubble, Japan has been unable to sustain economic recoveries. Monetary policy was unable to beat deflation, structural reforms failed to lift potential growth, and fiscal measures were insufficient to reverse the path of ever rising public sector debt. Japan’s revitalization plan dubbed the “three arrows of Abenomics” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome these problems. Amid a more challenging external environment and an aging population, Japan may well face its last opportunity to avoid a highly disruptive fiscal crisis and restore sustainability in a smooth manner instead. The book discusses mutually reinforcing reforms on several fronts, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms to revive animal spirits and stimulate potential growth.
Author: Eisuke Sakakibara
Author: Eisuke Sakakibara
Author: Shoichi Tsuji
Author: Pelin Berkmen
Author: Mr.Tamim Bayoumi
Author: Toshihiro Ihori
Author: Toshihiro Ihori
Author: Hiromitsu Ishi
Author: Mr.Tim Callen
Author: Aurelia George Mulgan
Author: Mr.Dennis P Botman