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Author: Steven J. Ericson Publisher: Cornell University Press ISBN: 1501746936 Category : History Languages : en Pages : 146
Book Description
With a new look at the 1880s financial reforms in Japan, Steven J. Ericson's Financial Stabilization in Meiji Japan overturns widely held views of the program carried out by Finance Minister Matsukata Masayoshi. As Ericson shows, rather than constituting an orthodox financial-stabilization program—a sort of precursor of the "neoliberal" reforms promoted by the IMF in the 1980s and 1990s—Matsukata's policies differed in significant ways from both classical economic liberalism and neoliberal orthodoxy. The Matsukata financial reform has become famous largely for the wrong reasons, and Ericson sets the record straight. He shows that Matsukata intended to pursue fiscal retrenchment and budget-balancing when he became finance minister in late 1881. Various exigencies, including foreign military crises and a worsening domestic depression, compelled him instead to increase spending by running deficits and floating public bonds. Though he drastically reduced the money supply, he combined the positive and contractionary policies of his immediate predecessors to pull off a program of "expansionary austerity" paralleling state responses to financial crisis elsewhere in the world both then and now. Through a new and much-needed recalibration of this pivotal financial reform, Financial Stabilization in Meiji Japan demonstrates that, in several ways, ranging from state-led export promotion to the creation of a government-controlled central bank, Matsukata advanced policies that were more in line with a nationalist, developmentalist approach than with a liberal economic one. Ericson shows that Matsukata Masayoshi was far from a rigid adherent of classical economic liberalism.
Author: Steven J. Ericson Publisher: Cornell University Press ISBN: 1501746936 Category : History Languages : en Pages : 146
Book Description
With a new look at the 1880s financial reforms in Japan, Steven J. Ericson's Financial Stabilization in Meiji Japan overturns widely held views of the program carried out by Finance Minister Matsukata Masayoshi. As Ericson shows, rather than constituting an orthodox financial-stabilization program—a sort of precursor of the "neoliberal" reforms promoted by the IMF in the 1980s and 1990s—Matsukata's policies differed in significant ways from both classical economic liberalism and neoliberal orthodoxy. The Matsukata financial reform has become famous largely for the wrong reasons, and Ericson sets the record straight. He shows that Matsukata intended to pursue fiscal retrenchment and budget-balancing when he became finance minister in late 1881. Various exigencies, including foreign military crises and a worsening domestic depression, compelled him instead to increase spending by running deficits and floating public bonds. Though he drastically reduced the money supply, he combined the positive and contractionary policies of his immediate predecessors to pull off a program of "expansionary austerity" paralleling state responses to financial crisis elsewhere in the world both then and now. Through a new and much-needed recalibration of this pivotal financial reform, Financial Stabilization in Meiji Japan demonstrates that, in several ways, ranging from state-led export promotion to the creation of a government-controlled central bank, Matsukata advanced policies that were more in line with a nationalist, developmentalist approach than with a liberal economic one. Ericson shows that Matsukata Masayoshi was far from a rigid adherent of classical economic liberalism.
Author: Tomohito Shinoda Publisher: Columbia University Press ISBN: 023152806X Category : Political Science Languages : en Pages : 349
Book Description
Decentralized policymaking power in Japan had developed under the reign of the Liberal Democratic Party (LDP), yet in the1990s, institutional changes fundamentally altered Japan's political landscape. Tomohito Shinoda tracks these developments in the operation of and tensions between Japan's political parties and the public's behavior in elections, as well as in the government's ability to coordinate diverse policy preferences and respond to political crises. The selection of Junichiro Koizumi, an anti-mainstream politician, as prime minister in 2001 initiated a power shift to the Democratic Party of Japan (DPJ) and ended LDP rule. Shinoda details these events and Prime Minister Koizumi's use of them to practice strong policymaking leadership. He also outlines the institutional initiatives introduced by the DPJ government and their impact on policymaking, illustrating the importance of balanced centralized institutions and bureaucratic support.
Author: Motoshi Suzuki Publisher: ISBN: 9781782544777 Category : Globalization Languages : en Pages : 0
Book Description
Globalization and the Politics of Institutional Reform in Japan illuminates Japan's contemporary and historical struggle to adjust policy and the institutional architecture of government to an evolving global order. This focused and scholarly study identifies that key to this difficulty is a structural tendency towards central political command, which reduces the country's capacity to follow a more subtle allocation of authority that ensures political leadership remains robust and non-dictatorial. Thus, Motoshi Suzuki argues that it is essential for a globalizing state to incorporate opposition parties and transgovernmental networks into policy-making processes. Providing an in-depth analysis of the theories of institutional change, this book introduces readers to a wealth of perspectives and counterarguments concerning analysis of political decision-making and policy adjustment on both the national and international scale. Placing Japanese policy reform in the global context and relating policy reform to leadership's political strategies, the author gives a detailed chronological and analytical overview of Japan's challenging institutional, political and bureaucratic transformations since the Meiji Restoration of the late nineteenth century. Analysis of globalization and policy reform in a non-liberal state, and the relationship between politicians and bureaucrats from an international perspective is included. For those interested in historical and contemporary Japanese politics from a theoretical perspective, particularly the implications of globalization and the politician-bureaucrat relationship, this is an indispensable resource.
Author: E. Kawabata Publisher: Springer ISBN: 0230601081 Category : Political Science Languages : en Pages : 243
Book Description
This book examines several major reforms in Japan - in the postal business, transportation, telecommunications and technology - and evaluates the impact of these changes since the early 1980s. Conceptually, the book presents the dual state as being a fundamental feature of the Japanese political economy that determines government reform dynamics.
Author: J. Mark Ramseyer Publisher: Harvard University Press ISBN: 9780674042537 Category : Political Science Languages : en Pages : 284
Book Description
Mark Ramseyer and Frances McCall Rosenbluth show how rational-choice theory can be applied to Japanese politics. Using the concept of principal and agent, Ramseyer
Author: Masaaki Shirakawa Publisher: Yale University Press ISBN: 0300263007 Category : Business & Economics Languages : en Pages : 534
Book Description
A rare insider’s account of the inner workings of the Japanese economy, and the Bank of Japan’s monetary policy, by a career central banker The Japanese economy, once the envy of the world for its dynamism and growth, lost its shine after a financial bubble burst in early 1990s and slumped further during the Global Financial Crisis in 2008. It suffered even more damage in 2011, when a severe earthquake set off the Fukushima Daiichi nuclear disaster. However, the Bank of Japan soldiered on to combat low inflation, low growth, and low interest rates, and in many ways it served as a laboratory for actions taken by central banks in other parts of the world. Masaaki Shirakawa, who led the bank as governor from 2008 to 2013, provides a rare insider’s account of the workings of Japanese economic and monetary policy during this period and how it challenged mainstream economic thinking.
Author: Kenneth J. Singleton Publisher: University of Chicago Press ISBN: 0226760685 Category : Business & Economics Languages : en Pages : 208
Book Description
How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Author: Janis A. Mimura Publisher: Cornell University Press ISBN: 0801461332 Category : History Languages : en Pages : 241
Book Description
Japan's invasion of Manchuria in September of 1931 initiated a new phase of brutal occupation and warfare in Asia and the Pacific. It forwarded the project of remaking the Japanese state along technocratic and fascistic lines and creating a self-sufficient Asian bloc centered on Japan and its puppet state of Manchukuo. In Planning for Empire, Janis Mimura traces the origins and evolution of this new order and the ideas and policies of its chief architects, the reform bureaucrats. The reform bureaucrats pursued a radical, authoritarian vision of modern Japan in which public and private spheres were fused, ownership and control of capital were separated, and society was ruled by technocrats. Mimura shifts our attention away from reactionary young officers to state planners—reform bureaucrats, total war officers, new zaibatsu leaders, economists, political scientists, engineers, and labor party leaders. She shows how empire building and war mobilization raised the stature and influence of these middle-class professionals by calling forth new government planning agencies, research bureaus, and think tanks to draft Five Year industrial plans, rationalize industry, mobilize the masses, streamline the bureaucracy, and manage big business. Deftly examining the political battles and compromises of Japanese technocrats in their bid for political power and Asian hegemony, Planning for Empire offers a new perspective on Japanese fascism by revealing its modern roots in the close interaction of technology and right-wing ideology.
Author: Robert J. Pekkanen Publisher: Oxford University Press ISBN: 0190050993 Category : Political Science Languages : en Pages : 1001
Book Description
"Book Abstract and Keywords: The study of Japanese politics has flourished over the past several decades. This Handbook provides a state-of-the-field overview for students and researchers of Japanese. The volume also serves to introduce Japanese politics to readers less familiar with Japan. In addition, the volume has a theme of "evaluating Japan's democracy." Taken as a whole, the volume provides a positive evaluation of the state of Japan's democracy. The volume is divided into two parts, roughly corresponding to domestic Japanese politics and Japan's international politics. Within the domestic politics part, there are four distinct sections: "Domestic Political Actors and Institutions," covering the Japanese Constitution, electoral systems, prime minister, Diet, bureaucracy, judiciary, and local government; "Political Parties and Coalitions," covering the Liberal Democratic Party, coalition government, Kōmeitō, and the political opposition; "Policymaking and the Public," covering the policymaking process, public opinion, civil society, and populism; and, "Political Economy and Social Policy," covering industrial, energy, social welfare, agricultural, monetary, and immigration policies, as well as social inequality. In the international relations part, there are four sections: "International Relations Frameworks," covering grand strategy, international organizations, and international status; "International Political Economy," covering trade, finance, foreign direct investment, the environment, economic regionalism, and the linkage between security and economics; "International Security," covering remilitarization, global and regional security multilateralism, nuclear nonproliferation, naval power, space security, and cybersecurity; and, "Foreign Relations" covering Japan's relations with the United States, China, South Korea, ASEAN, India, the European Union, and Russia. Keywords: international relations, comparative politics, democracy, international order, alliances, space security, elections, Liberal Democratic Party, multilateralism, remilitarization, international organizations, populism, civil society, coalitions, political parties, trade, finance monetary policy, foreign direct investment, cybersecurity"--
Author: Richard Werner Publisher: Routledge ISBN: 131746219X Category : Education Languages : en Pages : 384
Book Description
This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.
Author: Steven J. Ericson
Author: Steven J. Ericson
Author: Tomohito Shinoda
Author: Motoshi Suzuki
Author: E. Kawabata
Author: J. Mark Ramseyer
Author: Masaaki Shirakawa
Author: Kenneth J. Singleton
Author: Janis A. Mimura
Author: Robert J. Pekkanen
Author: Richard Werner