It Takes More Than a Bubble to Become Japan PDF Download

Author: Adam Simon Posen
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 190

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Author: W. R. Garside
Publisher: Edward Elgar Publishing
ISBN: 0857938223
Category : Business & Economics
Languages : en
Pages : 229

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Book Description
'Recent events have rendered Japan's lost decades all the more relevant to the rest of us. Rick Garside, in this wide-ranging and accessible account, explores the political economy of Japan's great stagnation with an eye toward describing how other advanced economies can avoid going down the same path.' – Barry Eichengreen, University of California, Berkeley, US 'Professor Garside's timely book transcends the national preoccupation suggested by its title. From one viewpoint this is a case study (admittedly on a grand scale) of the experience of one country in one historical period. But in analyzing the dynamic relationship between Japan's post-war economic miracle and its chronic stagnation from the 1990's he offers a penetrating insight into the links between profound and embedded institutional and ideological influences, global upheaval, and almost disastrous national economic performance. Hence, Japan's Great Stagnation – the unfolding story of that country's declining experience from masterful economic power to seeming economic paralysis – provides us with an all-too familiar scenario with which to approach the contemporaneous ills of the world's developed economies. The interaction between banking crises, unwieldy institutions (especially, but not only, financial institutions), policy frailties, and stagnating demand – all conspired to create crisis and then handicap or prevent recovery. And the familiarity of the story is aggravated by the global financial crisis which now threatens to engulf us. History never fully repeats itself, but Professor Garside's illuminating examination of Japan's recent experiences must surely provide important points of relevance for the world's current malaise. He is to be congratulated on the depth and scope of what he has achieved – and for its relevance to what we are experiencing.' – Barry Supple, University of Cambridge, UK This timely book presents a critical examination of the developmental premises of Japan's high-growth success and its subsequent drift into recession, stagnation and piecemeal reform. The country, which within a few decades of wartime defeat mounted a serious challenge to American hegemony, appeared incapable of fully adjusting to shifting economic circumstance once the impulses of catch-up growth and the good fortune of an accommodating international environment faded. The banking crises, spiralling government debt, and stagnant growth experienced by major industrialized nations in recent years have evoked renewed interest in Japan's economic denouement since the 1990s. To many, Japan's drift into recession and financial crisis during the early 1990s, and later into stagnation and prolonged deflation, demonstrated precisely what not to do when fashioning remedial policy. This book details the legacies of Japan's high-growth success and how they affected Japan's capacity to cope with shifting national and international circumstance from the 1980s. It reviews the contentious debates over the causes and consequences of the 'bubble economy' and the 'lost decade', and assesses the extent to which reforms since 1997 have been compromised by lingering attachments to Japan's distinctive post-war political economy. Providing an analytical overview of both the high growth and recessionary periods and of subsequent reform agendas, this timely book will appeal to students, academics and researchers of economic history, development and politics, particularly those with an interest in Japan and Asian studies more generally.

Author: Harold L. Vogel
Publisher: Springer
ISBN: 3319715283
Category : Business & Economics
Languages : en
Pages : 508

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Book Description
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.

Author: Thomas Orlik
Publisher: Oxford University Press, USA
ISBN: 0190877405
Category : China
Languages : en
Pages : 241

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Book Description
A provocative perspective on the fragile fundamentals, and forces for resilience, in the Chinese economy, and a forecast for the future on alternate scenarios of collapse and ascendance.

Author: Alan P. Chan
Publisher: EJ International
ISBN: 0989031209
Category : Business & Economics
Languages : en
Pages : 296

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Book Description
In his 2008 Congressional testimony, Dr. Alan Greenspan, Former Federal Reserve Chairman, noted a flaw in the economic model he previously thought defined how the world works. Greenspan was referring to the ability of banks and markets to regulate themselves an ideology he admitted went wrong with the 2008 economic meltdown. The author has a unique perspective from the inside. He covers topics like inflation, quantitative easing, the fiscal cliff, and the global debt crisis with clarity and purpose. Dr. Alan P. Chan is presenting his research as evidence of money s shaky foundation as an economic driver that Dr. Greenspan's critical flaw presents an excellent investment opportunity. Well-argued and ultimately quite persuasive With a straightforward, accessible writing style that conveys his obvious passion for the topic, Chan articulates important points of economic theory without becoming too abstract. Chan s insight is enthralling." ELIZABETH MILLARD, ForeWord Clarion Reviews. "Dr. Chan does a great job of taking complicated financial concepts and explaining them in a fresh and clear manner. He also offers up some thoughtful ideas on how to navigate today's volatile financial landscape. BRIAN SAMSON, Founder & CEO, HR for Startups. Dr. Chan s book is needed for today s financial times. His guide will help stop you from making bad investments, avoiding financial debt, and ultimately provide answers to the questions you've been asking for years. What s the real picture? How to invest long term profitably and safely? How to protect my future? What happens in the next crisis? How can I avoid the traps? BILL CHAN, Corporate Advisory Chair of Seine Image International Co. Ltd. The Critical Flaw describes how true and seriously faulty the assumptions on which we built our financial world upon. Brimming with straightforward facts and strategies, anyone can use Dr. Chan s book to overcome the key fears and questions associated with investing in physical gold and silver. ESTHER JIN, MSOD, Private Wealth Manager. If you want to deploy a section of your portfolio into precious metals, then this book is the invaluable tool you ll need in order to capitalize on accurate concepts and helpful tactics which will allow you to protect your assets against the next financial crash and also profit from it. This is a must-read. RALUCA IONITA, Co-Founder and Managing Director AYG Romania. "Dr. Chan paints a bleak picture about the current state of a flawed global financial system. Through shrewd investing and economic foresight, he takes us on a journey towards financial independence, free from the control of central banks and governmental monetary policy." CASEY FONG, Founder of Dreaming Emotion. Heartfelt, inspiring, simple and clear. The Critical Flaw reveals a new approach for investors who want to succeed in this new economic landscape. I loved it SIMEON DACUMOS, CEO & Creative Director of Simeon Dacumos Co.

Author:
Publisher: Peterson Institute
ISBN: 9780881325324
Category : United States
Languages : en
Pages : 410

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Book Description
In this comprehensive revision of the most influential, widely read analysis of the US trade policymaking system, Destler addresses how globalization has reshaped trade politics, weakening traditional protectionism but intensifying concern about trade's societal impacts. Entirely new chapters treat the deepening of partisan divisions and the rise of "trade and..." issues (especially labor and the environment). The author concludes with a comprehensive economic and political strategy to cope with globalization and maximize its benefits. The original edition of American Trade Politics won the Gladys Kammerer Award of the American Political Science Association for the best book on US national policy.

Author: Stephan Haggard
Publisher: Peterson Institute
ISBN: 0881325155
Category : Political Science
Languages : en
Pages : 218

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"Human rights and the protection of refugees is not a concern of left or right, or of the US only; it is an issue of importance to all Koreans, and indeed all countries. Haggard and Noland provide compelling evidence of the ongoing transformation of North Korean society and offer thoughtful proposals as to how the outside world might facilitate peaceful evolution."--Yoon Young-kwan, former Foreign Minister, Rob Moo-byun government --Book Jacket

Author: Bradley Jones
Publisher: International Monetary Fund
ISBN: 147557620X
Category : Business & Economics
Languages : en
Pages : 59

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Book Description
In distilling a vast literature spanning the rational— irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated (i.e. presumably rational) institutional investors. Candidate explanations for bubble persistence—such as limits to learning, frictional limits to arbitrage, and behavioral errors—seem unsatisfactory as they are inconsistent with the aforementioned trends impacting global capital markets. In lieu of the short-term nature of the asset owner—manager relationship, and the momentum bias inherent in financial benchmarks, I argue that the business risk of asset managers acts as strong motivation for institutional herding and ‘rational bubble-riding.’ Two key policy implications follow. First, procyclicality could intensify as institutional assets under management continue to grow. Second, remedial policies should extend beyond the standard suite of macroprudential and monetary measures to include time-invariant policies targeted at the cause (not just symptom) of the problem. Prominent among these should be reforms addressing principal-agent contract design and the implementation of financial benchmarks.

Author: Richard Werner
Publisher: Routledge
ISBN: 131746219X
Category : Education
Languages : en
Pages : 384

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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: X. Huang
Publisher: Springer
ISBN: 1137323086
Category : Political Science
Languages : en
Pages : 290

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Book Description
The contributors provide a comparative analysis of the modern economic development of Japan and China that are often explained in frameworks of East Asian developmentalism, varies of capitalism or world economic system, and explore their broader significances for the rise and global expansion of modern economy.