Japan, the world's second largest economy, has suffered from a prolonged period of stagnation and malaise since 1991. Subpar growth, failing banks, plummeting real estate and stock prices, deflation, unprecedented unemployment, and huge government liabilities have persisted, despite extraordinary fiscal and monetary policy fixes. In Reviving Japan's Economy, 16 top American and Japanese experts analyze Japan's underperforming economy, and develop and recommend policy solutions aimed at achieving Japan's growth potential, improving the quality of life for the Japanese people, and strengthening Japan's contribution to the global economy. A collaborative effort that grew out of a research project begun in 2002 and sponsored by the Center on Japanese Economy and Business at Columbia University and the Research Center for Advanced Science and Technology at the University of Tokyo, the book looks to the future while having as its foundation a careful analysis of Japan's recent economic history.
The contributing authors examine such topics as the long-term economic, demographic, social, and political transformation now underway in Japan; the costs of the long economic malaise; lessons for the United States from Japan's post-bubble mistakes; aggregate demand and macroeconomic policy; monetary policy; financial system difficulties; issues facing the Japanese labor market; corporate restructuring and financing; and Japan's new trade policy. The feasible, optimal policy solutions offered in this book aim to prompt a revival of Japan's long-run economic vitality.
About the Editors
Takatoshi Ito is Professor of Economics at the Graduate School of Economics, University of Tokyo.
Hugh Patrick is Director of the Center on Japanese Economy and Business at the Graduate School of Business and R. D. Calkins Professor of International Business Emeritus at Columbia University.
David E. Weinstein is Carl S. Shoup Professor of the Japanese Economy at Columbia University and the coeditor of Reviving Japan's Economy: Problems and Prescriptions (MIT Press, 2005).
"This work will be the standard reference in English on Japanese economic policy for several years. There is no other book that is as comprehensive, thorough, and up-to-date."
—Dale W. Jorgenson, Samuel W. Morris University Professor, Harvard University
"This is an exceptionally well-crafted volume filled with fresh insight into how Japan's economy might once again reach its full potential. All of the chapters are written by first-rate economists and merit careful study."
—Gary Saxonhouse, Professor of Economics, University of Michigan, Ann Arbor