The Japanese Economy, second edition
616 pp., 7 x 9 in, 112 figures
- Published: January 28, 2020
- Published: January 28, 2020
The second edition of a comprehensive account of all the major aspects of the Japanese economy, substantially updated and expanded.
This textbook offers a comprehensive, rigorous but accessible account of all the major aspects of the Japanese economy, grounding its approach in mainstream economics. The second edition has been extensively revised and substantially updated, with new material that covers Japan's period of economic stagnation between 1991 and 2010. The first edition, published in 1992, focused on Japan as a success story of catch-up economic development; this edition reflects the lessons learned from Japan's Lost Two Decades.
After presenting the historical background, the book begins with macroeconomics, studying growth and business cycles. It then covers essential policy issues, with new material that takes into account the Japanese banking crisis of 1997–1998 and the global financial crisis of 2008–2009, discussing financial regulation, monetary policy, and fiscal policy. It goes on to examine saving, demography, and social security in light of Japan's ongoing demographic transition; industrial organization; labor markets; international trade and international finance; and the Japan–U.S. relationship. A new chapter offers a detailed analysis of the Lost Two Decades, synthesizing and applying concepts discussed in previous chapters and offering insights into such issues as successful catch-up growth, demographic shifts, and credit booms and busts.
When the first edition of The Japanese Economy appeared in 1991 and became an instant classic, few suspected that East Asia's sole industrial giant stood on the brink of two decades of lost growth and deflationary pressure, or that it would soon be joined by emerging regional powers including China and South Korea. In this magnificent second edition, Takeo Hoshi joins Takatoshi Ito to analyze the tumultuous past thirty years in the context of Japan's long-term development.
Maurice Obstfeld, University of California, Berkeley, and Peterson Institute for International Economics
Ito and Hoshi provide a comprehensive analysis of one of the world's major economies, from the Samurai to the Trans-Pacific Partnership. The country's responses to its recent economic challenges, whether aging, deflation, banking crises, or exploding government deficits, provide valuable insights even for those without a special interest in Japan.
Alan Auerbach, Robert D. Burch Professor of Economics and Law, University of California, Berkeley
At Yale, I taught a course using the first edition of the Japanese Economy by Takatoshi Ito, when Japan was a rising star in the world. The textbook was so clearly written and well organized that I spent only a short time for preparation past glancing at headlines and figures. I look forward to the new edition that critically reviews Japan's more mature economy with added insight from another expert, Takeo Hoshi.
Koichi Hamada, Tuntex Emeritus Professor of Economics, Yale University