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Japan’s Economic Recession

Siddiqui, Kalim (2009) Japan’s Economic Recession. Research in Applied Economics, 1 (1). pp. 1-25. ISSN 1948-5433

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    Abstract

    Japan, the world’s second largest economy, is experiencing the worst economic crisis since
    the Second World War and the government is attempting to avoid a return to the “lost
    decade” of the 1990s when it was stuck in a deflationary spiral. To fight back recession, the
    Bank of Japan has kept the interest rate to 0.1 %, even lower than Bank of England’s 0.5 %.
    Japan’s economy has grown only at an average of 1% annually since 1992. Equally, the
    country’s recovery of 2003-07 did not have any long term effect on the growth.

    In many respects Japan remains very unique among the developed countries. The country’s
    economic miracle of the 1950s and 1960s has encouraged debate among the scholars to the
    significance of Japan’s economic past. It is widely seen as due to different model of
    development in areas such as industrial organisation, the role of the state, social institutions
    and history. Her appeal lies in the dramatic growth rates and economic transformation. Japan
    was first Asian country to break the western monopoly of modern industrialisation. Less than
    a generation ago, Japan was viewed an exemplary success story in terms of rapid economic
    growth and a model to be emulated by other developed and developing countries. Here I will
    argue that the Japanese economy suffers from severe problems that are not cyclical but
    structural in nature. Such structural problems are the most serious impediments to economic
    dynamism and the future long-run economic success of the country.

    Item Type: Article
    Uncontrolled Keywords: Japanese economy, Stagnation, FDI, Productivity, Industrial policy, Export-led-growth
    Subjects: H Social Sciences > HC Economic History and Conditions
    H Social Sciences > HG Finance
    Schools: The Business School
    The Business School > Emerging Markets Research Group
    Related URLs:
    Depositing User: Graham Stone
    Date Deposited: 04 Nov 2009 17:01
    Last Modified: 18 Nov 2013 21:04
    URI: http://eprints.hud.ac.uk/id/eprint/6082

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