Japan’s Lost Decade
Japan’s Lost Decade
复制标题
日本失去的十年
DOI：
10.1007/978-981-10-5021-3
复制
发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Farhad Taghizadeh
中科院分区：
文献类型：
--
作者：
N. Yoshino;Farhad Taghizadeh
本书分析了日本自 20 世纪 90 年代房地产和股市泡沫破裂后开始的长期经济衰退的原因，并为这次衰退提供了可能对其他亚洲经济体有用的补救措施。自20世纪90年代以来，日本经济增长缓慢，陷入衰退，被称为日本的“失去的十年”。中华人民共和国、韩国、泰国和许多其他亚洲国家未来可能面临类似的问题，并对日本的长期衰退感到担忧。本书探讨了日本经济自经济泡沫破裂以来陷入停滞的原因。本书的实证分析挑战了保罗·克鲁格曼（诺贝尔经济学奖获得者）等一些经济学家的信念，即日本经济陷入流动性陷阱。本书认为，日本的经济停滞源于垂直的投资储蓄曲线，而不是流动性陷阱，货币政策对于促进经济增长无效。财政政策的影响力大幅下降，日本经济面临的是结构性问题，而不是暂时的低迷。造成这些结构性问题的原因有很多：人口老龄化（经常被忽视的问题）、地方政府对中央政府转移支付的过度依赖、福岛核灾难和核电站关闭导致能源篮子不多元化导致能源成本高昂，以及巴塞尔资本要求对日本银行造成的影响。 不愿意借钱给初创企业和中小企业。后一个问题阻碍了日本的创新和技术进步。本书从经验和理论上解决了所有这些问题，并为日本长期衰退提供了几种补救措施，这也可以为其他亚洲经济体提供有用的教训。
This book analyzes the causes of Japan’s long-term economic recession which started following the real estate and stock market bubble burst of the 1990s and provides remedies for this recession that could be useful for other Asian economies. Japan has suffered from sluggish economic growth and recession since the 1990s, a period dubbed Japan’s “Lost Decade.” The People’s Republic of China, the Republic of Korea, Thailand, and many other Asian countries may face similar problems in the future and are concerned by Japan’s long-term recession. This book addresses why Japan’s economy has stagnated since the bursting of its economic bubble. The empirical analysis of this book challenges the beliefs of some economists, such as Paul Krugman (Nobel Prize laureate in economic sciences), that the Japanese economy is in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical investment–saving curve rather than a liquidity trap and that monetary policy is ineffective for escalating its economic growth. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn.These structural problems have many causes: an aging demographic (a frequently overlooked problem), local governments’ overreliance on transfers from the central government, high costs of energy due to a nondiversified energy basket as a result of the Fukushima nuclear disaster and nuclear plant shutdowns, and Basel capital requirements that have made Japanese banks reluctant to lend money to start-up businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. This book addresses all these issues empirically and theoretically and provides several remedies for Japan’s long-lasting recession, which can also provide useful lessons for other Asian economies.