Restoring Japan's Economic Growth : POLICY ANALYSES IN INTERNATIONAL ECONOMICS - Adam Posen

Restoring Japan's Economic Growth

By: Adam Posen

Paperback | 1 September 1998 | Edition Number 1

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Will the Japanese government take the decisive but manageable policy actions needed to bring about economic recovery? Criticism of current Japanese macroeconomic and financial policies is so widespread that the reasons for it are assumed to be self-evident. In this volume, Adam Posen explains in depth why a shift in Japanese fiscal and monetary policies, as well as financial reform, would be in Japan's own self-interest. He demonstrates that Japanese economic stagnation in the 1990s is the result of mistaken policies of fiscal austerity and financial laissez-faire rather than any supposed structural failures of the "Japan Model". The author outlines a program for putting the country back on the path to solid economic growth -- primarily through permanent tax cuts and monetary stabilization -- and draws broader lessons to be learned from recent Japanese policy actions that led to country's continuing stagnation. The book will be a useful supplementary text for both under-and post-graduate level courses in macroeconomics, comparative political economy, Japan or East Asian studies, public finance, and international relations. Restoring Japan's Economic Growth has been translated into Japanese by Toyo Keizei (Tokyo).
Industry Reviews
[Posen] offers a trenchant examination of Japanese fiscal policy during the 1990s... He persuasively debunks the argument that fiscal stimulus cannot work in Japan. -- Richard N. Cooper Foreign Affairs Japan's persistent stagnation is among the most important problems confronting the world economy today, and Adam Posen's treatment of it is the best I have seen. His analysis is right on the mark. -- Benjamin Friedman and William Joseph Maier Professor of Political Economy Harvard University Its analysis is convincing, and its policy recommendations are... sensible. I strongly recommend it to economists and policymakers alike. I... hope that Japanese policymakers have the wisdom to heed his advice. -- Charles Yuji, Horioka Osaka University and National Bureau of Economic Research Journal of Economic Literature

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