Japan's Lost Decade Origins, Consequences and Prospects for Recovery [Paperback]

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• An exploration of the origins and consequences of Japan’s current economic crisis.
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• Examines the collapse of the equity and real estate market bubbles in the late 1980s.
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• Analyses the failure of Japanese monetary and fiscal policies to reverse the ensuing economic decline.
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• Evaluates unorthodox options available to policy makers that might enable Japan to recover from its ‘lost decade’.
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• Suggests that Japan’s prospects for economic recovery are still uncertain.

2. Retrospective on the Bubble Period and its Relationship to Developments in the 1990s: Takatoshi Ito (University of Tokyo).

3. Why Does the Problem Persist? ‘Rational Rigidity’ and the Plight of Japanese Banks: Kiyohiko G. Nishimura (University of Tokyo) and Yuko Kawamoto (McKinsey & Company, Japan).

4. Japan’s Fiscal Policies in the 1990s: Toshihiro Ihori (University of Tokyo), Toru Nakazato (Sophia University, Tokyo), and Masumi Kawade (University of Tokyo).

5. Japan’s Negative Risk Premium in Interest Rates: The Liquidity Trap and the Fall in Bank Lending: Rishi Goyal (International Monetary Fund) and Ronald McKinnon (Stanford University).

6. Japan’s Lost Decl£c