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Introduction to "Structural Impediments to Growth in Japan"

  • Economics
  • Political Science


Introduction to "Structural Impediments to Growth in Japan" This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Structural Impediments to Growth in Japan Volume Author/Editor: Magnus Blomström, Jennifer Corbett, Fumio Hayashi and Anil Kashyap, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-06021-7 Volume URL: Conference Date: Tokyo, Japan Publication Date: January 2003 Title: Introduction to "Structural Impediments to Growth in Japan" Author: Magnus Blomstrom, Jennifer Corbett, Fumio Hayashi, Anil Kashyap URL: Introduction Magnus Blomström, Jennifer Corbett, Fumio Hayashi, and Anil Kashyap 1 After four decades of rapid economic growth that transformed Japan into a wealthy country at the world’s technological frontier, the last decade brought prolonged economic stagnation. Despite the long period of low growth in Japan, there is still little agreement in the universities or amongst policymakers about its causes or cures. This collection of essays by leading scholars from Europe, Japan, and the United States offers a comprehensive assessment of the economic problems facing Japan. Our analysis naturally separates into an investigation of challenges both for government policy and to the private sector. The book is organized around these two areas. The papers are unified by their empirical character. All of the papers pres- ent original data analysis, and several uncover new facts that challenge conventional wisdom. Challenges for Government Policy The financial crisis is the most commonly cited cause of the prolonged slowdown of the Japanese economy. Yet there is still substantial disagree- ment over whether the worst is over and whether the current financial diffi- culties are likely to pose long-run problems. The picture that emerges from our investigation is frightening. Magnus Blomström is professor of eco

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