Download Accelerating Japan's Economic Growth: Resolving Japan's by F. Gerard Adams, Lawrence R. Klein, Kumasaka Yuzo, Shinozaki PDF

By F. Gerard Adams, Lawrence R. Klein, Kumasaka Yuzo, Shinozaki Akihiko

The jap financial system is commencing to convey symptoms of restoration after years of stagnation/deflation, yet many eastern policymakers warn that this financial development could be gradual: slower than within the usa and positively slower than in different East Asian international locations. Japan faces major monetary difficulties, together with an getting older inhabitants, a wide monetary deficit, and the necessity to comply with the IT economic system and to festival with the remainder of East Asia. A gradual development state of affairs may tremendously decrease possibilities for brand new effective funding and may make it more and more tough to supply for Japan's starting to be social wishes.

The authors of this ebook argue that Japan can and will develop extra quickly, and think about the explanations for the slow functionality of the japanese financial system. for instance, a few jap financial sectors, really in distribution and finance, have didn't benefit from new details and communications know-how to speed up the expansion of productiveness, as has occurred in different nations, resembling the USA. construction functionality reviews and econometric version simulations recommend that with applicable regulations the japanese financial system can develop extra swiftly and take care of its destiny difficulties. The e-book posits a few coverage proposals which might support to speed up Japan's financial growth

This ebook may be of curiosity to scholars of the japanese financial system, macroeconomics and overseas economies, and in addition to policymakers and pros attracted to Japan’s economic climate.

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Read or Download Accelerating Japan's Economic Growth: Resolving Japan's Growth Controversy (Routledge Studies in the Growth Economies of Asia) PDF

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Additional resources for Accelerating Japan's Economic Growth: Resolving Japan's Growth Controversy (Routledge Studies in the Growth Economies of Asia)

Sample text

It is not clear whether this represents a significant burden, in view of the fact that the outstanding bonds are held in many cases by public institutions. But there is a strong feeling among government officials that the growth of the public debt must be kept in check and that, if necessary, taxes should be raised to control the fiscal deficit. The challenge to accomplishing the budgetary objective is complicated by the fact that increasing taxes may result in a lower nominal GDP, thwarting the objective of a lower debt to nominal GDP ratio.

The use of computers and Internet connections greatly increases efficiency and reduces the cost of distributing conventional products. In many cases, like banking, stock trading, even the purchase of movies and books, the transaction can be carried out electronically. But even when physical delivery is required or when physical products are being manufactured and assembled, the applications of IT can greatly increase productivity in non-IT sectors. Many such applications have increasing returns to scale.

Characteristics of the IT revolution Before we introduce a new type of production function as a new framework to analyze the effect of the IT revolution on the economy, we should distinguish IT progress from traditional technological progress brought on by inventions such as electricity and the internal combustion engine. Traditional technological progress is often called “muscle strengthening” technological progress. This is because the new technology enables people to lift heavier things and to go farther more quickly.

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