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This book discusses Japan’s long-term economic recession and provides remedies for that recession that are useful for other Asian economies. The book addresses why Japan’s economy has stagnated since the bursting of its economic bubble in the 1990s. Its empirical analysis challenges the beliefs of some economists, such as Paul Krugman, that the Japanese economy is caught in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical “investment–saving” (IS) curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural prob...
At the start of the twenty-first century, the Japanese financial system is undergoing a major transformation. This process is spurred by a sense of crisis. Dominated by large institutions, the Japanese banking system has suffered from serious problems with non-performing loans since the early 1990s, when the Japanese stock market and urban real estate market both crashed. Delays in responding to these twin asset bubbles, by both regulatory authorities and the banks themselves, made matters worse and led to a banking crisis in late 1997 and early 1998. Not anticipating this setback, in late 1996 the Japanese government inaugurated its Big Bang of comprehensive financial deregulation designed ...
Governments throughout the Asia-Pacific region recognize the catalyzing role of infrastructure investment for sustainable growth. Yet, they are faced with the problem of financing new infrastructure. This book provides the latest evidence on the impact of infrastructure investment on economic and social indicators. Presenting several country studies, the book explains how infrastructure investment can increase output, taxes, trade, and firm productivity. Based on this evidence, the book proposes innovative modes of infrastructure financing. Written by leading international experts in economic analysis of infrastructure, the book is an invaluable source for policy makers to better design infrastructure projects.
Investors are increasingly integrating environmental, social, and governance (ESG) issues into their investment decisions. Currently, more than half of managed assets in Europe are linked to ESG factors, while in Japan, ESG investment has grown dramatically in recent years. In principle, ESG investment can help to bridge the gap between profit-driven investment and economic and social sustainability in Asia and the Pacific. However, a number of challenges, such as unclear and varied sustainable investment criteria, untested impacts on corporate value and social issues, and the lack of quality data cloud the potential for increasing ESG investment. This book aims to contribute to developing a framework for future analysis and monitoring to ensure the growth of ESG investment.
Outlining how the concepts of green economy and green growth have become the forefront of policy and political debates within the last decade, this compelling Research Handbook investigates the policies and plans that utilise these concepts at both the local and global level to achieve a truly green economy. This title contains one or more Open Access chapters.
“Restoring Financial Stability-The Legal Response” is the theme of the sixth volume of “Current Developments in Monetary and Financial Law.” The book covers a range of issues: frameworks and regulatory reforms in the United States, European Union, and Japan that address systemic risk; the international dimension of financial stability; the regulation of complex financial products; cross-border banking supervision; capital adequacy; and corporate and household debt restructuring. The chapters are based on presentations from a seminar hosted by the IMF Legal Department, the Ministry of Finance of Japan, the Financial Services Agency of Japan, and the Bank of Japan, with the assistance of the IMF Institute. The contributors to the volume come from both the public and private sectors, and include academics, lawyers practicing in the fields of banking and financial law, and officials from central banks, supervisory and regulatory agencies, and standard-setting bodies.
Water-related infrastructure could contribute significantly to the development of the Mekong region. At the same time, poor water infrastructure could lead to development challenges for the countries in the region. Innovation for Water Infrastructure Development in the Mekong Region discusses the challenges facing the region as well as the possible innovative policy options, including those used in Emerging Asian countries, and with reference to the experiences of OECD member countries.
With a sharp focus on sustainability, this book offers a nuanced understanding of the intricate interplay between economics and the evolving energy landscape. Editors Farhad Taghizadeh-Hesary, Ehsan Rasoulinezhad and Naoyuki Yoshino bring together a diverse range of authors to address emerging priorities in the energy sector, such as sustainability, transitions and energy security. Offering valuable insights, this book provides readers with a holistic understanding of the economic implications and opportunities inherent in sustainable energy practice. Chapter authors cover important facets of modern energy economics, including topics such as renewable energy, energy transitions, electricity markets, energy security, finance and investment. Providing a thorough assessment of the present research landscape, the book also explores significant trends and contemporary issues, drawing from state-of-the-art discussions. This is an invigorating read for energy economics researchers, as well as economics and finance scholars more broadly. Policymakers and energy analysts will also greatly benefit from the book's focus on sustainability, transitions and security.
Together the institutions mentioned in the title represent a wide-ranging system of government financial intermediation that is increasingly incompatible with Japan's drive to create a modern financial system.
This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.