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The Transformation of the Japanese Economy
During the rapid growth period of the Japanese economy, from the mid-1950s to the mid-1970s, the economic system that became entrenched in Japan -- the so-called Japanese-style capitalism -- was based on the government-business-bureaucracy triad. Although its distinct features survived the subsequent two decades of slow growth, there are many indications that the Japanese economy is once again struggling to transform itself. These translations from the Japanese economic literature expertly address this transformation.
Aging in the United States and Japan
Japanese and American economists assess the present economic status of the elderly in the United States and Japan, and consider the impact of an aging population on the economies of the two countries. With essays on labor force participation and retirement, housing equity and the economic status of the elderly, budget implications of an aging population, and financing social security and health care in the 1990s, this volume covers a broad spectrum of issues related to the economics of aging. Among the book's findings are that workers are retiring at an increasingly earlier age in both countries and that, as the populations age, baby boomers in the United States will face diminishing financial resources as the ratio of retirees to workers sharply increases. The result of a joint venture between the National Bureau of Economic Research and the Japan Center for Economic Research, this book complements Housing Markets in the United States and Japan (1994) by integrating research on housing markets with economic issues of the aged in the United States and Japan.
Housing Markets in the United States and Japan
Although Japan and the United States are the world's leading economies, there are significant differences in the ways their wealth is translated into living standards. A careful comparison of housing markets illustrates not only how living standards in the two countries differ, but also reveals much about saving patterns and how they affect wealth accumulation. In this volume, ten essays discuss the evolution of housing prices, housing markets and personal savings, housing finance, commuting, and the impact of public policy on housing markets. The studies reveal surprising differences in housing investment in the two countries. For example, because down payments in Japan are much higher than in the United States, Japanese tend to delay home purchases relative to their American counterparts. In the United States, the advent of home equity credit may have reduced private saving overall. This book is the first comparison of housing markets in Japan and the United States, and its findings illuminate the effects of housing markets on productivity growth, business investment, and trade.
Japanese Law
In this clear and very readable introduction to Japanese law, J. Mark Ramseyer and Minoru Nakazato employ an economic approach to challenge commonly held ideas about the Japanese legal system. While many studies assume that Japanese law differs fundamentally from the law in the United States, this work shows the essential similarity between the two. Arguing against the idea that law plays only a trivial role in Japan or is culturally determined, the authors demonstrate that standard economic models go far to explain why Japanese law has the shape it does.
Structural Reform in Japan
In this unusually candid book, Japan's former top financial diplomat asserts the urgent need for wholesale structural reform to revitalize the long-stagnant Japanese economy. Eisuke Sakakibara, whose influence over global currency markets earned him the nickname of "Mr. Yen," envisions a social and economic revolution that encompasses all sectors of Japanese society. Whereas previous analyses of Japanese policies of the past decade focus narrowly on such issues as nonperforming assets and deregulation, Sakakibara provides a new perspective. Japan's economic problems are structural, rather than cyclical, according to Sakakibara. Profitable investment opportunities are hard to find in the dysf...
Princes of the Yen
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.
AARP Reverse Mortgages and Linked Securities
AARP Digital Editions offer you practical tips, proven solutions, and expert guidance. Reverse Mortgages and Linked Securities is a contributed title comprising many of the leading minds in the Home Equity Conversion Mortgages (HECM) industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys, and regulators. This book begins with a brief history of reverse mortgages, and quickly moves on to discuss how the industry has evolved-detailing the players in these markets as well as the process. It discusses the securitization of reverse mortgages and other linked securities and includes coverage of pricing techniques and risk mitigation. This reliable resource a...
Party System Institutionalization in Asia
This book provides a comprehensive empirical and theoretical analysis of the development of parties and party systems in Asia. The studies included advance a unique perspective in the literature by focusing on the concept of institutionalization and by analyzing parties in democratic settings as well as in authoritarian settings. The countries covered in the book range from East Asia to Southeast Asia to South Asia.
Spending Without Taxation
Annotation This work demonstrates how the Fiscal Investment Loan Program (FILP) enabled the Japanese government to run a neo-classical fiscal policy based on low budget spending from the end of the 1940s to 1970.
From Asian to Global Financial Crisis
This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the global crisis of 2008–9. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study's main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change.
