Japan since 1980 / Thomas F. Cargill, Takayuki Sakamoto.

Format:

Book

Author/Creator:

Cargill, Thomas F.

Contributor:

Sakamoto, Takayuki, 1963-

Series:

World since 1980

The world since 1980

Language:

English

Subjects (All):

Japan--Economic conditions--1989-.

Japan.

Economic conditions.

Japan--Economic conditions--1945-1989.

Japan--Economic policy--1989-.

Economic policy.

Physical Description:

xiv, 314 pages : illustrations ; 23 cm.

Place of Publication:

Cambridge ; New York : Cambridge University Press, 2008.

Contents:

The Pretransition Period: Developments up to 1980 3

The Transition since 1980 in Broad Perspective 10

The High-Water Mark of Japanese Economy, 1980-1985 11

An Accident Waiting to Happen, 1985-1990 13

Economic, Financial and Political Distress, 1990 to 2001 15

Koizumi - The Unconventional Politician, April 2001-September 2006 17

Beyond September 2006 20

Outline of the Study 22

2 Economic and Political Institutions in the 1970s 27

Economic and Political Institutions: Is Japan Special? 29

The Financial System 32

Corporate Governance 38

Labor Market Institutions 40

LDP Dominance 46

The Bureaucracy 48

Constrained Policy-Making Power of the Prime Minister 49

The Iron Triangle in Sum 53

3 The "High-Water Mark" of the Japanese Economy - A "Model" of Financial Liberalization: 1980 to 1985 55

Financial Liberalization at the Forefront of the Transition 57

Collapse of Bretton Woods 57

Inflationary Monetary Policy 59

Low Transactions Cost of Institutional Change in Finance 61

Advances in Computer and Telecommunication Technology 62

Financial Redesign and Financial Liberalization in Broad Perspective 63

Japan Commences Financial Liberalization 68

Financial Liberalization Becomes Official Policy in Japan 75

Redesign of Japan's Financial System 76

Japan as a Model of Financial Liberalization and Central Bank Policy 80

4 An Accident Waiting to Happen - The Bubble Economy from 1985 to 1990 83

Japan's Fundamentally Flawed Financial Liberalization Process 84

The Bubble Economy in the Second Half of the 1980s - the Beginning of the End 90

Japan's Bubble and Burst of the Bubble a la Minsky 92

The Story up to 1990 99

5 Economic and Financial Distress from 1990 to 2001 and the Turning Point 101

Government Response to the Economic and Financial Distress of the 1990s 105

The Turning Point: Koizumi 119

6 Why Did the Economic and Financial Distress Last So Long? 123

Japan-Specific Restraints on Institutional Redesign 125

General Restraints: Bank of Japan Policy 136

Deflation Is a Serious Problem 137

Why Did the BOJ Permit Deflation? 139

Koizumi and the BOJ 142

General Restraints: Japan's Fiscal Program 143

7 The Transition of Political Institutions in the 1990s and the New Century 148

Political Corruption and Call for Political Reform 150

The LDP's Split and Fall from Power, Electoral Reform, and Party Realignment 151

Economic and Financial Distress and Government Inaction 154

Electoral Reform and Implications for Prime Minister Leadership 157

Administrative Reform and Implications for Prime Minister Leadership 160

Central Bank Reform and Political Implications 163

The Policy-Making Process during the Koizumi Administration 166

8 Political Economy of Japan's Fiscal Program 172

Fiscal Conservatism out the Window in the 1990s, Except in 1997 173

The General Budget: Pre-1990s 176

The General Budget in the 1990s 183

Fiscal Consolidation Debacle of 1997 in Detail 189

The Redesign of Japan's Fiscal Policy: Hashimoto and Koizumi 193

The FILP Budget: Pre-1990s 196

Redesign of the FILP Budget 197

9 Koizumi Administration's Reform in Broad Perspective: Fiscal Consolidation and Market Reform 201

Reducing Government Spending 203

Reform of Government Programs and Institutions 207

Postal Privatization 216

Restructuring of Government Financial Institutions 217

Privatization of Japan Highway Public Corporations 218

Closure or Privatization of Other Public Corporations 219

Reforming the Relationship between the National and the Local Governments - Devolution 220

FILP Budget Reduction Manifests the Combined Effect of Koizumi's Policies 221

Administrative Reform and Amakudari 222

Other Economic Policy Reforms 223

Accounting for Koizumi's Success 226

Koizumi: Lasting Influence? 229

10 Japan's Corporate Governance, Labor Practices, and Citizens' Social and Economic Life at the Beginning of the New Century 235

What Are Japanese Companies Like Now? 237

New Corporate Governance Institutions 242

Adverse Consequence of Restructuring for Japanese Workers: Increase of "Nonregular" Workers and Personal Financial Fragility and Instability 246

Increasing Income Inequality and Poverty: Japan Is Not the Egalitarian Society that It Was 249

Decline of Population and Birth Rates, Population Aging, and Their Effects 256

Women, Work, and Birth Rates 259

Immigration is Not an Immediate Solution for Workforce Decline 263

Japan's Welfare Regime: Implications for the Economy and People Today and in the Future 264

Japan's Welfare in Comparative Perspective 265

Expected Economic and Social Difficulties in the New Century 273

11 Japanese Political Economy in the First Decade of the New Century 280

Economic Reform and the Economy 281

Demographic and Socioeconomic Challenges 285

Generational Replacement 286

Power of the Prime Minister: Lasting Influence of Koizumi 288

The Bureaucracy in the New Japan 291

Public Opinion, Policy Competition, and Potential for Change in Government 294.

Notes:

Includes bibliographical references (pages 299-306) and index.

ISBN:

9780521856720

0521856728

9780521672726

0521672724

OCLC:

231580949