The Structure of the Japanese Economy : Changes on the Domestic and International Fronts

This book illuminates the characteristics of the Japanese economy comprehensively and analyses how and why they have been changing. The contributors to this fifteen-paper volume are internationally-known and leading researchers of the Japanese economy. Following the overview chapter, the book covers such areas as the Japanese firm, the labour market, consumption and saving patterns, financial markets, macroeconomic policies and international economic relations. The Japanese Economy In Transition: Introduction And Overview / Mitsuaki Okabe -- Long-termism And The Japanese Firm / Paul Sheard -- Financial Structure And Managerial Discretion In The Japanese Firm: An Implication Of The Surge Of Equity-related Bonds / Akiyoshi Horiuchi -- An Analysis Of Labour Mobility In Japan / Atsuhiro Taki And Toshiaki Tachibanaki -- Is The Tenure-earning Curve Really Steeper In Japan? A Re-examination Based On Uk-japan Comparison / Giorgio Brunello And Kenn Ariga -- Consumer Behaviour In Japan Under Financial Liberalization And Demographic Change / Wataru Takahashi And Yukinobu Kitamura -- Saving, Investment, And Capital Mobility: Lessons From Japanese Inter-regional Capital Flows / Robert Dekle -- High Economic Growth And Its End In Japan: An Explanation By A Model Of Demand-led Growth / Hiroshi Yoshikawa -- The Rise And Fall Of The Bubble Economy: An Anlysis Of The Performance And Structure Of The Japanese Stock Market / Fumiko Kon-ya -- Bubbles, Bursts And Bail-outs: A Comparison Of Three Episodes Of Financial Crises In Japan / Koichi Hamada -- Evolution Of The Main Bank System In Japan / Takeo Hoshi -- Monetary Policy In Japan: A Perspective On Tools, Transmission Channels And Outcomes / Mitsuaki Okabe -- The Bank Of Japan And The Federal Reserve: Financial Liberalization, Independence, And Regulatory Responsibility / Thomas F. Cargill -- Is Japan Establishing A Trade Bloc In East Asia And The Pacific? / Jeffrey A. Frankel -- (cont.) Recent Balance Of Payments Developments In Japan : Is The Current Account Surplus Structural Or Temporary? / Mahito Uchida And Takashi Ui -- Structural Changes In Japanese Long-term Capital Flows / Shinji Takagi. Edited By Mitsuaki Okabe. Includes Bibliographical References And Index. Front Matter....Pages i-xvi The Japanese Economy in Transition: Introduction and Overview....Pages 1-21 Front Matter....Pages 23-23 Long-termism and the Japanese Firm....Pages 25-52 Financial Structure and Managerial Discretion in the Japanese Firm: An Implication of the Surge of Equity-related Bonds....Pages 53-80 An Analysis of Labour Mobility in Japan....Pages 81-108 Is the Tenure-Earning Curve Really Steeper in Japan? A Re-examination Based on UK-Japan Comparison....Pages 109-131 Front Matter....Pages 133-133 Consumer Behaviour in Japan under Financial Liberalization and Demographic Change....Pages 135-167 Saving, Investment, and Capital Mobility: Lessons from Japanese Inter-regional Capital Flows....Pages 168-202 High Economic Growth and Its End in Japan: An Explanation by a Model of Demand-led Growth....Pages 203-232 Front Matter....Pages 233-233 The Rise and Fall of the Bubble Economy: An Analysis of the Performance and Structure of the Japanese Stock Market....Pages 235-262 Bubbles, Bursts and Bailouts: A Comparison of Three Episodes of Financial Crises in Japan....Pages 263-286 Evolution of the Main Bank System in Japan....Pages 287-322 Monetary Policy in Japan: A Perspective on Tools, Transmission Channels and Outcomes....Pages 323-357 The Bank of Japan and the Federal Reserve: Financial Liberalization, Independence, and Regulatory Responsibility....Pages 358-384 Front Matter....Pages 385-385 Is Japan Establishing a Trade Bloc in East Asia and the Pacific?....Pages 387-415 Recent Balance of Payments Developments in Japan: Is the Current Account Surplus Structural or Temporary?....Pages 416-434 Structural Changes in Japanese Long-term Capital Flows....Pages 435-458 Back Matter....Pages 459-470 This book illuminates the characteristics of the Japanese economy and describes the sources of the strength of this dynamic economy. It also analyses how and why these features have been changing over recent years, as a result of deregulation, internationalization, and the accumulation of various assets in the economy. The performance of the Japanese economy, especially its strong international competitiveness in export markets resulting in a huge trade surplus, has led foreign observers to perceive that Japan's economy works differently from those of Western industrial countries.