Discuss the reasons for Japan’s ‘lost decade’

The Japanese Growth Slowdown of the 1990s



A good overview of Japanese economic development can be found in:


Cargill, T.F. and T. Sakamoto (2008): Japan since 1980, Cambridge: Cambridge University

Press 2008.

Flath, D. (2014): The Japanese Economy, Third Edition, Oxford: Oxford University Press.

Ito, T. (1992): The Japanese Economy, Cambridge, MA: MIT Press.

Nakamura, T. (1995): The Postwar Japanese Economy -Its Development and Structure, 1937-

1994, Second Edition, Tokyo: University of Tokyo Press.

Ohno, Kenichi (2006): The Economic Development of Japan. The Path Travelled by Japan as a

Developing Country, Tokyo: National Graduate Institute for Policy Studies


Okazaki, T. and M. Okuno-Fujiwara (eds., 1999): The Japanese Economic System and its

Historical Origins, Oxford: Oxford University Press.

Readings on the bubble economy, banking crisis, deflation and Japan’s ‘lost decades’:

Aoki, R. (2012): “A Demographic Perspective on Japan’s “Lost Decades””, Population and

Development Review 38 (Supplement), 103-112



Bank of Japan (2002): “Japan’s Nonperforming Loan Problem”, Bank of Japan Quarterly

Bulletin November


Callen, T. and J.D. Ostry (eds., 2003): Japan’s Lost Decade -Policies for Economic Revival,

Washington, DC: International Monetary Fund.

Corbett, J. (2012): “Has Japan’s Lost Decade(s) Changed Economic Thinking?”, Economic

Record 88 (Special Issue), 100-105.

*Fukao, Kyoji (2010): The Structural Causes of Japan’s “Two Lost Decades”, RIETI Research

Digest No.03, Tokyo: Research Institute of Economy, Trade & Industry


Garside, W.R. (2012): Japan’s Great Stagnation. Forging Ahead, Falling Behind, Cheltenham:

Edward Elgar.

Hamada, K., A.K. Kashyap and D.E. Weinstein (eds., 2010): Japan’s Bubble, Deflation, and

Long-term Stagnation, Cambridge, MA: MIT Press.

Hoshi, T. (2001): “What Happened to Japanese Banks?”, Monetary and Economic Studies 19

(1), 1-30 (http://www.imes.boj.or.jp/english/publication/mes/2001/abst/me19-1-1.html).


Hoshi, T. and A. Kashyap (2000): “The Japanese Banking Crisis: Where Did It Come From and

How Will It End?”, in B. Bernanke and J. Rosemberg (eds), NBER Macroeconomics Annual

1999, Chicago, IL: Chicago University Press, 129-201


Hoshi, T. and A. Kashyap (2011): “Why Did Japan Stop Growing?”, Tokyo: National Institute

for Research Advancement.

Ito, T. and F.S. Mishkin (2006): “Two Decades of Japanese Monetary Policy and the Deflation

Problem”, in T. Ito and A.K. Rose (eds.), Monetary Policy under Very Low Inflation in the

Pacific Rim (NBER-EASE, Vol. 15), Chicago: IL: University of Chicago Press, 131-193


Ito, T., H. Patrick and D.E. Weinstein (eds., 2005): Reviving Japan’s Economy. Problems and

Prescription, Cambridge, MA: MIT Press.

Kamikawa, R. (2006): “The Bubble Economy and the Bank of Japan”, Osaka University Law

Review 53 (105), 105-135 (http://ir.library.osaka-u.ac.jp/metadb/up/LIBOULRK01/oulr053-


Katz, R. (1998): Japan: The System that Soured, New York: M.E. Sharpe, chapter 7.

Krugman, P.R. (1998): “It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap”,

Brookings Papers on Economic Activity 2, 137–205


McKinsey Global Institute (2000): Why the Japanese Economy is not Growing: Micro Barriers

to Productivity Growth, Washington, DC: McKinsey Global Institute


Mikitani R. and A. Posen (eds., 2000): Japan’s Financial Crisis and Its Parallels to U.S.

Experience, Washington, DC: Institute for International Economics.

*Okina, K., M. Shirakawa and S. Shiratsuka (2001): “The Asset Price Bubble and Monetary

Policy: Japan’s Experience in the Late 1980s and the Lessons”, Monetary and Economic

Studies (Special Edition) February (www.quartetfest.ca/documents/4743/jap_bubble.pdf).

Posen, A. (1998): Restoring Japan’s Economic Growth, Washington, DC: Institute for

International Economics (http://bookstore.piie.com/book-store/35.html).

Saxonhouse, G. and R. Stern (eds., 2004): Japan’s Lost Decade: Origins, Consequences and

Prospects for Recovery, London: Wiley-Blackwell.

Shimizu, C. and T. Watanabe (2010): “Housing Bubbles in Japan and the United States”,

Public Policy Review 6 (3), 431-472


The Economist (2011): “Japan’s economy. Whose lost decade?”, 19 November


Wood, C. (1992): The Bubble Economy: Japan’s Extraordinary Speculative Boom of the ’80s

and the Dramatic Bust of the ’90s, Atlantic Monthly Press





Overcoming Deflation and the Changing Japanese Economic System




Adams, F.G., L.R. Klein, K. Yuzo and S. Akihiko (2008): Accelerating Japan’s Economic Growth.

Resolving Japan’s Growth Controversy, London and New York: Routledge.

*Aso, T. (2013): “What is Abenomics? Current and Future Steps of Japanese Economic

Revival”, Speech at CSIS, Washington, DC,


Bernanke, B.S. (2000): “Japanese Monetary Policy: A Case of Self-Induced Paralysis?” in R.

Mikitani and Adam S. Posen (eds.), Japan’s Financial Crisis and Its Parallels to U.S.

Experience, Washington: Institute for International Economics (working paper version:


Blomstrom, M., B. Gangnes and S. La Croix (eds., 2001): Japan’s New Economy: Continuity

and Change in the Twenty-first Century, Oxford: Oxford University Press.

Feldstein, M. (2013): “The Wrong Growth Strategy for Japan”, Project Syndicate, 17 January



Grimes, W.W. (2013): “Will Abenomics Restore Japanese Growth?”, NBR Analysis Brief, 25

June, Seattle, WA and Washington, DC: National Bureau of Asian Research


Hamada, K. (2013): “Grading Abenomics”, Project Syndicate, 13 December




Harris, T. (2013): “Don’t Declare Victory for Abenomics Yet”, East Asia Forum, 24 May


Hayashi, T. (2013): “Is It Abenomics or Post-Disaster Recovery? A Counterfactual Analysis”,

APIR Discussion Paper Series No.35, Osaka: Asia Pacific Institute of Research


IMF (2013): “Japan 2013 Article IV Consultation”, August


Krugman, P.R. (2013): “Japan the Model”, The Conscience of a Liberal, New York Times, 10

June (http://www.nytimes.com/2013/05/24/opinion/krugman-japan-the-model.html?_r=0).

Krugman, P.R. (2013): “Abenomics and Interest Rates: A Finger Exercise (Wonkish)”, The

Conscience of a Liberal, New York Times, 10 June



Kumagai, M., M. Hashimoto, T. Saito and S. Kugo (2013): “Will Abenomics Rehabilitate

Japan’s Economy?”, Japan’s Economic Outlook No. 176 (Update)


Stern, R. (ed., 2003): Japan’s Economic Recovery -Commercial Policy, Monetary policy and

Corporate Governance, Cheltenham: Edward Elgar.

Stiglitz, J.E. (2013): “The Promise of Abenomics”, CFO Insight, 9 April (http://www.cfoinsight.


The Economicst (2013): “Japan and Abenomics. Once More with Feeling”, 18 March



Volz, U. (2010): “What Japan Needs to do to End Deflation”, East Asia Forum, 30 June


Xu, B. (2013). “Abenomics and the Japanese Economy”, Backgrounder, Updated 16 October,

New York: Council on Foreign Relations (http://www.cfr.org/japan/abenomics-japaneseeconomy/


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