Adjusting to Shocks in France, Germany and Japan
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Each in its own way, France, Germany and Japan have had to make substantial adjustments in economic policy and political orientation in the years since 1980. France shifted away from Mitterrand’s socialist electoral programme of 1981 towards the policies of Thatcher and Reagan. Germany had to adjust to the economic shock of unification and absorption of the former East Germany. Japan became a major capital exporter but in the late 1980s went on a speculative spree at home that gave way to its most severe recession since before World War II while also undergoing a political upheaval.
KeywordsInterest Rate Real Estate Monetary Policy Prime Minister Fiscal Policy
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