Abstract
The events of 11 March 2011 are considered to be Japan’s worst disaster since the Second World War. The earthquake-tsunami and the nuclear crisis impacted severely on a deflated economy that carried a sovereign debt equaling twice the annual GDP. A review of the problems that plagued Japan’s economy since 1990 and the issues that frustrated the implementation of fiscal and monetary policies that would put the economy back on track will enable a reasonable assessment regarding the pace of Japan’s post-11 March economic recovery.
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Notes
D. Ibison, ‘FSA declares Japan’s bad-loan crisis over’ (Financial Times, 26 May 2005).
J. Choy, ‘Japan’s Non-Performing Loan Problem Refuses to Go Away’ (Japan Economic Institute, 2000).
E. Lincoln, ‘Making Some Sense of the Japanese Economy’, JPRI Working Paper No. 94, Japan Policy Research Institute (San Francisco, CA, September 2003).
K. Kobayashi, ‘The 15-Year War on Non-Performing Loans and Deflation’, Research Institute of Economy, Trade and Industry (Tokyo, 2004).
M. Aoki, H. Patrick and P. Sheard, ‘The Japanese Main Bank System: An Introductory Overview’, in M. Aoki and H. Patrick (eds), The Japanese Main Bank System: Its Relevance for Developing and Transforming Economics (Oxford: Oxford University Press, 1994), pp. 1–50.
S. Carpenter, Why Japan Can’t Reform: Inside the System (Basingstoke: Palgrave Macmillan, 2008), p. 147.
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© 2012 Susan Carpenter
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Carpenter, S. (2012). The Japan System: Indestructible but Destructive. In: Japan’s Nuclear Crisis. Palgrave Macmillan, London. https://doi.org/10.1057/9780230363717_9
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DOI: https://doi.org/10.1057/9780230363717_9
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