Japanese Firms During the Lost Two Decades PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Japanese Firms During the Lost Two Decades PDF full book. Access full book title Japanese Firms During the Lost Two Decades by Jun-ichi Nakamura. Download full books in PDF and EPUB format.
Author: Jun-ichi Nakamura
Publisher: Springer
ISBN: 4431559183
Category : Business & Economics
Languages : en
Pages : 81
Get Book Here
Book Description
Why has Japan's lost decade become the lost two decades? This book attempts to provide a novel perspective on causes of stagnant productivity growth of the Japanese corporate sector during the lost two decades. Exploiting the corporate financial dataset compiled by the Development Bank of Japan, it shows empirical evidence that an excessive conservative financial policy of firms in good standing were responsible for sluggish reallocation of productive resources after the recovery of “zombie” firms. The questions taken up in the book include: How can “zombie” firms be properly identified only on the basis of financial data? Why did a majority of “zombie” firms eventually recover? Why did the productivity and profitability of the corporate sector as a whole remain low even after the recovery of “zombie” firms? Why did firms in good standing stick to an excessive conservative financial policy and seem reluctant to invest for innovation? What can be the effective prescription to revitalize these firms in good standing? Supported by both in-depth data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's lost two decades from the financial and corporate behavioral points of view.
Author: Jun-ichi Nakamura
Publisher: Springer
ISBN: 4431559183
Category : Business & Economics
Languages : en
Pages : 81
Get Book Here
Book Description
Why has Japan's lost decade become the lost two decades? This book attempts to provide a novel perspective on causes of stagnant productivity growth of the Japanese corporate sector during the lost two decades. Exploiting the corporate financial dataset compiled by the Development Bank of Japan, it shows empirical evidence that an excessive conservative financial policy of firms in good standing were responsible for sluggish reallocation of productive resources after the recovery of “zombie” firms. The questions taken up in the book include: How can “zombie” firms be properly identified only on the basis of financial data? Why did a majority of “zombie” firms eventually recover? Why did the productivity and profitability of the corporate sector as a whole remain low even after the recovery of “zombie” firms? Why did firms in good standing stick to an excessive conservative financial policy and seem reluctant to invest for innovation? What can be the effective prescription to revitalize these firms in good standing? Supported by both in-depth data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's lost two decades from the financial and corporate behavioral points of view.
Author: Yoichi Funabashi
Publisher: Routledge
ISBN: 1317503368
Category : Social Science
Languages : en
Pages : 373
Get Book Here
Book Description
This book examines five features of Japan’s ‘Lost Decades’: the speed of the economic decline in Japan compared to Japan’s earlier global prowess; a rapidly declining population; considerable political instability and failed reform attempts; shifting balances of power in the region and changing relations with Asian neighbouring nations; and the lingering legacy of World War Two. Addressing the question of why the decades were lost, this book offers 15 new perspectives ranging from economics to ideology and beyond. Investigating problems such as the risk-averse behaviour of Japan’s bureaucracy and the absence of strong political leadership, the authors analyse how the delay of ‘loss-cutting policies’ led to the 1997 financial crisis and a state of political gridlock where policymakers could not decide on firm strategies that would benefit national interests. To discuss the rebuilding of Japan, the authors argue that it is first essential to critically examine Japan’s ‘Lost Decades’ and this book offers a comprehensive overview of Japan’s recent 20 years of crisis. The book reveals that the ‘Lost Decades’ is not an issue unique to the Japanese context but has global relevance, and its study can provide important insights into challenges being faced in other mature economies. With chapters written by some of the world’s leading Japan specialists and chapters focusing on a variety of disciplines, this book will be of interest to students and scholars in the areas of Japan studies, Politics, International Relations, Security Studies, Government Policy and History.
Author: Naoyuki Yoshino
Publisher: Springer
ISBN: 981105021X
Category : Business & Economics
Languages : en
Pages : 187
Get Book Here
Book Description
This book discusses Japan’s long-term economic recession and provides remedies for that recession that are useful for other Asian economies. The book addresses why Japan’s economy has stagnated since the bursting of its economic bubble in the 1990s. Its empirical analysis challenges the beliefs of some economists, such as Paul Krugman, that the Japanese economy is caught in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical “investment–saving” (IS) curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural problems have many causes: an aging demographic (a problem that is frequently overlooked), an over-reliance by local governments on transfers from the central government, and Basel capital requirements that have made Japanese banks reluctant to lend money to start-up businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. All these issues are addressed empirically and theoretically, and several remedies for Japan’s long-lasting recession are provided. This volume will be of interest to researchers and policy makers not only in Japan but also the People’s Republic of China, many countries in the eurozone, and the United States, which may face similar challenges in the future.
Author: Kōichi Hamada
Publisher: MIT Press
ISBN: 0262014890
Category : Business & Economics
Languages : en
Pages : 435
Get Book Here
Book Description
New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Author: Frank Baldwin
Publisher: NYU Press
ISBN: 1479889385
Category : Business & Economics
Languages : en
Pages : 360
Get Book Here
Book Description
"A joint publication of the Social Science Research Council and New York University Press."
Author: Mr.Dennis P Botman
Publisher: International Monetary Fund
ISBN: 1498385184
Category : Deflation (Finance)
Languages : en
Pages : 20
Get Book Here
Book Description
Since the bursting of the bubble, Japan has been unable to sustain economic recoveries. Monetary policy was unable to beat deflation, structural reforms failed to lift potential growth, and fiscal measures were insufficient to reverse the path of ever rising public sector debt. Japan’s revitalization plan dubbed the “three arrows of Abenomics” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome these problems. Amid a more challenging external environment and an aging population, Japan may well face its last opportunity to avoid a highly disruptive fiscal crisis and restore sustainability in a smooth manner instead. The book discusses mutually reinforcing reforms on several fronts, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms to revive animal spirits and stimulate potential growth.
Author: Takatoshi Ito
Publisher: MIT Press
ISBN: 0262538245
Category : Business & Economics
Languages : en
Pages : 617
Get Book Here
Book Description
The second edition of a comprehensive account of all the major aspects of the Japanese economy, substantially updated and expanded. This textbook offers a comprehensive, rigorous but accessible account of all the major aspects of the Japanese economy, grounding its approach in mainstream economics. The second edition has been extensively revised and substantially updated, with new material that covers Japan's period of economic stagnation between 1991 and 2010. The first edition, published in 1992, focused on Japan as a success story of catch-up economic development; this edition reflects the lessons learned from Japan's Lost Two Decades. After presenting the historical background, the book begins with macroeconomics, studying growth and business cycles. It then covers essential policy issues, with new material that takes into account the Japanese banking crisis of 1997–1998 and the global financial crisis of 2008–2009, discussing financial regulation, monetary policy, and fiscal policy. It goes on to examine saving, demography, and social security in light of Japan's ongoing demographic transition; industrial organization; labor markets; international trade and international finance; and the Japan–U.S. relationship. A new chapter offers a detailed analysis of the Lost Two Decades, synthesizing and applying concepts discussed in previous chapters and offering insights into such issues as successful catch-up growth, demographic shifts, and credit booms and busts.
Author: Michael J. Green
Publisher: Rowman & Littlefield
ISBN: 1442279753
Category : Political Science
Languages : en
Pages : 240
Get Book Here
Book Description
Japanese security, economic, institutional, and developmental policies have undergone a remarkable evolution in the 70 years since the end of World War II. In this volume, distinguished Japanese scholars reflect on the evolution of these policies and draw lessons for the coming decades. The pillars of Japan’s reentry into the international community since 1945 remain no less important seven decades later as Japan’s economy and society enter the next phase of maturity. The authors demonstrate the continuing viability of Japan’s postwar strategic choices, as well as the inevitability of adaptation to challenging new circumstances. This book will be of interest to historians of U.S.-Japan relations and policy makers seeking to place today’s policy issues in a historical context. Contributions by Akiko Imai, Akiko Fukushima, Jun Saito, Kazuya Sakamoto, Yoshihide Soeya, and Yoko Takeda
Author: Mitsuharu Miyamoto
Publisher: Springer
ISBN: 9811088519
Category : Business & Economics
Languages : en
Pages : 159
Get Book Here
Book Description
This book examines corporate reform in Japan by focusing on corporate governance and the employment system. Contrary to a prevailing assertion of radical change, it is revealed that actual change is gradual, and a new type of Japanese firm is generated by reform with gradual change. Throughout the book, Japanese firms are seen to be evolving through gradual institutional change. Chapter 1 discusses how Japanese corporate governance changed incrementally and cumulatively to rebuild management and restore corporate performance. Chapter 2 focuses on reform in work organization and discusses how performance-related pay was introduced in tandem with corporate governance reform. It is shown that the practice of long-term employment has been maintained despite the prolonged depression and mounting pressure to shift to shareholder-oriented corporate governance. Chapter 3 investigates how Japanese firms are diversified into four types, based on whether performance-related pay is introduced and whether long-term employment is maintained. The author demonstrates that major Japanese firms reconstruct their organization as hybrid structures based on a combination of long-term employment and performance-related pay. Chapter 4 investigates how performance-related pay actually operates. It is analyzed by distinguishing the three main objectives to be attained by performance pay: succeeding in individual performance, contributing to overall organization performance, and meeting the challenge of new tasks. Finally, Chapter 5 investigates how employees react to changes in corporate governance. Using survey data, the book shows that Japanese employees approve of increasing shareholder value, regarding it as corporate value. They not only approve the monitoring of management by shareholders, but also demand a part in the monitoring. Employees seek to be engaged in corporate governance—a true challenge for a Japanese corporation.
Author: Sumio Saruyama
Publisher: Springer Nature
ISBN: 9811649006
Category : Business & Economics
Languages : en
Pages : 112
Get Book Here
Book Description
This book provides cases and analyses of causes and consequences of difficulty in downsizing and exiting in the electronics industry during the “two lost decades” in Japan. Because of excess capacity in the industry, many electronics companies have been required for downsizing and exit since the 1990s. Exploiting corporate financial and segment datasets, it shows empirical evidence of misallocation of internal funds to “zombie” segments—intra-firm businesses suffering losses consecutively. The topics addressed in the book include the failure of Japanese corporate internal control systems, the lack of capital market pressure, employment protection, and misallocation of internal funds to businesses with few prospects. The last two decades indicate that the Japanese corporate governance systems have failed to resolve problems of excess capacity, as did US systems in the 1980s. Zombie lending is no more than one phase of the difficulty of downsizing and exit in response to excess capacity in the banking sector. Supported by both data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's two lost decades from the points of view of difficulty in downsizing and exit. The authors’ analyses have implications not only for accelerating downsizing and exit in corporate Japan, but also for the world economy.
