The 1990s in Japan: A Lost Decade
Fumio Hayashi and
Review of Economic Dynamics, 2002, vol. 5, issue 1, 206-235
This paper examines the Japanese economy in the 1990s, a decade of economic stagnation. We find that the problem is not a breakdown of the financial system, as corporations large and small were able to find financing for investments. There is no evidence of profitabkle investment opportunities not being exploited due to lack of access to capital markets. The problem then and still today is a low productivity growth rate. Growth theory, treating TFP as exogenous, accounts well for the Japanese lost decade of growth. We think that research effort should be focused on what policy change will allow productivity to again grow rapidly. (Copyright: Elsevier)
Keywords: growth model; TFP; Japan; workweek. (search for similar items in EconPapers)
JEL-codes: E2 E13 O4 O5 (search for similar items in EconPapers)
Note: A data appendix is available
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (340) Track citations by RSS feed
Downloads: (external link)
http://dx.doi.org/10.1006/redy.2001.0149 Full text (application/pdf)
Access to full texts is restricted to ScienceDirect subscribers and ScienceDirect institutional members. See http://www.sciencedirect.com/ for details.
Chapter: The 1990s in Japan: a lost decade* (2004)
Working Paper: Data Appendix to The 1990s in Japan: A Lost Decade (2002)
Working Paper: The 1990s in Japan: a lost decade (2000)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:red:issued:v:5:y:2002:i:1:p:206-235
Ordering information: This journal article can be ordered from
https://www.economic ... ription-information/
Access Statistics for this article
Review of Economic Dynamics is currently edited by Jonathan Heathcote and Vincenzo Quadrini
More articles in Review of Economic Dynamics from Elsevier for the Society for Economic Dynamics Contact information at EDIRC.
Bibliographic data for series maintained by Christian Zimmermann ().