A Lesson from the South for Fiscal Policy in the US and Other Advanced Countries1

Jeffrey Frankel

Chapter 3 in Learning from the World, 2014, pp 26-50 from Palgrave Macmillan

Abstract: Abstract In the early 1990s, many people had drawn a lesson from the previous decade: Japan’s variant of capitalism was the best model. Other countries around the world should and would follow it. Japan’s admired institutions included relationship banking, keiretsu, bonus compensation for workers, lifetime employment, consensus building, strategic trade policy, administrative guidance, pro-saving policies, and maximization of companies’ industrial capacity or market share. These features were viewed as elements of Japanese economic success that were potentially worthy of emulation. The Japanese model quickly lost its luster in the 1990s, however, when the stock market and real estate market crashed, followed by many years of severe stagnation in the real economy.2

Keywords: Fiscal Policy; Budget Deficit; NBER Working Paper; Conditional Cash Transfer; Budget Surplus (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-37213-0_3

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DOI: 10.1057/9781137372130_3

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