Policy Uncertainty In Japan

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Policy Uncertainty in Japan

Author : Ms.Elif C Arbatli
Publisher : International Monetary Fund
ISBN 13 : 148430067X
Total Pages : 48 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Policy Uncertainty in Japan by : Ms.Elif C Arbatli

Download or read book Policy Uncertainty in Japan written by Ms.Elif C Arbatli and published by International Monetary Fund. This book was released on 2017-05-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.

Policy Uncertainty in Japan

Author : Elif C. Arbatli
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Policy Uncertainty in Japan by : Elif C. Arbatli

Download or read book Policy Uncertainty in Japan written by Elif C. Arbatli and published by . This book was released on 2019 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards, building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters, and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian financial crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan's deferral of a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade, and exchange rate policy co-vary positively but also display distinct dynamics. For example, our trade policy uncertainty (TPU) index rocketed upwards when the U.S. withdrew from the Trans-Pacific Partnership in January 2017. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan's macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.

Japan

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
ISBN 13 : 1484386809
Total Pages : 79 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Japan by : International Monetary Fund. Asia and Pacific Dept

Download or read book Japan written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2018-11-27 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues explores Japan’s experiences with past valued added tax (VAT) rate increases and discusses potential policy options to mitigate the economic impact of a third-rate increase. It assesses the impact on the Japanese economy and, where possible, provides some international context. Alongside possible mitigating policies, it also discusses the importance of policy commitment and credibility, and how they can influence the macroeconomic impact of tax rate changes. Carefully designing policy measures and communicating them clearly to the public are paramount to attenuate any negative outcomes in the short term. A simple, single-rate VAT would efficiently raise tax revenues and support the government’s objective of achieving fiscal consolidation in the medium term. Assuming underlying macroeconomic conditions are favorable, the October 2019 VAT rate increase could potentially have a smaller impact on the economy relative to that of 2014 for several reasons. In order to reduce policy uncertainty and alleviate any adverse impacts from the 2019 VAT rate increase, the authorities should clearly communicate the timing and content of associated mitigating measures.

Risk State

Author : Sebastian Maslow
Publisher : Routledge
ISBN 13 : 1317062779
Total Pages : 202 pages
Book Rating : 4.3/5 (17 download)

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Book Synopsis Risk State by : Sebastian Maslow

Download or read book Risk State written by Sebastian Maslow and published by Routledge. This book was released on 2016-03-03 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increase of new complex security challenges and the heightening significance of a diverse array of actors has simultaneously posed a challenge to traditional perspectives on international relations and foreign policy and created an opportunity for new concepts to be applied. Conventional explanations of Japan’s foreign policy have provided us with theoretically predetermined understandings and fallacious predictions. Reformulating risk in its application to the study of international relations and foreign policy, this volume promises new insights into the analysis of contemporary foreign policy in East Asia and Japan’s post-Cold War international relations in particular.

Risk State

Author : Sebastian Maslow
Publisher :
ISBN 13 : 9781315606521
Total Pages : 182 pages
Book Rating : 4.6/5 (65 download)

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Book Synopsis Risk State by : Sebastian Maslow

Download or read book Risk State written by Sebastian Maslow and published by . This book was released on 2015 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Alternative Economic Indicators

Author : C. James Hueng
Publisher : W.E. Upjohn Institute
ISBN 13 : 0880996765
Total Pages : 133 pages
Book Rating : 4.8/5 (89 download)

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Book Synopsis Alternative Economic Indicators by : C. James Hueng

Download or read book Alternative Economic Indicators written by C. James Hueng and published by W.E. Upjohn Institute. This book was released on 2020-09-08 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers and business practitioners are eager to gain access to reliable information on the state of the economy for timely decision making. More so now than ever. Traditional economic indicators have been criticized for delayed reporting, out-of-date methodology, and neglecting some aspects of the economy. Recent advances in economic theory, econometrics, and information technology have fueled research in building broader, more accurate, and higher-frequency economic indicators. This volume contains contributions from a group of prominent economists who address alternative economic indicators, including indicators in the financial market, indicators for business cycles, and indicators of economic uncertainty.

Postwar Japan

Author : Michael J. Green
Publisher : Rowman & Littlefield
ISBN 13 : 1442279753
Total Pages : 240 pages
Book Rating : 4.4/5 (422 download)

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Book Synopsis Postwar Japan by : Michael J. Green

Download or read book Postwar Japan written by Michael J. Green and published by Rowman & Littlefield. This book was released on 2017-02-02 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Japanese Monetary Policy During the Collapse of the Bubble Economy

Author : Ippei Fujiwara
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Japanese Monetary Policy During the Collapse of the Bubble Economy by : Ippei Fujiwara

Download or read book Japanese Monetary Policy During the Collapse of the Bubble Economy written by Ippei Fujiwara and published by . This book was released on 2007 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Focusing on policy-making under uncertainty, we analyze the Bank of Japan's monetary policy in the early 1990s when the bubble economy collapsed. Conducting stochastic simulations with a large-scale macroeconomic model of the Japanese economy, we find that the BOJ's monetary policy at that time was essentially optimal under uncertainty about the policy multiplier. On the other hand, we also find that the BOJ's policy was not optimal under uncertainty about inflation dynamics, and that a more aggressive policy response than actually implemented would have been needed. Thus, optimal monetary policy differs greatly depending upon which type of uncertainty is emphasized. Taking into account the fact that overcoming deflation became an important issue from the latter 1990s, it is possible to argue that during the early 1990s the BOJ should have placed greater emphasis on uncertainty about inflation dynamics and implemented a more aggressive monetary policy. The result from a counter-factual simulation indicates that the inflation rate and the real growth rate would have been higher to some extent if the BOJ had implemented a more accommodative policy during the early 1990s. However, the simulation result also suggests that the effects would have been limited, and that an accommodative monetary policy itself would not have changed the overall image of the prolonged stagnation of the Japanese economy during the 1990s."--Author's abstract.

Monetary Policies in the Age of Uncertainty

Author : Yoichi Matsubayashi
Publisher :
ISBN 13 : 9789811641473
Total Pages : 0 pages
Book Rating : 4.6/5 (414 download)

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Book Synopsis Monetary Policies in the Age of Uncertainty by : Yoichi Matsubayashi

Download or read book Monetary Policies in the Age of Uncertainty written by Yoichi Matsubayashi and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.

Capturing Contemporary Japan

Author : Satsuki Kawano
Publisher : University of Hawaii Press
ISBN 13 : 0824838696
Total Pages : 370 pages
Book Rating : 4.8/5 (248 download)

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Book Synopsis Capturing Contemporary Japan by : Satsuki Kawano

Download or read book Capturing Contemporary Japan written by Satsuki Kawano and published by University of Hawaii Press. This book was released on 2014-01-31 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are people’s life experiences in present-day Japan? This timely volume addresses fundamental questions vital to understanding Japan in the first decade of the twenty-first century. Its chapters collectively reveal a questioning of middle-class ideals once considered the essence of Japaneseness. In the postwar model household a man was expected to obtain a job at a major firm that offered life-long employment; his counterpart, the “professional” housewife, managed the domestic sphere and the children, who were educated in a system that provided a path to mainstream success. In the past twenty years, however, Japanese society has seen a sharp increase in precarious forms of employment, higher divorce rates, and a widening gap between haves and have-nots. Contributors draw on rich, nuanced fieldwork data collected during the 2000s to examine work, schooling, family and marital relations, child rearing, entertainment, lifestyle choices, community support, consumption and waste, material culture, well-being, aging, death and memorial rites, and sexuality. The voices in these pages vary widely: They include schoolchildren, teenagers, career women, unmarried women, young mothers, people with disabilities, small business owners, organic farmers, retirees, and the elderly.

Monetary Policies in the Age of Uncertainty

Author : Yoichi Matsubayashi
Publisher : Springer
ISBN 13 : 9789811641459
Total Pages : 61 pages
Book Rating : 4.6/5 (414 download)

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Book Synopsis Monetary Policies in the Age of Uncertainty by : Yoichi Matsubayashi

Download or read book Monetary Policies in the Age of Uncertainty written by Yoichi Matsubayashi and published by Springer. This book was released on 2021-08-24 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.

The Crisis of Liberal Internationalism

Author : Yoichi Funabashi
Publisher : Brookings Institution Press
ISBN 13 : 0815737688
Total Pages : 417 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis The Crisis of Liberal Internationalism by : Yoichi Funabashi

Download or read book The Crisis of Liberal Internationalism written by Yoichi Funabashi and published by Brookings Institution Press. This book was released on 2020-02-04 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 2020 CHOICE Outstanding Academic Title Japan's challenges and opportunities in a new era of uncertainty Henry Kissinger wrote a few years ago that Japan has been for seven decades “an important anchor of Asian stability and global peace and prosperity.” However, Japan has only played this anchoring role within an American-led liberal international order built from the ashes of World War II. Now that order itself is under siege, not just from illiberal forces such as China and Russia but from its very core, the United States under Donald Trump. The already evident damage to that order, and even its possible collapse, pose particular challenges for Japan, as explored in this book. Noted experts survey the difficult position that Japan finds itself in, both abroad and at home. The weakening of the rules-based order threatens the very basis of Japan's trade-based prosperity, with the unreliability of U.S. protection leaving Japan vulnerable to an economic and technological superpower in China and at heightened risk from a nuclear North Korea. Japan's response to such challenges are complicated by controversies over constitutional revision and the dark aspects of its history that remain a source of tension with its neighbors. The absence of virulent strains of populism have helped to provide Japan with a stable platform from which to pursue its international agenda. Yet with a rapidly aging population, widening intergenerational inequality, and high levels of public debt, the sources of Japan's stability—its welfare state and immigration policies—are becoming increasingly difficult to sustain. Each of the book's chapters is written by a specialist in the field, and the book benefits from interviews with more than 40 Japanese policymakers and experts, as well as a public opinion survey. The book outlines today's challenges to the liberal international order, proposes a role for Japan to uphold, reform and shape the order, and examines Japan's assets as well as constraints as it seeks to play the role of a proactive stabilizer in the Asia-Pacific.

The Great Demographic Reversal

Author : Charles Goodhart
Publisher : Springer Nature
ISBN 13 : 3030426572
Total Pages : 260 pages
Book Rating : 4.0/5 (34 download)

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Book Synopsis The Great Demographic Reversal by : Charles Goodhart

Download or read book The Great Demographic Reversal written by Charles Goodhart and published by Springer Nature. This book was released on 2020-08-08 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.

Japan's Growing Technological Capability

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309047803
Total Pages : 244 pages
Book Rating : 4.3/5 (9 download)

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Book Synopsis Japan's Growing Technological Capability by : National Research Council

Download or read book Japan's Growing Technological Capability written by National Research Council and published by National Academies Press. This book was released on 1992-02-01 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The perspectives of technologists, economists, and policymakers are brought together in this volume. It includes chapters dealing with approaches to assessment of technology leadership in the United States and Japan, an evaluation of future impacts of eroding U.S. technological preeminence, an analysis of the changing nature of technology-based global competition, and a discussion of policy options for the United States.

Japan

Author : Frank Baldwin
Publisher : NYU Press
ISBN 13 : 1479889385
Total Pages : 360 pages
Book Rating : 4.4/5 (798 download)

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Book Synopsis Japan by : Frank Baldwin

Download or read book Japan written by Frank Baldwin and published by NYU Press. This book was released on 2015-12-15 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A joint publication of the Social Science Research Council and New York University Press."

Investment under Uncertainty

Author : Robert K. Dixit
Publisher : Princeton University Press
ISBN 13 : 1400830176
Total Pages : 484 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Investment under Uncertainty by : Robert K. Dixit

Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Japan's China Policy

Author : Linus Hagström
Publisher : Routledge
ISBN 13 : 1134278705
Total Pages : 256 pages
Book Rating : 4.1/5 (342 download)

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Book Synopsis Japan's China Policy by : Linus Hagström

Download or read book Japan's China Policy written by Linus Hagström and published by Routledge. This book was released on 2005-03-09 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan's China Policy understands Japan's foreign policy in terms of power - one of the most central concepts of political analysis. It contributes a fresh understanding to the subject by developing relational power as an analytical framework and by applying it to significant issues in Japan's China policy: the negotiations for a bilateral investment protection treaty and the disputed Pinnacle (Senkaku/Diaoyu) Islands. Hagström demonstrates that Japan exerted power over China in such divergent empirical settings for the most part by using civilian instruments positively, defensively and through non-action. Given that Japan's foreign policy is often portrayed rather enigmatically in terms of power, the unique contribution of Japan's China Policy is to demonstrate how to analyze power aspects of Japan's foreign policy in a more coherent fashion. This revealing approach to Japan's foreign policy will be of huge interest to anyone studying Japanese politics, foreign policy or international relations.