E3 Prices, Business Fluctuations, and Cycles

摘要

Garside, W. R. Japan's Great Stagnation: Forging Ahead, Falling Behind. Cheltenham, U.K. and Northampton, Mass.: Elgar, 2012. Pp. vi, 219. $110.00. ISBN 978-0-85793-821-3. Presents a critical examination of the developmental premises of Japan's high-growth success and its subsequent drift into recession, stagnation, and reform. Discusses before stagnation-legacies of the high-growth period; catch-up growth and maturity-developmentalism in retrospect; devel-opmentalism as ideology; economic and financial policy in a changing international environment-the origins and course of the bubble economy; "losing a decade"-economic and financial hubris in recessionary Japan, 1990-97; funding a recovery-the impact and fate of fiscal policy, 1990-97; banking crises, monetary policy, and deflation, 1997-2000; reform without salvation-Japan, 1997-2000; recession, stagnation, and the labor market-continuity and change in the 1990s; and "lost decades?"-Japan's political economy in the new millennium. Garside is Professor of Economics and Economic History at Waseda University and Honorary Professor at the University of Durham. Bibliography; index.