Chu Lost Decades in Growth Performance

Causes and Case Studies
2015
ISBN: 978-1-137-47875-7
Verlag: Palgrave Macmillan UK
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 267 Seiten

Reihe: Palgrave Macmillan Studies in Economics and Banking

This book explains where and how lost decades in economic growth occur in the world.

Autoren/Hrsg.

Chu, Y.

Inhaltsverzeichnis

1;Cover;1
2;Half-Title;2
3;Title;4
4;Copyright;5
5;Dedication;6
6;Contents;8
7;List of Figures;11
8;List of Tables;14
9;Preface;16
10;Notes on Contributors;18
11;1 Excessive Credits and the “Lost Decades” in Growth Performance;20
11.1;1.1 Introduction;20
11.2;1.2 The growth equation: expanded to include economic crises and credit growth;21
11.3;1.3 The result: balanced growth of domestic credit and nominal GDP matters;24
11.4;1.4 The “lost decades” as residuals in the growth equation;27
11.5;1.5 Concluding remarks and structure of the book;32
11.6;Appendix: list of right-hand side variables with their instruments and sources;35
12;2 A Third Decade of Low Growth? Lessons from Japan on Financial Management and Economic Growth 2;39
12.1;2.1 Introduction;39
12.2;2.2 Demand management policies: the puzzle of their failure;40
12.3;2.3 The failure of supply-side policies;45
12.4;2.4 The link between money and the economy;56
12.5;2.5 The Quantity Theory of Credit and its policy implications;63
12.6;2.6 Conclusion;68
13;3 It’s not Structural Change, but Domestic Demand: Japan’s Productivity Growth;72
13.1;3.1 Introduction;72
13.2;3.2 Background;74
13.3;3.3 Methodology and dataset;76
13.4;3.4 Intra-industry productivity growth vs. inter-industry reallocation of labor;78
13.5;3.5 Inter-industry reallocation of labor;79
13.6;3.6 Intra-industry productivity growth;82
13.7;3.7 Concluding remarks: it’s not structural change, but domestic demand;88
14;4 Long Waves of Prosperity and Decline: What Makes Financial-Led Capitalism Different?;94
14.1;4.1 Introduction;94
14.2;4.2 The real side of the economy and the problem of effective demand driving sectors and stabilizing fiscal policies;95
14.3;4.3 The balance of payments constraint and deflationary forces in the international economy;98
14.4;4.4 The financial side: from credit explosion to credit crunch, debt traps, and speculative bubbles;101
14.5;4.5 The dual role of banks and the need to differentiate credit regulation according to the borrower and the use of loans;105
14.6;4.6 Conclusions;110
15;5 The Korean Economy: Structural Changes and Challenges;116
15.1;5.1 Introduction;116
15.2;5.2 The Korean economy today: two contrasting views;117
15.3;5.3 Industrial and business landscape;121
15.4;5.4 Core tasks to resume the virtuous circle;127
15.5;Appendix: recent policy initiatives to promote the service sector;129
16;6 Taiwan’s Lost Decades: Populism and Internal Contradiction;132
16.1;6.1 Taiwan’s lost decade;132
16.2;6.2 The mutinous mutation of the developmental state;133
16.3;6.3 Failures in collective action caused by populism;136
16.4;6.4 Other revealed failures in collective action caused by populism;138
16.5;6.5 The anomalous growth equations;140
16.6;6.6 Clash between nationalisms;145
16.7;6.7 Clash between the economy and politics;149
16.8;6.8 Possible remedies?;159
16.9;6.9 Concluding remarks;161
16.10;Appendix 6.1: results of an Experiment of Delegated Deliberation;165
17;7 Paradigmatic Shifts in Policies, Evolution of the Political Economy, and the Lost Decade in Growth Performance;183
17.1;7.1 Introduction;183
17.2;7.2 Paradigmatic shifts in economic policies;183
17.3;7.3 The lost decade in Brazil, India, Indonesia, Mexico, Thailand, and Turkey;205
17.4;7.4 The dynamic evolution of the political economy and the lost decades: Taiwan and South Korea;216
17.5;7.5 Concluding remarks;252
18;Index;259