Economic Stagnation in Japan

Edited by Dongchul Cho, Member of the Monetary Policy Board, The Bank of Korea and former Chief Economist, Korea Development Institute, the late Takatoshi Ito, formerly Professor in the School of International and Public Affairs, Columbia University and Andrew Mason, Professor Emeritus of Economics, University of Hawaii at Manoa and Adjunct Senior Fellow, East-West Center, Hawaii, US

• Contents:Preface1. Introduction and overviewDongchul Cho, Takatoshi Ito and Andrew MasonPART I  AGING, INDUSTRY MATURATION AND JAPANIZATION2. Japanization: Is it spreading to the rest of the world?Takatoshi Ito3. GDP growth from the perspective of demographic change: Will aging Korea become another Japan?Kyooho Kwon4. Export dynamics of Japan, Korea and ChinaKyu-Chul JungPART II  RESOURCE ALLOCATIONS AND TFP5. Product market efficiencies and TFP: A comparative study of Japanese and Korean firmsKeiko Ito and YoungGak Kim6. Misallocation in the manufacturing sector of Korea: A micro data analysisJiyoon OhPART III  ROLES OF FINANCIAL MARKETS7. Financial market efficiency: A comparative perspectiveMitsuhiro Fukao8. How to deal with the rise of zombie firms in KoreaDaehee JeongPART IV  MONETARY POLICY AND HOUSE PRICES9. Deflation and monetary policyBarry Eichengreen10. Is Korea’s monetary policy following in the footsteps of Japan?Dongchul Cho11. Aging and housing prices: The cases of Korea and JapanInho SongPART V  JAPANIZATION AND FISCAL POLICY12. Avoiding another “lost decade”: What role for fiscal policy? Jerry Schiff and Ikuo Saito13. Lessons for Korea from Japan’s fiscal policySeongTae KimIndex

‘. . . this book is a valuable summary of where the discussion on Japanese deflation is, and why research on this topic needs to be taken further. The prospect of ‘Japanization’ in the rest of the world, raised by Takatoshi Ito, is one that cannot be left to regional experts.’