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Journal of Economic Literature - Book Review

JEL Volume. 51, Issue 2 | leftPrevious Review Next Review right

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Book(s) Reviewed

Japan's Great Stagnation: Forging Ahead, Falling Behind by W. R. Garside

Published By: Cheltenham, U.K. and Northampton, Mass.: Elgar
ISBN: 978-0-85793-821-3
Date of Publication: 2012


Book Review Detail

Reviewed by: Takeo Hoshi of Stanford University
Review DOI: 10.1257/jel.51.2.544.r2
Review Pages: 548-49

Book Review Abstract

Takeo Hoshi of Stanford University reviews, "Japan's Great Stagnation: Forging Ahead, Falling Behind" by W. R.
Garside. The Econlit abstract of this book begins: "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; developmentalism 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."


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Book Review Authors

Takeo Hoshi of Stanford University


JEL Classifications

E23: Macroeconomics: Production
E31: Price Level; Inflation; Deflation
E32: Business Fluctuations; Cycles
E44: Financial Markets and the Macroeconomy
E52: Monetary Policy
E62: Fiscal Policy
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages; Foreclosures


Journal of Economic Literature


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