03349nam 2200565Ia 450 991081561170332120200520144314.01-4623-7593-61-4527-5913-81-282-84469-597866128446901-4518-7427-8(CKB)3390000000010772(EBL)1606017(OCoLC)671571347(IMF)WPIEE2009282(MiAaPQ)EBC1606017(EXLCZ)99339000000001077220100902d2009 uf 0engur|n|---|||||txtrdacontentcrdamediacrrdacarrierLost decade in translation what Japan's crisis could portend about recovery from the great recession /Murtaza Syed, Kenneth Kang, Kiichi Tokuoka1st ed.[Washington, D.C.] International Monetary Fund20091 online resource (42 p.)IMF working paper ;WP/09/282Description based upon print version of record.Includes bibliographical references.Contents; I. Introduction; II. Japan's Lost Decade: From Green Shoots to Enduring Recovery; A. Background: The Three Phases of Japan's Crisis; Phase 1: 1990-97-Crisis Outbreak and Fragile Recovery; Phase 2: 1997-2000-Systemic Stress and Second Recovery Attempt; Phase 3: 2001-03-Renewed Systemic Stress Followed by Sustained Recovery; B. Revisiting Japan's Policy Responses; The Primacy of Financial and Corporate Interventions; Re-assessing the Effectiveness of Fiscal Stimulus; The Supportive Role of Credit Easing; The Art of Disengagement: Exit Strategies and Long-Term ImpactsIII. Potential Implications for Today: Recovery from the Great RecessionA. The Outlook for the Global Recovery: Views from the Lost Decade; B. The Role for Global Policies: From Stimulus to Exit; IV. Conclusion; Appendix. A Chronology of Japan's Key Policy Actions; ReferencesIs the recovery from the global financial crisis now secured? A strikingly similar crisis that stalled Japan's growth miracle two decades ago could provide some clues. This paper explores the parallels and draws potential implications for the current global outlook and policies. Japan's experiences suggest four broad lessons. First, green shoots do not guarantee a recovery, implying a need to be cautious about the outlook. Second, financial fragilities can leave an economy vulnerable to adverse shocks and should be resolved for a durable recovery. Third, well-calibrated macroeconomic stimulus can facilitate this adjustment, but carries increasing costs. And fourth, while judging the best time to exit from policy support is difficult, clear medium-term plans may help.IMF working paper ;WP/09/282.Financial crisesJapanJapanEconomic policyFinancial crises332.63;332.63222Syed Murtaza1975-1751262Kang Kenneth1698739Tokuoka Kiichi1649141International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910815611703321Lost decade in translation4201433UNINA