LEADER 04200nam 2200649Ia 450 001 9910817283403321 005 20240509070050.0 010 $a1-282-75849-7 010 $a9786612758492 010 $a0-8157-9876-8 035 $a(CKB)111087027971422 035 $a(SSID)ssj0000185225 035 $a(PQKBManifestationID)11939095 035 $a(PQKBTitleCode)TC0000185225 035 $a(PQKBWorkID)10206943 035 $a(PQKB)11470217 035 $a(OCoLC)1017608543 035 $a(MdBmJHUP)muse59683 035 $a(Au-PeEL)EBL583780 035 $a(CaPaEBR)ebr10063842 035 $a(CaONFJC)MIL275849 035 $a(OCoLC)669127139 035 $a(MiAaPQ)EBC583780 035 $a(EXLCZ)99111087027971422 100 $a20041016d2002 my 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aJapan's policy trap $edollars, deflation, and the crisis of Japanese finance /$fAkio Mikuni, R. Taggart Murphy 205 $a1st ed. 210 $aWashington, D.C. $cBrookings Institution Press$dc2002 215 $axiii, 294 p 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-8157-0223-X 311 $a0-8157-0222-1 320 $aIncludes bibliographical references and index. 327 $aThe policy trap -- The preservation of bureaucratic power -- Monetary policy and mercantilism -- Hoarding gold, hoarding dollars -- Experimenting with bubbles -- Of a great bubble and its collapse -- The downward spiral -- The policy trap revisited -- The anomalies of contemporary Japan -- The end of the Japanese system? 330 $aUntil quite recently, the Japanese inspired a kind of puzzled awe. They had pulled themselves together from the ruin of war, built at breakneck speed a formidable array of export champions, and emerged as the world's number-two economy and largest net creditor nation. And they did it by flouting every rule of economic orthodoxy. But today only the puzzlement remains--at Japan's inability to arrest its economic decline, at its festering banking crisis, and at the dithering of its policymakers. Why can't the Japanese government find the political will to fix the country's problems? Japan's Policy Trap offers a provocative new analysis of the country's protracted economic stagnation. Japanese insider Akio Mikuni and long-term Japan resident R. Taggart Murphy contend that the country has landed in a policy trap that defies easy solution. The authors, who have together spent decades at the heart of Japanese finance, expose the deep-rooted political arrangements that have distorted Japan's monetary policy in a deflationary direction. They link Japan's economic difficulties to the Achilles' heel of the U.S. economy: the U.S. trade and current accounts deficits. For the last twenty years, Japan's dollar-denominated trade surplus has outstripped official reserves and currency in circulation. These huge accumulated surpluses have long exercised a growing and perverse influence on monetary policy, forcing Japan's authorities to support a build-up of deflationary dollars. Mikuni and Murphy trace the origins of Japan's policy trap far back into history, in the measures taken by Japan's officials to preserve their economic independence in what they saw as a hostile world. Mobilizing every resource to accumulate precious dollars, the authorities eventually found themselves coping with a hoard they could neither use nor exchange. To counteract the deflationary 330 8 $aimpact, Japanese authorities resorted to the creation of yen liabilities unrelated to production via the large. 606 $aBalance of trade$zJapan 606 $aPolitical culture$zJapan 607 $aJapan$xForeign economic relations 607 $aJapan$xEconomic conditions$y1989- 615 0$aBalance of trade 615 0$aPolitical culture 676 $a332.4/1/0952 700 $aMikuni$b Akio$f1939-$01690669 701 $aMurphy$b R. Taggart$0629625 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910817283403321 996 $aJapan's policy trap$94066510 997 $aUNINA