Detail Stabilization Policy and The Japanese Economy   Oleh:  Sato, Kazuo Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Asian Economics vol. 9 no. 1 (1998), page 67-94. Topik: POLICY; stabilization policy; economy Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ50.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Japan shifted from rapid growth to slow growth in 1975. In the rapid - growth period, Japan was a neoclassical economy with saving in short supply. Saving had to be allocated to investment via credit rationing while the interest rate was more or less fixed under the government's low - interest policy. Foreign exchanges were strictly controlled under the fixed - rate regime. With the balanced budget principle in force, the only stabilization policy was monetary policy. The balance - of - payments constraint forced monetary policy to follow the "stop - and - go” pattern, which injected business cycles into an otherwise neoclassical economy. In the slow - growth period, Japan became a Keynesian economy with saving in excess supply. The economy became financially mature, interest rates began fluctuating, the exchange rate floating, and capital flows in principle free. To eliminate the emerging saving surplus, the national government was forced to run a heavy budget deficit. Fiscal policy was activated, but the actual performance shows that fiscal policy served to stabilize the economy in the medium term. For short - term stabilization, the government had to depend on monetary policy. Monetary policy, however, had to meet the dual duty of domestic price stability and exchange - rate stability. An overexpansion of currency supply in defense of the yen value induced an overexpansion of currency supply. Goods inflation was averted but asset inflation was not. Two economic bubbles - in the early 1970s and the late 1980 s - shook the foundation of Japan's macroeconomy. Real growth fluctuated with money growth. Thus, monetary policy destabilized rather than stabilized the Japanese economy. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

Copyright © 2006, 2007 Unika Atma Jaya, all rights reserved