Japan's Policy Trap by Akio Mikuni, R. Taggert Murphy, R. Taggart Murphy, Michael H. Armacost
Japan's Policy Trap: Dollars, Deflation, and the Crisis of Japanese Finance
How much do you really know about deflation and inflation?
With the global situation as it is, Americans and others need to understand more about the problems we are facing.
Japan's Policy Trap by Akio Mikuni, R. Taggert Murphy, R. Taggart Murphy, Michael H. Armacost may be a source of good information for you.
Until 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.
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