Japan's lame-duck support

Article Abstract:

Japanese industrial policy was once admired and contrasted favorably with policies in the US and Europe. Japanese industry then became more resistant to change, and the government proved less adept at selecting winners. Industry has since started to restructure, but government measures to help industry can sometimes do more harm than good. Financial markets are starting to apply pressure on companies, fostering restructuring. The government has to tackle restructuring and macroeconomic problems, and should give aid in exchange for restructuring.

Economic Programs, Administration of Economic Programs, Editorial, Manufacturing industry, Manufacturing industries, Economic policy, Recessions

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A Japanese puzzle

Article Abstract:

Japan's economy in the late 1980's contradicts many accepted notions on the relationship between current-account balance and long-term capital outflows. Long-term capital flowed into Japan at a time it was experiencing a growing current-account surplus.

Economic aspects, Balance of payments, Capital movements, International liquidity

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