Yoshie writes:You are right with regard to the Great Depression in the
30s, but today's Japan does not have "extreme unemployment," which has been
one of the reasons why we haven't seen working-class revolts yet. Hardships
have mainly hit new women college graduates, salarymen nearing the
Hi Mat:
Yoshie- I would say Miyabe's book gives a very different view of
consumer credit
in Japan than what you put forward. It does argue that there are a group of
people who do not go for credit cards, but this is not due to their
unavailability, etc. I will try to type a few paragraphs in
At 06:30 PM 12/14/00 -0500, you wrote:
Hi Jim D.:
Yoshie quotes Jan Kregel sayingClearly, in present conditions it is not
the lack of a credible inflation policy [as he dubs Krugman's cure], but
a credible interest rate policy that is creating difficulty. As Keynes
notes in relation to
(B) Nobuhito Kishi, "Lies, Damned Lies: The Real Story of
Unemployment in Japan," at
http://www.nira.go.jp/publ/review/96winter/kishi.html, a link to
Sogo Kenkyu Kaihatsu Kiko [National Institute for Research
Advancement].
not involve new spending.
This is the 10th package the government has announced in a decade.
These packages have brought its stimulus spending to more than
Y120,000bn, and helped raise Japan's debt to gross domestic product
towards 130 per cent, the highest ratio in the industrialised world
Mat wrote:
By the way, I just read a novel that includes an interesting exploration of
consumer debt and personal bankruptcy in Japan:
Miyuki Miyabe, _All She Was Worth_
A lawyer in the book argues that there is a tendency for society to blame the
individual who goes into debt, but that the
Jim D. wrote:
BTW, I think one way that Japan could recover is to imitate an old
US practice. Give aid to a poor area (such as East St. Louis,
Illinois) but "tie" it so that it can only be spent in Japan.
It takes a real burning ambition to become _the_ global hegemon -- as
opposed to a
Yoshie quotes Jan Kregel sayingClearly, in present conditions it is not
the lack of a credible inflation policy [as he dubs Krugman's cure], but a
credible interest rate policy that is creating difficulty. As Keynes notes
in relation to Fisher's recommendations of inflating out of the Great
Levy. Marc
Andre Pigeon's Minskian interpretation, e.g.
By the way, is it cool that Yoshie is evaluating Levy working papers and I am
discussing Japanese novels, or is this scary?!
-Original Message-
From: Yoshie Furuhashi
To: [EMAIL PROTECTED]
Sent: 12/13/00 3:24 AM
Subject: [PEN-L:6097] R
Jim- Are you an advocate of IS-LM??
Is this analysis totally wrong?
At 10:42 AM 12/13/00 -0600, you wrote:
Jim- Are you an advocate of IS-LM??
No, but ISLM provides a good language for the _start_ of a discussion,
since almost every macroeconomist knows it. For example, Paul Davidson, a
well-known anti-ISLMicist, uses IS-LM in his paper on the finance demand
Yoshie- I would say Miyabe's book gives a very different view of consumer credit
in Japan than what you put forward. It does argue that there are a group of
people who do not go for credit cards, but this is not due to their
unavailability, etc. I will try to type a few paragraphs in later. Some
By the way, is it cool that Yoshie is evaluating Levy working papers and I
am
discussing Japanese novels, or is this scary?!
Fantastically cool, Matt! Only a jack of all trades can really aspire to be
master of one! Especially when the one in question is political economy,
eh? I realise it's
At 04:29 AM 12/14/00 +1000, you wrote:
Fantastically cool, Matt! Only a jack of all trades can really aspire to be
master of one!
or jill of all trades, in Yoshie's case.
Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine
Thanks, Dennis. Can you provide some references?
Peter
Dennis Robert Redmond wrote:
On Tue, 12 Dec 2000, Peter Dorman wrote:
investment. The structural question is whether the elimination of
these unproductive investments, and the resulting financial drag, can
be accomplished within
"Krugman on the Liquidity Trap: Why Inflation Won't Bring Recovery In Japan,"
Jerome Levy Economics Institute, Working Paper No. 298, March 2000
Jan. A. Kregel
Abstract
Paul Krugman has argued that Japan is in a liquidity trap and that it can
recover only if the central bank there follows a
By the way, I just read a novel that includes an interesting exploration of
consumer debt and personal bankruptcy in Japan:
Miyuki Miyabe, _All She Was Worth_
A lawyer in the book argues that there is a tendency for society to blame the
individual who goes into debt, but that the fault really
uidity trap." In any case, this is consistent with Keynes'
macroeconomics.
As for Japan's debt, it depends on what kind of debt you're talking about.
While the private debt is large, Japan's a net creditor internationally.
(The US is a net debtor internationally.) If it's a referenc
At 11:20 AM 12/12/00 -0600, you wrote:
"Krugman on the Liquidity Trap: Why Inflation Won't Bring Recovery In Japan,"
Jerome Levy Economics Institute, Working Paper No. 298, March 2000
Jan. A. Kregel
Abstract
Paul Krugman has argued that Japan is in a liquidity trap and that it can
recover only
I'm not an expert on Japan either, but I think Jim's analysis of Japanese
financial fragility is correct. It needs to be understood in the context of
that country's system of corporate finance, networks of firms under the
guidance of lead banks. These networks partly socialized the risks of
One consideration regarding Japan is that, so far as I understand, Japan's deficit
has been used for massive public works spending, which could mean greater
productivity in the future.
Peter Dorman wrote:
I'm not an expert on Japan either, but I think Jim's analysis of Japanese
financial
At 01:45 PM 12/12/00 -0800, you wrote:
One consideration regarding Japan is that, so far as I understand, Japan's
deficit
has been used for massive public works spending, which could mean greater
productivity in the future.
on the other hand, I've heard that they've actually encountered
Well, this refers to the fiscal deficit, which is not such a big problem (compared to
the financial fragility problem). Also, according to Bill Tabb's book on Japan (and
other sources I've seen), "infrastructural" spending in Japan comes pretty close to
Keynes' admonition to dig holes and fill
:35 -0800
From: Jim Devine [EMAIL PROTECTED]
Reply-To: [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Subject: [PEN-L:6083] Re: Re: Re: Japan's Debt
At 01:45 PM 12/12/00 -0800, you wrote:
One consideration regarding Japan is that, so far as I understand, Japan's
deficit
has been used for
On Tue, 12 Dec 2000, Peter Dorman wrote:
investment. The structural question is whether the elimination of
these unproductive investments, and the resulting financial drag, can
be accomplished within the political-economic framework of Japanese
capitalism. So far, Japan has not found a way
Today's Wall Street Journal had an article on "Japan's Massive Debt
Threatens Any Recovery," with a sub-title "No Solution in Sight As Low Tax
Revenues Compounds Problem."
The news story calls attention to Japan's 8 fiscal stimulus packages since
1983 totalling 112 trillion yen -- "a figure
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