Abenomics: from the "Great Stagnation" to the "Three-Arrows Strategy"

• Autorzy: Jerzy Grabowiecki
• Języki publikacji: EN

Abstrakty

EN

This article addresses Japan's economy, its new economic policy package, which is known as Abenomics. The centerpiece of Abenomics has been the three "economic arrows" targeted at aggressive monetary policy, flexible fiscal policy, and growth strategy. This article focuses on Abenomics and shows the measures undertaken by the administration. The research question is: to what extent the policy package contributes to stimulating the economy? This question relates to the main problem of the effectiveness of Abenomics. The main purpose of this article is an attempt to evaluate Abenomics from the perspective of 5 years since the time of its announcement.(original abstract)

Słowa kluczowe

EN

Economic stagnation; Monetary policy; Economic growth; Fiscal policy

PL

Stagnacja gospodarcza; Polityka pieniężna; Wzrost gospodarczy; Polityka fiskalna

• Czasopismo: International Journal of Management and Economics
• Rocznik: 2019
• Tom: 55
• Numer: nr 3
• Strony: 201--211

Twórcy

autor

Jerzy Grabowiecki

• University of Bialystok, Poland

Bibliografia

• Abe, S. (2007), Policy speech by Prime Minister Shinzō Abe to the 166th Session of the Diet, Friday, January 26, retrieved from https://japan.kantei.go.jp/abephoto/2007/01/26shisei_e.html.
• Broda, C., Weinsten, D. (2007), Defining price stability in Japan: a view from America, NBER Working Paper No. 13255.
• Bank of Japan, BOJ Time series data search, retrieved from https://www.boj.or.jp/en/statistics/index.htm/.
• The Bank of Tokyo-Mitsubishi UFJ, Ltd. (2018), Current situation and prospects of Japanese economy, Economic Research Office, February.
• Bytheway, S. (2014), Investing Japan. Foreign capital, monetary standards and economic development, 1859-2011, Harvard University Press, Cambridge and London.
• Botman, D., Danninger, S., Schiff, J. (Eds). (2015), Can Abenomics succeed? Overcoming the legacy of Japan's lost decades, IMF, Washington.
• Dollar Yen Exchange Rate (USD JPY) - Historical Chart (2019), retrieved from https://www.macrotrends.net/2550/dollar-yenexchange- rate-historical-chart.
• Fukao, K., Ikeuchi, K., Kwon, H.U., Kim, Y.G., Makino, T., Takizawa, M. (2015), Lessons from Japan's secular stagnation, RIETI Discussion Paper Series 15-E-124 November.
• Fukuda, F. (2017), Spillover effects of Japan's quantitative and qualitative easing on East Asian economies, ADBI Working Paper Series 631, Asian Development Bank Institute.
• Grabowiecki, J. (2006), Keiretsu groups: their role in the Japanese economy and reference point (or a Paradigm) for other countries, V.R.F. Series No. 413, IDE-JETRO, Tokyo.
• Grabowiecki, J., Dąbrowski, M. (2017), Abenomics and its impact on the economy of Japan, Optimum: Economic Studies, Vol. 5, No. 89, pp. 23-35.
• IMF. (2018a), World economic outlook database, retrieved from https://www.imf.org/en/Countries/JPN.
• IMF. (2018b), Country report, 18/333, retrieved from https://www.imf.org/en/Publications/CR/Issues/2018/11/27/Japan.
• Ito, T. (2016), Japanization: is it endemic or epidemic? NBER Working Paper No. 21954 February.
• Ito, T., Iwata, K., McKenzie, C., Urata, S. (2018), Did Abenomics succeed? Editors' overview, Asian Economic Policy Review, Vol. 13, No. 1, pp. 1-22.
• Kohama, H. (2007), Industrial development in Japan, Rutledge, London and New York.
• Mizuho Research Institute. (2014), The economic impact of the 2020 Tokyo Olympic games, Mizuho Economic Outlook & Analysis.
• MUFG (MUFG Economic Research Office). (2018), Current situation and prospects of Japanese economy, February.
• Nikkei 225 Index - 67 Year historical chart (2019), retrieved from https://www.macrotrends.net/2593/nikkei-225-indexhistorical-chart-data.
• OECD. (2017), OECD economic surveys: Japan 2017. Rising productivity for inclusive growth, Tokyo.
• Patrick, H., Rosovsky, H. (1976), Japan's economic performance: an overview, in: H. Patrick, H. Rosovsky, (Eds), Asia's new giant: how the Japanese economy works, The Brookings Institution, Washington, DC, p. 33.
• Reinhart, C.M., Rogoff, K.S. (2009), The aftermath of financial crises, NBER Working Paper No. 14656.
• Solis, M., Urata, S. (2018), Abenomics and Japan's trade policy in a new era, Asian Economic Policy Review, Vol. 13, No. 1, pp. 106-123.
• UN (2019), DESA, Population division database, retrieved from https://esa.un.org/unpd/wpp/Download/Standard/ Population/.
• Wakatabe, M. (2015), Japan's great stagnation and Abenomics, Palgrave Macmillan, New York.

Identyfikatory

DOI

10.2478/ijme-2019-0018