Japan's Economic Crisis-A Lost Decade or More Decades?

서지정보

· 발행기관 : 한림대학교 일본학연구소
· 수록지 정보 : 한림일본학 (구 한림일본학연구) / 21호 / 181 ~ 205페이지
· 저자명 : 윤일현, 강철구

초록

After experiencing spectacular economic growth and industrial development after the Second World War, Japan plunged abruptly into financial trouble in the early 1990s and since then has suffered a prolonged period of economic recession into the 2000s.
The yen's sharp appreciation against the dollar after the 1985 Plaza Accord caused the export sector uncompetitive, leading to a comparatively sluggish growth in the late 1980s. A subsequent interest rate cuts and hikes triggered asset bubbles in 1989 and the bubble burst in 1990, followed by economic stagnation thereafter.
A crisis in Japan following the burble burst lasted for the whole period of 1990s with the economic growth rate of just 1 percent per year which is thus called Japan's "lost decade." The Japan's economy has not recovered so far with the annual growth rate of 0.7 percent in the 2000s, and the country have lost not one but more than two decades.
The total amount of Japanese sovereign debt is estimated to be 238 percent of the GDP in 2012, the highest among the major countries. The debt ratio is expected to rise over time. Its demographic structure has negative impact on long-term economic performance, with an increasingly large percentage of non-working population of declining national population. Government policy fallacy of handling at the start of the financial crisis and retreat of planned reform measures also contributed to Japan's long-term economic malaise. Korea should learn lessons from neighbor's experience in order not to follow in its footsteps.

참고자료

· 없음