Sandra Poncet, 16 February 2009

This column says that less-productive Japanese firms are more sensitive to distance and institutional quality in their locational decisions abroad. Alternatively, the greater responsiveness of low-productivity firms to the presence of an export promotion agency or a Japanese community indicates that networks and spillovers may help to mitigate these impediments.

Keiichiro Kobayashi, 27 October 2008

Japan’s banking crisis of the late 1990s and early 2000s offer critical lessons on how to deal with the current financial crisis. This column warns against relying on fiscal stimulus, stresses the importance of recapitalising viable bank but letting the ‘zombie banks’ go bust to boost certainty about financial firms’ solvency. In order to avoid a vicious cycle of steady economic decline as in Japan, the G8 and emerging economies should create a "Financial System Stabilisation Fund".

Charles Wyplosz, 20 July 2008

Should taxpayers bail out the banking system? One of the world’s leading international macroeconomists contrasts the Larry Summers “don’t-scare-off-the-investors” pro-bailout view with the Willem Buiter “they-ran-into-a wall-with-eyes-wide-open” anti-bailout view. He concludes that either way, taxpayers are always the losers. The best policy makers can do is to be merciless with shareholders and gentle with bank customers.

Mitsuyo Ando, Fukunari Kimura, 04 December 2007

Offshoring is not new. Kūdōka (hollowing-out due to offshoring) has worried Japan since the 1980s. Evidence from Japan presented in a new CEPR Policy Insight suggests that offshoring may help create domestic jobs, especially for SMEs.

David Weinstein, Christian Broda, 22 October 2007

According to official statistics, Japan seems to have almost pulled out of its crippling deflation. The Japanese inflation statistics, however, are calculated using outdated methods that are well-known to overstate inflation. Recent research suggests that true Japanese deflation is probably 1 to 2 percentage points worse than suggested by official statistics.

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