Japan's Policy Trap: Dollars, Deflation, and the Crisis of Japanese Finance

Name: Japan's Policy Trap: Dollars, Deflation, and the Crisis of Japanese Finance
Rating: 4.1 (21 reviews)
Author: Mikuni, Akio,Murphy, R. Taggart
ISBN: 9780815702221

Mikuni, Akio,Murphy, R. Taggart

21 ratings by Goodreads

Language: English

Published by Brookings Institution Press, 2002

0815702221 / 9780815702221

Hardcover
Used

See all details

Seller: Books From California, Simi Valley, CA, U.S.A.Books From California

4-star seller

AbeBooks seller since August 14, 2001

View this seller's items

Hardcover

Condition: Used - Good

£ 20.66

£ 3.69 shipping

Ships within U.S.A.

Quantity: 1 available

Add to basket

Free 30-day returns

Save for laterCreate a Want for similar items

Item description from seller

Minor Wear and Creasing.

Seller Inventory # mon0003420575

Contact seller about this item

Report this item

Title: Japan's Policy Trap: Dollars, Deflation, and the Crisis of Japanese Finance
Author: Mikuni, Akio,Murphy, R. Taggart
Publisher: Brookings Institution Press
Publication year: 2002
Condition: Good
Binding: hardcover
Language: English
ISBN 10: 0815702221
ISBN 13: 9780815702221

Until quite recently, the Japanese inspired a kind of puzzled awe. They had pulled themselves together from the ruin of war, built at breakneck speed a formidable array of export champions, and emerged as the world's number-two economy and largest net creditor nation. And they did it by flouting every rule of economic orthodoxy. But today only the puzzlement remains ―at Japan's inability to arrest its economic decline, at its festering banking crisis, and at the dithering of its policymakers. Why can't the Japanese government find the political will to fix the country's problems? Japan's Policy Trap offers a provocative new analysis of the country's protracted economic stagnation. Japanese insider Akio Mikuni and long-term Japan resident R. Taggart Murphy contend that the country has landed in a policy trap that defies easy solution. The authors, who have together spent decades at the heart of Japanese finance, expose the deep-rooted political arrangements that have distorted Japan's monetary policy in a deflationary direction. They link Japan's economic difficulties to the Achilles' heel of the U.S. economy: the U.S. trade and current accounts deficits. For the last twenty years, Japan's dollar-denominated trade surplus has outstripped official reserves and currency in circulation. These huge accumulated surpluses have long exercised a growing and perverse influence on monetary policy, forcing Japan's authorities to support a build-up of deflationary dollars. Mikuni and Murphy trace the origins of Japan's policy trap far back into history, in the measures taken by Japan's officials to preserve their economic independence in what they saw as a hostile world. Mobilizing every resource to accumulate precious dollars, the authorities eventually found themselves coping with a hoard they could neither use nor exchange. To counteract the deflationary impact, Japanese authorities resorted to the creation of yen liabilities unrelated to production via the largest financial bubble in history. The bursting of that bubble was followed by massive public works spending that has resulted in an explosion in public sector debt. Japan's Policy Trap points to the likelihood that Japan will run out of ways to support its vast pile of dollar claims. Should the day come when those claims can no longer be supported, the world could see a horrific deflationary spiral in Japan, a crash in the global value of the dollar, or both. The effects would reach far beyond Japan's borders. Mikuni and Murphy suggest that a reduction in Japan's surplus must be accompanied by a reduction in deficits somewhere else ―most obviously through far-reaching shifts in the American economy.

"Synopsis" may belong to another edition of this title.

Books From California

Simi Valley, CA, U.S.A.

4-star seller

AbeBooks seller since August 14, 2001

Shipping rates within U.S.A.

Item	5 to 14 business days	3 to 6 business days
First item	£ 3.69	£ 5.14

Delivery times are set by sellers and vary by carrier and location. Orders passing through Customs may face delays and buyers are responsible for any associated duties or fees. Sellers may contact you regarding additional charges to cover any increased costs to ship your items.

Payment methods

Specialty

Childrens, Academic and Scholarly Presses, Art, Science, Antiquarian titles, History

Seller's business information

Schwabe Books, Inc. DBA Books From California

51 W. Easy St.
Simi Valley, CA U.S.A. 93065

Contact sellerView this seller's itemsView seller's storefront

Terms of sale

Refunds Offered Within 10 days of order.

Greg Schwabe
Books From California
51 W. Easy St
Simi Valley, CA. 93065

Fax # 805-582-9513
For questions, please email at
abesales@booksfromca.com

Right of withdrawal

If you are a consumer you can withdraw from the contract in accordance with the following. Consumer means any natural person who is acting for purposes which are outside his trade, business, craft or profession.

Information regarding the right of withdrawal

Statutory right to withdraw

You have the right to withdraw from this contract within 14 days without giving any reason.

The withdrawal period will expire after 14 days from the day on which you acquire, or a third party other than the carrier and indicated by you acquires, physical possession of the last good or the last lot or piece.

To exercise the right of withdrawal, electronically fill in and submit a clear statement on our website, under "My Purchases" in "My Account". We will communicate to you an acknowledgement of receipt of such a withdrawal on a durable medium (e.g. by e-mail) without delay.

To meet the withdrawal deadline, it is sufficient for you to send your communication concerning your exercise of the right of withdrawal before the withdrawal period has expired.

Effects of withdrawal

If you withdraw from this contract, we will reimburse to you all payments received from you, including the costs of delivery (except for the supplementary costs arising if you chose a type of delivery other than the least expensive type of standard delivery offered by us).

We may make a deduction from the reimbursement for loss in value of any goods supplied, if the loss is the result of unnecessary handling by you.

We will make the reimbursement without undue delay, and not later than 14 days after the day on which we are informed about your decision to withdraw from this contract.

We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of such reimbursement.

We may withhold reimbursement until we have received the goods back, or you have supplied evidence of having sent back the goods, whichever is the earliest.

You shall send back the goods or hand them over to Books From California, Simi Valley, California, U.S.A., +1 805-306-1772 25, without undue delay and in any event not later than 14 days from the day on which you communicate your withdrawal from this contract to us. The deadline is met if you send back the goods before the period of 14 days has expired. You will have to bear the direct cost of returning the goods. You are only liable for any diminished value of the goods resulting from the handling other than what is necessary to establish the nature, characteristics and functioning of the goods.

Exceptions to the right of withdrawal

The right of withdrawal does not apply to:

The delivery of newspapers, journals or magazines with the exception of subscription contracts; and
The supply of digital content which is not supplied on a tangible medium (e.g. on a CD or DVD) if you accepted when you placed your order that we could start to deliver it, and that you could not withdraw once delivery had started.

Shipping terms

Shipping costs are based on books weighing 2.2 LB, or 1 KG. If your book order is heavy or oversized, we may contact you to let you know extra shipping is required.

Japan's Policy Trap: Dollars, Deflation, and the Crisis of Japanese Finance

Item description from seller

Bibliographic details

Synopsis

About the title

About the Author