Lost Decades In Growth Performance: Causes And Case Studies (palgrave Macmillan Studies In Economics And Banking)
by Yun-Peng Chu /
2015 / English / PDF
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There have been many noticeable incidents of 'lost decades' in
economic growth, occurring in countries across the world. It has
been found that in many economies, the lost decade phenomenon
persists, even after the conventional set of contributing factors
such as per capita income, fertility rate, life expectancy, rule
of law, educational attainment, ratio of investment to national
income, and openness have been taken into account.
There have been many noticeable incidents of 'lost decades' in
economic growth, occurring in countries across the world. It has
been found that in many economies, the lost decade phenomenon
persists, even after the conventional set of contributing factors
such as per capita income, fertility rate, life expectancy, rule
of law, educational attainment, ratio of investment to national
income, and openness have been taken into account.
This book explains where and how these lost decades in economic
growth occur in the world. The authors identify that dominant
macroeconomic factors contributing to their occurrence are an
abnormal supply of credits relative to national income, and poor
demand management. The study pays special attention to the cases
of Japan, South Korea and Taiwan, exploring their specific cases
and analyzing contributing factors. While Japan suffered from
excessive credit prior to the bubble bursting, and from
insufficient domestic demand subsequently, Korea's growth has
been stunted through structural imbalances between and within
industries, as well as through changes in the orientation of
public policies from growth to equality. Adversely, reduced
economic growth in Taiwan has led from its populism-ridden
democracy and mass media, as well as from internal disputes over
national identity.
This book explains where and how these lost decades in economic
growth occur in the world. The authors identify that dominant
macroeconomic factors contributing to their occurrence are an
abnormal supply of credits relative to national income, and poor
demand management. The study pays special attention to the cases
of Japan, South Korea and Taiwan, exploring their specific cases
and analyzing contributing factors. While Japan suffered from
excessive credit prior to the bubble bursting, and from
insufficient domestic demand subsequently, Korea's growth has
been stunted through structural imbalances between and within
industries, as well as through changes in the orientation of
public policies from growth to equality. Adversely, reduced
economic growth in Taiwan has led from its populism-ridden
democracy and mass media, as well as from internal disputes over
national identity.
Lost Decades in Growth Performance provides a revealing insight
into the factors affecting economic growth across the world, and
will be an invaluable resource for anyone with an interest in
global and Asian economics. It also offers a fundamental source
of reference for students and academics in general equilibrium
models, economic development and East Asian economies.
Lost Decades in Growth Performance provides a revealing insight
into the factors affecting economic growth across the world, and
will be an invaluable resource for anyone with an interest in
global and Asian economics. It also offers a fundamental source
of reference for students and academics in general equilibrium
models, economic development and East Asian economies.