The Political Economy of Japanese Monetary Policy (Hardcover )

The Political Economy of Japanese Monetary Policy Book Description

In The Political Economy of Japanese Monetary Policy, Cargill, Hutchison, and Takatoshi investigate the formulation and execution of monetary and financialpolicies in Japan within a broad technical, political, and institutional context.Their emphasis is on the period since the collapse of the Bretton Woods system offixed exchange rates in the early 1970s, and on the effects of policies andinstitutions in shaping the modern Japanese economy. The authors present basicthemes and recent developments, as well as their own research findings. They alsoreview and integrate the large literature in the area. They consider theoreticalarguments and empirical evidence for each topic discussed.Topics covered includeJapan's low inflation record (despite the central bank's lack of formal independencefrom the government); politically motivated business cycles and the timing ofelections; exchange rate policy and international policy coordination; thehistorical development of central banking; Japan's "bubble economy" of the 1980s;and the causes, magnitude, and regulatory responses to Japan's banking and financialcrisis of the 1990s.

About the Author :

Takatoshi Ito has contributed to The Political Economy of Japanese Monetary Policy . Takatoshi Ito is Professor of Economics at the Graduate School of Economics, University of Tokyo.

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