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Japan after two years of "Abenomics": monetary illusions, timid reforms
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Stiftung Wissenschaft und Politik -SWP- Deutsches Institut für Internationale Politik und Sicherheit
Abstract When Shinzo Abe became Prime Minister of Japan in December 2012, he raised great economic expectations. He promised a radical turnaround in monetary policy, long-term fiscal consolidation, and structural reforms to revive the economy. Two years on, the interim results of “Abenomics” are sobering. De... view more
When Shinzo Abe became Prime Minister of Japan in December 2012, he raised great economic expectations. He promised a radical turnaround in monetary policy, long-term fiscal consolidation, and structural reforms to revive the economy. Two years on, the interim results of “Abenomics” are sobering. Despite unprecedented monetary expansion and vigorous fiscal stimulation, Japan has been unable to overcome deflation and weak growth. And although the consumption tax has been increased, the country is far from achieving sustainable budget consolidation. Abe has also failed to deliver on his promise to introduce groundbreaking structural reforms aimed at stimulating growth. Why have these goals not been achieved? In light of Japan’s large – and growing – national debt and its ageing population, what other economic policy options can be pursued? (Autorenreferat)... view less
Keywords
economic development (on national level); national trade and industry; economic policy; public budget; labor market policy; monetary policy; Japan; fiscal policy
Classification
Economic Policy
Free Keywords
Abe, Shinzo
Document language
English
Publication Year
2015
City
Berlin
Page/Pages
8 p.
Series
SWP Comment, 20/2015
ISSN
1861-1761
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications