Kiel Working Papers, Kiel Institute for World Economics
No 919:
Some Lessons from the Japanese Bubble
Horst Siebert
Abstract: In the second part of the 80s, Japan was under political
pressure to expand aggregate demand. It followed suit in increasing its
money supply. This caused severe inflation and the financial bubble which
collapsed in 1990 resulting in capital losses and in a sizable loss of GDP.
This paper draws some lessons from the Japanese experience. The bottom line
is that Japan became the victim of a misleading concept of global demand
management.
JEL-Codes: E50; (follow links to similar papers)
19 pages, April 1999
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