Lost Decades in Growth Performance

1. Front Matter

   Pages i-xviii

   PDF

2. Excessive Credits and the “Lost Decades” in Growth Performance

   • Yun-Peng Chu

   Pages 1-19

3. A Third Decade of Low Growth? Lessons from Japan on Financial Management and Economic Growth

   • Richard A. Werner

   Pages 20-52

4. It’s not Structural Change, but Domestic Demand: Japan’s Productivity Growth

   • Akira Kohsaka, Jun-ichi Shinkai

   Pages 53-74

5. Long Waves of Prosperity and Decline: What Makes Financial-Led Capitalism Different?

   • Óscar Dejuán

   Pages 75-96

6. The Korean Economy: Structural Changes and Challenges

   • Cheonsik Woo, Jinhee Park

   Pages 97-112

7. Taiwan’s Lost Decades: Populism and Internal Contradiction

   • Yun-Peng Chu

   Pages 113-163

8. Paradigmatic Shifts in Policies, Evolution of the Political Economy, and the Lost Decade in Growth Performance

   • Yun-Peng Chu

   Pages 164-239

9. Back Matter

   Pages 241-249

   PDF

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. 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.

• capitalism
• Deflation
• economic growth
• growth
• money

• National Central University, Taiwan

  Yun-Peng Chu

Yun-Peng Chu, ex-Minister without Portfolio, is Professor of Economics at the National Central University, Taiwan. He has published articles in journals such as the American Economic Review and Journal of Development Economics, and co-edited many books including The Political Economy of Comparative Development into the 21st Century and The East Asia High-Tech Drive.

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