The good performance of the Japanese economy during the first half of 1999 was better than expected. But, it may only be tempo-rary. The present rebound is being led by an acceleration of household spending which appears to be very fragile. Furthermore, it has rapidly led to a rise in the yen that risks undermining continued growth. The room for manoeuvre of fiscal policy has been largely used up. At the same time, the Bank of Japan eschews any further relaxation of monetary policy. Yet the obstacles to growth are more fundamental. The Japanese model has not yet completed the transformation that would allow it to return to higher growth. The crisis and subsequent reforms of the banking system illustrate well Japan's present weakness, its problems of adaptation and the nature of the costs the transformation entails.
In order to set up a list of libraries that you have access to,
you must first login
or sign up.
Then set up a personal list of libraries from your profile page by
clicking on your user name at the top right of any screen.