The causes of Japan's 'lost decade': The role of household consumption
CY Horioka - Japan and the World Economy, 2006 - Elsevier
In this paper, I analyze the causes of the prolonged slowdown of the Japanese economy in
the 1990s and find that the stagnation of investment, especially private fixed investment, was
the primary culprit. I then investigate the causes of the stagnation of household consumption
during the 1990s and find that the stagnation of household disposable income, the decline
in household wealth, and increased uncertainty about the future are among the contributing
factors. Finally, I consider whether demand side factors or supply side factors were more …
the 1990s and find that the stagnation of investment, especially private fixed investment, was
the primary culprit. I then investigate the causes of the stagnation of household consumption
during the 1990s and find that the stagnation of household disposable income, the decline
in household wealth, and increased uncertainty about the future are among the contributing
factors. Finally, I consider whether demand side factors or supply side factors were more …
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