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Policies and Prospects in Japan and The Implications for the Asia-Pacific Region

Author/Editor: Callen, Tim | McKibbin, Warwick J.
Authorized for Distribution: September 1, 2001
Electronic Access: Free Full Text (PDF file size is 1,658KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper uses the G-Cubed (Asia-Pacific) model-a macroeconomic model with rich cross-country links-to explore the implications for Japan and Asia of several shocks to the Japanese economy. The results suggest that, while fiscal consolidation in Japan would initially dampen domestic growth, over the medium term the impact on both the domestic and regional economies would be positive. Quantitative monetary easing in Japan would boost domestic activity in the short-run, while being basically neutral for the region. Finally, a loss of confidence in the yen would be negative for Japan, but positive for the region because of a reallocation of capital flows toward non-Japan Asia.
 
Series: Working Paper No. 01/131
Subject(s): Economic policy | Japan | Asia-Pacific Economic Cooperation Council | Economic models
Author's keyword(s): Japan | Asia-Pacific region | macroeconomic model
 
English  
    Published:   September 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1312001   Pages:   57
    Price:   US$15.00
       
     
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