90年代不況の性格(大会報告・共通論題 : 1990年代不況の世界史的意味)
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概要
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One may conclude Japanese inferiority only from the fact that information technologies (IT) have lead higher productivity of manufacturing industry in USA. However, such assertion is questionable because American economic growth in the 1990s has come mainly from the Bubble as did Japanese in the 1980s. USA has forced financial liberalization upon the world in order to take greatest advantage of Dollar as the key currency. In consequence international financial crisis has been a frequent occurence, meanwhile, USA as the World's financial centre stands economically unrivaled. And the international financial system, affected by globalization and IT, will fall into more precarious position in the future. The main cause of the long depression of Japanese economy during 1990s must be attributed to the stock deflation occasioned by the shriveled bubble. And besides, we can find many important causes. In the first place is an institutional friction occasioned by the Financial Big Bang and the International Accounting Standards (IAS) introduced under the pretext of "globalization". Especially the following points have a harmful influence upon the Japanese systems of finance, management, and social safety-net, viz. ; (1)reckless application of American rules of pay-off system into Japan which has been in an entirely different institutional context, (2)disclosure of pension debt, which becomes obligatory by the IAS, incompatible with Japanese employee's pension plan, (3)introduction of the consolidated accounts of cash-flow which is relevant to American, not Japanese, management technique. Second, the long depression was caused also by Japanese economic and social policies, viz. ; (1)the working-off policy failed to dispose banks' bad loan, and (2)market fundamentalist policy opens a way to over-mobility of employment and reductions in social security. If we want to get out of this depression, we should check an easy application of 'global standards', and we need to rebuild a social safety-net.
- 政治経済学・経済史学会の論文
- 2000-04-20