By IFO Institute for Economic Research Sakura Institute ofResearch Japan
The target of this booklet is to guage competently financial improvement mechanism and to extract worthwhile classes from a comparability of the commercial improvement of Japan and that of Germany. The publication covers an in depth variety of monetary concerns: (1) macro-economic components: capital, exertions, expertise; (2) macro-economic rules: monetary, financial, business; (3) exterior shocks to either economies: oil crises, alternate cost fluctuations, environmental difficulties; (4) improvement techniques of significant industries: metal, chemical compounds, and autos. The analyses with this systematic and complete process supply precious insights for the overall reader in addition to instructions for constructing international locations and for japanese eu nations in transition.
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Additional resources for A Comparative Analysis of Japanese and German Economic Success
Virtually all capital and labour were channelled into the achievement of economic growth, creating a pattern of growth driven by the dual forces of capital investment and exports. However, pollution and other distortions caused by high growth came to the fore towards the end of this period, raising doubts about the qualitative state of the economy. The result was a gradual shift in economic planning targets, from a primary emphasis on growth to the achievement of balance between quantity and quality.
2. Change in economic demand If examined on the basis of demand sources, the following features are highlighted (Fig. 1-2). First, growth in fixed-capital formation (plant, equipment and housing) was extremely fast paced. From 1950 to 1970 its growth rate averaged above 10% and it functioned as the key engine of overall economic 40 Fig. 1-1 Trend ofGDP growth (% change over a year) 25 20 (' 15 ",,,\ \ 10 5 o -5 1955 60 65 70 75 80 85 90 (Fiscal year) Source: EPA, Annual Report on National Accounts Fig.
Comparing the recoveries after World War I and World War II A comparison of the recoveries after both World Wars in Germany and Europe has profound implications about the nature of the ultimate causes of faster growth after 1945. Such a comparison is an analytical tool which serves to highlight the influence of different policy regimes on the economy. Figs. 2-2 help to make the point that the recovery stage itself is made up of separate identifiable stages, the pre-reform and post-reform years.