- Tamim Bayoumi, and Charles Collyns
- Published Date:
- March 2000
During the preparation of this book, Tamim Bayoumi was the Deputy Division Chief working on Japan in the IMF’s Asia and Pacific Department. He is now Deputy Division Chief in charge of the World Economic Studies Division in the Research Department of the IMF. He has a doctorate from Stanford University, and is a fellow of the Center for Economic Policy Research.
Charles Collyns is Senior Advisor in the Asia and Pacific Department, where he has overall responsibility for the IMF’s work on Japan. During his career in the IMF, he has worked on a variety of developing and industrial country assignments, and on debt and international capital markets issues. He holds a doctorate from Oxford University.
Joachim Levy is presently on temporary assignment with the European Central Bank. While the work in this book was being prepared, he was an economist in the international capital markets group in the Research Department of the IMF. He holds a doctorate from Chicago University.
James Morsink is a Senior Economist in the IMF’s Asia and Pacific Department. Before working on Japan, he was assigned to a variety of emerging markets and industrial countries. His doctorate is from the Massachusetts Institute of Technology.
Martin Mühleisen is an economist in the Asia and Pacific Department working on the Japan desk. During his career in the IMF, he has worked on several industrial and developing countries. He obtained a Master’s Degree at Cambridge University and a doctorate from the University of Munich.
Ramana Ramaswamy is a Senior Economist in the Asia and Pacific Department working on the Japan desk. Prior to this he worked in the team responsible for producing the IMF’s World Economic Outlook report. He holds a doctorate from Cambridge University, and was previously a Fellow of Queens’ College, Cambridge.
Christel Rendu is completing a doctorate at the London Business School. She worked as a summer intern in the IMF in 1998.
Japan accounts for over half the output of the Asian region, but for much of the 1990s its economy was virtually stagnant, and it is only just emerging from its worst recession since the Second World War.
What caused Asia’s largest economy, once the envy of the world, to lag behind many of the other industrila countries? And why did it take so long for Japan to recover from the bursting of its asset price bubble of the late 1980s?
In this volume, a team from the International Monetary Fund examines the causes of the lingering economic problems of Japan, the crisis in its banking sytems, the reasons for weal business investment, and the government’s efforts to kick-start the economy through a series of stimulus packages.
Overall, this book presents a compelling story about Japan’s economy. Its message - that banking reform and corporate restructuring are central to any sustained revival of the economy - is backed up through detailed background research. This research provided the analytical framework for the IMF’s policy advice during a period of rapid change - a period during which macroeconomic policymaking moved into uncharted territory.