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25 results

Page 1 of 2

  • 1 - The Political Economy of the Abe Government

  • from Part I - Introduction
  • Edited by Takeo Hoshi, University of Tokyo, Phillip Y. Lipscy, University of Toronto
  • Book:
    The Political Economy of the Abe Government and Abenomics Reforms
    Published online:
    05 February 2021
    Print publication:
    25 February 2021, pp 3-40

  • Summary

    The government of Shinzo Abe represents an important turning point in Japanese politics and political economy. Abe became the longest-serving prime minister in Japanese history, and his government enacted important reforms under the banner of “Abenomics.” In this introductory chapter, we provide a broad review of the Abe government and its policies and point out several apparent puzzles to motivate the volume. We argue that the Abe government is the clearest manifestation of a new Japanese political system that represents a full transition away from the 1955 system. The new system is characterized by a strong prime minister with centralized authority, careful management of the prime minister’s popularity, and a focus on policies with broad, popular appeal. Abe utilized and strengthened Japan’s new political institutions to implement significant policy changes across a wide range of issue areas, including monetary and fiscal policy, the labor market, corporate governance, agricultural reforms, and national security.

  • 7 - The Great Disconnect

  • from Part III - Macroeconomic Policy
  • Edited by Takeo Hoshi, University of Tokyo, Phillip Y. Lipscy, University of Toronto
  • Book:
    The Political Economy of the Abe Government and Abenomics Reforms
    Published online:
    05 February 2021
    Print publication:
    25 February 2021, pp 170-199

  • Summary

    This chapter takes some well-known observations about the structure of the Japanese labor market and adds new evidence about how it has evolved to study inflation in Japan. Our key finding is that labor market dynamics shifted after 1998 so that correlations between labor market tightness and wages weakened noticeably. This change was accompanied by a break in the relationship between wages and prices, so wage inflation has become a much less important determinant of price inflation.

The Political Economy of the Abe Government and Abenomics Reforms
  • Edited by Takeo Hoshi, Phillip Y. Lipscy
  • Published online:
    05 February 2021
    Print publication:
    25 February 2021
  • This volume seeks to explain the political economy of the Abe government and the so-called 'Abenomics' economic policies. The Abe government represents a major turning point in postwar Japanese political economy. In 2019, Abe became the longest serving Prime Minister in Japanese history. Abe's government stood out not only for its longevity, but also for its policies. Abe came to power promising to reinvigorate Japan's economy under the banner of Abenomics. He pursed a host of structural reforms and industrial promotions to increase Japan's potential growth rate. Abe also achieved important legislative victories in security policy. However, the government also faced significant controversies. The book will hold appeal to scholars and students specializing in the study of Japanese politics, comparative political economy, the politics of contemporary advanced democracies, macroeconomic policy, labor market reforms, corporate governance, gender equality, agricultural reforms, energy and climate change, and East Asian security.

Page 1 of 2