From Growth Superstar to Economic Underachiever: The Role of Trade in Japan's Sagging Fortunes
Japan is a case of "success that soured.">sup>1>/sup> While Japan was a miracle economy during the high-growth era, the miracle ran out of juice more than twenty years ago. A twenty-three-country regression using a "conditional convergence" model shows that, in 1960-70, Japan achieved 8.4 percent annual growth in real gross domestic product (GDP) per worker, far above a model projection of 7.0 percent. In 1973-90, by contrast, Japan's growth was only 3.0 percent, far below the model projection of 4.3 percent. A Japan dummy is sizable and significant in both cases.
Year of publication: |
1996
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Authors: | Katz, Richard |
Published in: |
Japanese Economy. - M.E. Sharpe, Inc., ISSN 1097-203X. - Vol. 24.1996, 2, p. 3-72
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Publisher: |
M.E. Sharpe, Inc. |
Saved in:
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