According to the disciplining hypothesis, globalization restrains governments by inducing increased budgetary pressure … globalization ("compensation hypothesis"). Employing two different datasets and various measures of globalization, we analyze … whether globalization has indeed influenced the composition of government expenditures. For a sample of 108 countries, we …

Japan did not achieve its previously agreed to numerical targets on the market share of U.S. imports of microchips to Japan … in 1992. Combined with a steadily deteriorating current account balance with Japan, this has led the Administration to …

identified as deflation, sometimes as a liquidity trap, the new concern is that the U.S. economy will become like Japan?s. After … only about one percent annually. With more than a decade of slow growth, Japan?s economy since around 1990 is not one that … States and Japan have raised widespread concerns. Interest rates in Japan are essentially zero; interest rates have fallen …

, I argued (i) that it has been overly restrictive for almost a decade, (ii) that the Bank of Japan?s policy changes of … recession and calls for additional stimulus from the Bank of Japan (BOJ) have become more prominent. In the current paper …