Japan has suffered from sluggish economic growth and recession since the early 1990s. In this paper, we analyze the causes of the prolonged slowdown of the Japanese economy (the lost decade). Economics Nobel laureate Paul Krugman has argued that Japan's lost decade is an example of a liquidity...

Major developments in the Chinese economy since 1978 in terms of some broad aggregates are sketched out. GDP growing at a respectable rate. Output structure during the period 1957-78 shifted in favour of industry. The pattern of resource allocation characterized by a relatively large...