Japan''s Economic Revival : Policy Challenges in a Globalized World

This book focuses on Japan's recent recovery from a decade-long stagnation, with particular attention to the unfinished policy agenda and the international spillovers of Japan's policies, through background studies (both analytical and descriptive) by IMF economists.

Foreword; J.Lipsky Acknowledgements Overview; D.A.Citrin and A.Zanello PART I: GROWTH AND DEMOGRAPHICS Japan''s Potential Output and Productivity Growth; P.N''Diaye Household Savings in Japan; H.Edison PART II: FISCAL POLICY CHALLENGES Strategies for Fiscal Consolidation; D.Botman, H.Edison and P.N''Diaye Tax Policy Challenges from Globalization and Aging: Issues and Options; M.Keen Pension Reform Issues; D.Iakova PART III: MONETARY POLICY AFTER DEFLATION A Post-Deflation Monetary Framework; C.Kramer and M.Stone Practical Issues Surrounding the New Understanding of Price Stability; C.Faulkner-MacDonagh PART IV: THE RISE IN CROSS-BORDER CAPITAL FLOWS Home Bias in Japan; W.C.Walker Recent Developments and Outlook for Japan''s Capital Flows; S.Nakagawa and C.Faulkner-MacDonagh PART V: CHALLENGES FOR THE BANKING SECTOR Why is Japanese Banking Sector Profitability so Low?; A.Wolfson The Reemergence of Japanese Banks in Asia; S.Nakagawa PART VI: STRUCTURAL REFORMS Priorities for Structural Reform; Y.Khatri Agricultural Policies in Japan: Domestic and International Repercussions; B.McDonald PART VII: INTERNATIONAL SPILLOVERS The Domestic and Global Impact of Japan''s Policies for Growth; N.Batini, P.N''Diaye and A.Rebucci Capital Flows and the Yen-U.S. Dollar Exchange Rate; P.N''Diaye