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- W1485285850 abstract "This paper investigates why Japan's recovery from the depression of the early 1930s was so quick. A simple macromodel is constructed and carefully estimated. A dynamic simulation analysis is conducted in order to evaluate various causes of recovery. It is found that the recovery of Japan owed mainly to both deficit spending and expansion of exports, while the contribution of a rise in profit rate (fall in real wage) or low interest rate policy is rather marginal. The expansion of exports was ignited by exchange rate depreciation, but their sustained growth was due to development of markets in colonial and semicolonial regions based on capital exports from Japan." @default.
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- W1485285850 date "1994-06-01" @default.
- W1485285850 modified "2023-09-23" @default.
- W1485285850 title "Exchange Rate and Economic Recovery of Japan in the 1930s" @default.
- W1485285850 doi "https://doi.org/10.15057/7776" @default.
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