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- W1559396466 abstract "Japan is in the eleventh year of stagnation with a prolonged financial malaise. Just a little over a decade ago, Japan's Phenomenal growth was admired and even feared as a juggernaut. Japanese scholars and policymakers came to often describe Japan's industrial advance in terms of the so-called flying-geese model of catch-up growth, a sanguine expression that has also been played up in the media. Japan once did play the role of Asia's lead goose before the burst of the 1987-1990 asset bubble. The model is useful in capturing the essence of Japan's successful industrial upgrading and Asia's trade-led growth but fails to explain why such a success would ever lead to the present economic predicament. This is because it ignores the institutional, especially financial, underpinnings of Japan's catch-up strategy. What were the key enabling features of Japan's once effective FG catch-up strategy? How did they function? Why did they come to cause the 1987-1990 bubble and the current financial imbroglio? How will Japan be reformed? All these developments and issues need to be examined as path-dependent evolutionary events within a reformulated flying-geese model, and institutional model of FG catch-up." @default.
- W1559396466 created "2016-06-24" @default.
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- W1559396466 date "2001-05-01" @default.
- W1559396466 modified "2023-09-27" @default.
- W1559396466 title "The hidden side of the flying-geese model of catch-up growth : Japan's dirigiste institutional setup and a deepening financial morass" @default.
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