Problems of economic growth in Japan: from 'economic miracle' to protracted recession.
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The study addresses the Japanese puzzle: the protracted period of exceptionally fast economic growth known as the Japanese economic miracle, and the very sharp fall in the growth rate and protracted recession that followed it. The authors prove with an endogenous growth model that no economic miracle occurred in Japan either: the very strong growth occurred in accordance with the general rules of economic development. The main cause of the protracted recession, according to the authors' findings, was the exchange-rate shock of the mid-1980s, based on international agreement, which slowed the hitherto exceptionally speedy expansion in Japan's exports, so applying a sharp brake on the main factor behind the rapid growth. The authors have devised a model that explains the export tendencies as a function of exchange rates and terms of foreign trade.
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