Japan Steps Out, January 13, 2013
....For three years economic policy throughout the advanced world has been paralyzed, despite high unemployment, by a dismal orthodoxy. Every suggestion of action to create jobs has been shot down with warnings of dire consequences. If we spend more, the Very Serious People say, the bond markets will punish us. If we print more money, inflation will soar. Nothing should be done because nothing can be done, except ever harsher austerity, which will someday, somehow, be rewarded.
リーマン・ショック, (Bankruptcy of Lehman Brothers)が2008年9月15日に起こって、早3年と数ヶ月。日経平均株価も当時大暴落を起こし、2008年9月12日（金）の終値は12,214円だったが、2008年10月28日には一時は6,000円台（6994.90円）まで下落。教授の言われるように、「3年間にわたり、世界中の先進的な経済政策は麻痺して」おります。
But now it seems that one major nation is breaking ranks — and that nation is, of all places, Japan.
そのような主要国総崩れの中にあって、日本が、経済総崩れの隊列を崩して（浮上して）きた、と？経済に関しては、クルーグマン教授、褒めてます。一応。でも、
Now, people who know something about Japanese politics warn me not to think of Mr. Abe as a good guy. His foreign policy, they tell me, is very bad, and his support for stimulus may have more to do with old-fashioned pork-barrel (tofu barrel?) politics than with a sophisticated rejection of conventional wisdom.
そうそう、クルーグマン教授、安倍さん嫌いですからね。またまた、”old-fashioned pork-barrel (tofu barrel?)”なんて揶揄してますが、
But none of that may matter. Whatever his motives, Mr. Abe is breaking with a bad orthodoxy. And if he succeeds, something remarkable may be about to happen: Japan, which pioneered the economics of stagnation, may also end up showing the rest of us the way out.
安倍首相の動機がなんであれ、”a bad orthodoxy”、悪しき通説を壊しつつある、ということ。安倍首相が成功した場合、”something remarkable”注目すべきな何か、これが起ころうとするかもしれない。世界に蔓延する経済停滞、これを打破して、日本以外の主要国、各国にこの停滞から脱する逃げ道を指し示すかもしれない、と....(・o・)
自分の好悪の感情、安倍に対するイデオロギー的偏見は捨てて、ナンチュウカ、今現在、結果オーライだかんねえ、ということ？教授？....(・o・)
[English Contents,
American, politics, government]
For three years economic policy throughout the advanced world has been paralyzed, despite high unemployment, by a dismal orthodoxy. Every suggestion of action to create jobs has been shot down with warnings of dire consequences. If we spend more, the Very Serious People say, the bond markets will punish us. If we print more money, inflation will soar. Nothing should be done because nothing can be done, except ever harsher austerity, which will someday, somehow, be rewarded.
But now it seems that one major nation is breaking ranks — and that nation is, of all places, Japan.
This isn’t the maverick we were looking for. In Japan governments come and governments go, but nothing ever seems to change — indeed, Shinzo Abe, the new prime minister, has had the job before, and his party’s victory was widely seen as the return of the “dinosaurs” who misruled the country for decades. Furthermore, Japan, with its huge government debt and aging population, was supposed to have even less room for maneuver than other advanced countries.
But Mr. Abe returned to office pledging to end Japan’s long economic stagnation, and he has already taken steps orthodoxy says we mustn’t take. And the early indications are that it’s going pretty well.
Some background: Long before the 2008 financial crisis plunged America and Europe into a deep and prolonged economic slump, Japan held a dress rehearsal in the economics of stagnation. When a burst stock and real estate bubble pushed Japan into recession, the policy response was too little, too late and too inconsistent.
To be sure, there was a lot of spending on public works, but the government, worried about debt, always pulled back before a solid recovery could get established, and by the late 1990s persistent deflation was already entrenched. In the early 2000s the Bank of Japan, the counterpart of the Federal Reserve, tried to fight deflation by printing a lot of money. But it, too, pulled back at the first hint of improvement, and the deflation never went away.
That said, Japan never had the kind of employment and human disaster we’ve experienced since 2008. Indeed, our policy response has been so inadequate that I’ve suggested that American economists who used to be very harsh in their condemnations of Japanese policy, a group that includes Ben Bernanke and, well, me, visit Tokyo to apologize to the emperor. We have, after all, done even worse.
And there’s another lesson in Japan’s experience: While getting out of a prolonged slump turns out to be very difficult, that’s mainly because it’s hard getting policy makers to accept the need for bold action. That is, the problem is mainly political and intellectual, rather than strictly economic. For the risks of action are much smaller than the Very Serious People want you to believe.
Consider, in particular, the alleged dangers of debt and deficits. Here in America, we are constantly warned that we must slash spending now now now or we’ll turn into Greece, Greece I tell you. But Greece, a country without a currency, doesn’t look much like the United States; surely Japan offers a more relevant model. And while doomsayers keep predicting a fiscal crisis in Japan, hyping each uptick in interest rates as a sign of the imminent apocalypse, it keeps not happening: Japan’s government can still borrow long term at a rate of less than 1 percent.
Enter Mr. Abe, who has been pressuring the Bank of Japan into seeking higher inflation — in effect, helping to inflate away part of the government’s debt — and has also just announced a large new program of fiscal stimulus. How have the market gods responded?
The answer is, it’s all good. Market measures of expected inflation, which were negative not long ago — the market was expecting deflation to continue — have now moved well into positive territory. But government borrowing costs have hardly changed at all; given the prospect of moderate inflation, this means that Japan’s fiscal outlook has actually improved sharply. True, the foreign-exchange value of the yen has fallen considerably — but that’s actually very good news, and Japanese exporters are cheering.
In short, Mr. Abe has thumbed his nose at orthodoxy, with excellent results.
Now, people who know something about Japanese politics warn me not to think of Mr. Abe as a good guy. His foreign policy, they tell me, is very bad, and his support for stimulus may have more to do with old-fashioned pork-barrel (tofu barrel?) politics than with a sophisticated rejection of conventional wisdom.
But none of that may matter. Whatever his motives, Mr. Abe is breaking with a bad orthodoxy. And if he succeeds, something remarkable may be about to happen: Japan, which pioneered the economics of stagnation, may also end up showing the rest of us the way out.
No comments:
Post a Comment