Japan's economic challenges ahead - Abenomics and beyond
Project duration: 2014-ongoing
Japan’s economy faces major challenges. The most prominent are demographic change, fiscal and monetary stability, economic inequality, globalization and the fourth industrial revolution. The economic policies undertaken by the Abe administration coined as “Abenomics” include a wide range of ambitious initiatives in the field monetary policy, science and technology, regional economy, corporate governance, productivity, gender and work-life balance aimed at tackling the various challenges. With these initiatives, the government has tightly controlled public discourses about economic policy both at the macro and micro level despite the fact that many of the initiatives lack rigorous analysis as far as the possibility and effectiveness of government action and the adequacy of specific measures proposed are concerned. The research undertaken in this project critically assesses the economic rationale of the goals and the effectiveness of the measures taken. It applies a theoretical and comparative institutional perspective and explores policy alternatives. In doing so, it aims to not only stimulate academic discussions, but to also contribute to public discourses. The focus is on fiscal and monetary policy, corporate governance, employment and productivity.