The direct investment of Japanese businesses to East Asian economies accelerates the reallocation of their production bases. Consequently, between Japan and the other East Asian countries, both exports and imports are growing substantially. — Toshihiko Fukui Copy Share Image
In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the response of economic activity to exchange rate movements in the long run. — Toshihiko Fukui Copy Share Image
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity… — Toshihiko Fukui Copy Share Image
They emphasize the viewpoint that the protracted economic stagnation in Japan derives from incomplete economic adjustments to significant changes in relative prices. — Toshihiko Fukui Copy Share Image
In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the… — Toshihiko Fukui Copy Share Image
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and… — Toshihiko Fukui Copy Share Image
Thus, the questions we should ask here are what makes the current economic upswing different from the past two recoveries, and whether such differences… — Toshihiko Fukui Copy Share Image
The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking place at… — Toshihiko Fukui Copy Share Image
Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in… — Toshihiko Fukui Copy Share Image
However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest… — Toshihiko Fukui Copy Share Image
The direct investment of Japanese businesses to East Asian economies accelerates the reallocation of their production bases. Consequently, between Japan and the other East… — Toshihiko Fukui Copy Share Image
The staff at the Institute will present an analysis on how asset price fluctuations and subsequent structural adjustments influence sustained economic growth, based on… — Toshihiko Fukui Copy Share Image
As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research… — Toshihiko Fukui Copy Share Image
During the past two decades, inflation has fallen to a low level in major industrial countries. — Toshihiko Fukui Copy Share Image
