La Nueva Política Monetaria de Japón

El mundo económico logró respirar mejor cuando el Banco de Japón anunció que incrementaría su base monetaria para dar impulso a la demanda. El mercado accionario japonés subió aproximadamente 10%, aunque ha caído un poco desde entonces. Las razones para preocuparse por Japón –la segunda economía más grande del mundo, detenida en total estancamiento por años– son muchas. A menos que su política monetaria cambie considerablemente, tanto Estados Unidos (EU) como Japón podrían caer en una recesión simultánea, creando riesgos para el mundo entero.

En los años 80, la economía japonesa no podía estar mal. El crecimiento económico era de 4% anual, mucho más rápido que el 3% anual de EU. En los 1990, sin embargo, el crecimiento de Japón promedió menos de la mitad del 3.4% de EU.

Hay dos explicaciones para el pobre desempeño económico de Japón. Una es que el país todavía sufre por el colapso de una burbuja financiera sucedido a finales de los 80. El acentuado declive de los mercados accionario e inmobiliario a finales de los ochenta e inicios de los noventa dejó muchas bancarrotas financieras y un sistema bancario débil lleno de malos préstamos. El gobierno japonés ha sido más bien ineficaz para limpiar el desorden, por ejemplo, retrasando por casi una década la recapitalización de los bancos nipones.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/olWCe2L/es;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now