Question 1: What went wrong with Japan’s macroeconomic policies during the two-decade-long recession? Discuss the ineffectiveness of Japan’s macroeconomic policies, both fiscal and monetary, implemented during the 1990s. Why were they ineffective in jumpstarting the economy?

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Question 1: What went wrong with Japan’s macroeconomic policies during the two-decade-long recession? Discuss the ineffectiveness of Japan’s macroeconomic policies, both fiscal and monetary, implemented during the 1990s. Why were they ineffective in jumpstarting the economy? Question 2: Some nationalists in Japan may say, “Japan has been in a long recession because the U.S. created the ‘Bubble Economy.’” Discuss what these people are arguing while referring to the economic situations and policies of the U.S. and Japan as well as their bilateral economic relationship during the 1980s. Question 3: What are the commonalities among East Asian economies that achieved rapid economic development? In class, we talked that there are differences even among East Asian economies between those which achieved high economic development in earlier years and those which are late comers. What are the differences? Among the factors that contributed to rapid economic development, are there any lessons that can be learned by other developing economies in the world? What kind of economic conditions can allow economies to achieve steady, high economic growth? Are there any Asian specific factors especially in terms of political-economic factors? What is the U.S. involvement? Question 4: Carefully discuss the differences and similarities between Korean and Taiwanese economic development. Also discuss if and how socio-political differences contributed to the differences in these two countries’ economic development.
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