By IFO Institute for Economic Research Sakura Institute ofResearch Japan
The target of this ebook is to judge correctly financial improvement mechanism and to extract helpful classes from a comparability of the commercial improvement of Japan and that of Germany. The publication covers an intensive variety of financial matters: (1) macro-economic components: capital, exertions, know-how; (2) macro-economic guidelines: monetary, financial, business; (3) exterior shocks to either economies: oil crises, alternate cost fluctuations, environmental difficulties; (4) improvement procedures of significant industries: metal, chemical substances, and autos. The analyses with this systematic and finished procedure offer necessary insights for the overall reader in addition to guidance for constructing nations and for jap ecu nations in transition.
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Extra info for A Comparative Analysis of Japanese and German Economic Success
An important reason for the relatively slow and lengthy recovery after World War I, where pre-war levels of industrial output were only reached fourteen years later (in 1927), was due to the negative effects of hyperinflation in contrast to the repressed inflation and the price controls after World War II (Mendershausen, 1955). Hyperinflation is worse than repressed inflation: that is the interesting message. When the paths of output after the currency reforms in 1923 and 1948 are compared, similar fast rates of growth are to be found in the period 1923-28 and 1948 onwards.
GHQ also provided reconstruction funds under the Economic Rehabilitation Account in Occupied Areas (EROA) system. These funds were used mainly to purchase raw cotton, minerals, raw materials and machinery. 9 billion. During the period of post-war confusion, Japan was unable to import essential goods with its foreign currency reserves exhausted. Aid from the United States enabled it to import urgently needed supplies. Without those aids, post-war Japan would have faced extremely severe economic problems that would inevitably have delayed its economic reconstruction.
2. 1. Industrial sector transitions in the Japanese economy Value-added analysis Retracing the pattern of transition in industrial structure is an effective means of clearly identifying qualitative changes in Japan's post-war economic development. Of the three general industrial categories, Japan's primary industry accounted for about 30% of the total of real value added immediately following the end of World War IT, but declined steadily thereafter (Fig. 1-3). 8% over the entire thirty-seven-year span from 1955 to 3.