Abenomics and the Transmission Mechanisms of Economic Policy

On Monday 6 November 2017 we held our second Abenomics conference. We refers to our research collaboration including myself, Mimoza Shabani from UEL, Alexis Stenfors (Portsmouth) and Jan Toporowski (SOAS). We started a collaborative research project together with Meiji University, Tokyo, last September. This time we met for a conference in London. Thanks to TIFO and their financial support we could invite our Japanese research partners, Prof Etsuko Katsu and Prof Takashi Yagi.

We discussed Japan’s current economic situation and the impact of unconventional monetary policy. Japan has long been ahead of the curve with Quantitative Easing and its somewhat startling that not more economic commentators look to Japan for lessons.

My colleague Dr Shabani and I presented our work (still in progress) on Japanese non-financial corporations (NFCs) and their alleged financialisation. You can find our slides here: Shabani Karwowski_NFC balance sheet recession_20171106.

In a nutshell, we are not convinced that Japanese NFCs are financialised. There have been some excited reports about share buybacks. However, in comparison to 1980s/1990s levels investment into financial assets and financial income (and for that matter also ‘other’ income) are rather low. So if you want, Japan was more financialised during the late 1980s than now.

Abenomics workshop

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