|
Section I |
Japan's
"Lost Decade": Who's Fault Is It?
"In order of importance, "0"being "not important at
all"" and "10" being "most important", please number
who/what bears that greater responsibility for Japan's
economic malaise." |
|
|
1 |
MoF & FSA |
|
ING R. |
R .Jerram |
10 |
|
|
HSBC |
P. Morgan |
8 |
They actively delayed adjustment to and
recognition of bad debts |
|
CSFB |
C. Walker |
8 |
|
|
Lehman |
P. Sheard |
8 |
"Being the most powerful and influential one,
MoF has to take the brunt of the blame among the ministries. "
|
|
Merrill |
J. Koll |
6 |
Why so soft on the banks? |
|
2 |
BoJ |
| |
R. Jerram |
9 |
Not quite as responsible at the financial
authorities and the politicians. |
|
P. Morgan |
6 |
They were behind the curve in easing policy
|
|
C. Walker |
7 |
|
|
P. Sheard |
7 |
"The BoJ, for years, has tolerated macro
deflation and a weak banking system, thus failing to act in
the spirit of its two legislated objectives. " |
|
J. Koll |
9 |
BoJ NEVER considered the possibility of
monetary policy becoming impotent once you enter deflation -
stayed on brakes far too long |
|
3 |
METI |
| |
R. Jerram |
5 |
|
| |
P. Morgan |
0 |
|
| |
C. Walker |
6 |
|
| |
P. Sheard |
3 |
Has been a prime mover in promoting
institutional reforms in the corporate sector. |
| |
J. Koll |
5 |
Why so soft on companies? |
|
4 |
Prime Minister & Cabinet |
| |
R. Jerram |
10 |
|
|
P. Morgan |
5 |
|
|
C. Walker |
9 |
|
|
P. Sheard |
10 |
"Although structurally weak in Japan, that' s
no excuse: the buck for policy mismanagement stops here." |
|
J. Koll |
7 |
"Until Koizumi, the emphasis was always the
protection of LDP vested interests, never a statesman-like
will to make a hard decision" |
|
5 |
LDP |
| |
R. Jerram |
10 |
|
|
P. Morgan |
6 |
|
|
C. Walker |
10 |
|
|
P. Sheard |
9 |
"The LDP is the ruling party, which should mean
what it says. " |
|
J. Koll |
8 |
"LDP turned Japan into a ""Losers Paradise"" by
peddling zero-cost loans and public contracts to keep
inefficient companies alive" |
|
6 |
Corporate de-leveraging |
| |
R. Jerram |
3 |
"Can it be held ""responsible' if it is
rational behavior? To me 'responsible' implies an error or
weakness." |
|
P. Morgan |
8 |
This is the key source of deflationary pressure
|
|
C. Walker |
3 |
|
|
P. Sheard |
6 |
"A significant part of corporate de-leveraging
was an unavoidable part of the unwinding of the 1980s asset
bubble, but the corporate de-leveraging process could have
been handled differently and much better." |
| |
J. Koll |
2 |
Did not happen fast enough - lack of more
aggressive de-leveraging a direct result of not-functioning
corp.governance |
|
7 |
Corporate Governance |
| |
R. Jerram |
5 |
|
|
P. Morgan |
7 |
This is one of the main reasons why adjustment
has been so slow |
|
C. Walker |
4 |
|
|
P. Sheard |
5 |
"The main bank system, cross holdings and
""convoy"" system constituted a weak form of governance system
in the postwar period, complementary to the corporatised
employment system, but with the bursting of the bubble the
whole system became dysfunctional and part of the problem."
|
|
J. Koll |
10 |
Lack of clear busines purpose and
professionalism of managers is shocking ; internal rules
squash inovation and creative power of human capital
|
|
8 |
USA & 'Gaiatsu' |
| |
R. Jerram |
2 |
|
|
P. Morgan |
0 |
|
|
C. Walker |
0 |
"The three areas I identified with ""0""s are
not sources of malaise at all, in my view, but, rather
positive influences on the economy that ought to be emphasized
more." |
|
P. Sheard |
0 |
Japan has only itself to blame. |
|
J. Koll |
3 |
Over-rated and used as the excuse for
domestic-induced action initiatives |
|
9 |
China & Cheap imports |
| |
R. Jerram |
1 |
|
|
P. Morgan |
3 |
|
|
C. Walker |
0 |
"The three areas I identified with ""0""s are
not sources of malaise at all, in my view, but, rather
positive influences on the economy that ought to be emphasized
more." |
|
P. Sheard |
2 |
"Japan's deflation is not due to China. Japan
benefits from China's emergence, although it has not maximised
the opportunities." |
|
J. Koll |
1 |
That's a net plus for the economy |
|
10 |
Labor Unions |
| |
R. Jerram |
1 |
|
|
P. Morgan |
2 |
|
|
C. Walker |
5 |
|
|
P. Sheard |
1 |
"Contributed to the institutional stasis, but
more of a residual than anything else." |
|
J. Koll |
4 |
Incapable of fostering a contructive opposition
to LDP rule |
|
11 |
Deregulation |
| |
R. Jerram |
6 |
Lack thereof |
|
P. Morgan |
0 |
There clearly hasn't been enough |
|
C. Walker |
0 |
"The three areas I identified with ""0""s are
not sources of malaise at all, in my view, but, rather
positive influences on the economy that ought to be emphasized
more." |
|
P. Sheard |
4 |
"It being too slow, ad hoc and insufficient,
opportunities for growth and an injection of dynamism into a
moribund economy were lost." |
|
J. Koll |
0 |
Net plus for economy |
|
Source:
JapanReview.net 2003 Economist Poll |