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Financial Instability in Japan: Debt, Confidence, and Financial Structure

In: Return of Marxian Macro-Dynamics in East Asia

Author

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  • Kenshiro Ninomiya
  • Masaaki Tokuda

Abstract

The Japanese economy experienced prosperity during the bubble economy and has suffered from a prolonged recession since the bubble economy collapsed. This paper examines how the interest-bearing debt burden, structural change, and instability of confidence affect dynamic systems. Moreover, it examines these factors in the Japanese economy by applying a recursive vector autoregression analysis. This paper emphasizes the interest-bearing debt burden, the economic structure resulting from the instability of confidence, and the instability of confidence resulting from debt burden play important roles in the instability of the economy. As a result, Japan’s economy was determined to be relatively stable from 1980 to 1996, but was unstable, thereafter.

Suggested Citation

  • Kenshiro Ninomiya & Masaaki Tokuda, 2017. "Financial Instability in Japan: Debt, Confidence, and Financial Structure," Research in Political Economy, in: Return of Marxian Macro-Dynamics in East Asia, volume 32, pages 39-61, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rpeczz:s0161-723020170000032004
    DOI: 10.1108/S0161-723020170000032004
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    Citations

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    Cited by:

    1. Kenshiro Ninomiya, 2022. "Financial structure, cycle, and instability," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 11(1), pages 1-23, December.
    2. Kenshiro Ninomiya & Masaaki Tokuda, 2021. "Structural change and financial instability in the US economy," Evolutionary and Institutional Economics Review, Springer, vol. 18(1), pages 205-226, April.
    3. Kenshiro Ninomiya & Hiroyuki Takami, 2018. "Profit sharing, labour share and financial structure," Evolutionary and Institutional Economics Review, Springer, vol. 15(1), pages 89-111, June.
    4. Kenshiro Ninomiya, 2017. "Financial Structure and Instability in an Open Economy," Discussion Papers CRR Discussion Paper Series B: Financial 16, Shiga University, Faculty of Economics,Center for Risk Research.

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