The Politics of Financial Crisis Response in Japan and the United States
Bibliographic Data
| ID | 7303769 |
|---|---|
| Authors | Phillip Y Lipscy (0000-0001-6858-5453, Stanford University), Hirofumi Takinami (Stanford University) |
| Year | 2013 |
| Volume | 14 |
| Issue | 3 |
| Pages | 321-353 |
| Publication date | 2013-08-13 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Japanese Journal of Political Science (JOURNAL) |
| Journal identifiers | ISSN: 1468-1099 • E-ISSN: 1474-0060 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s1468109913000133 |
| OpenAlex | W2136601928 |
| Language | EN |
| Citations received | 4 |
| References cited | 88 |
We examine the politics of financial crisis response in Japan and the United States. Many existing accounts of Japan's ‘lost decade’ of the 1990s have emphasized Japan-specific factors, such as structural problems, policy errors, and political dysfunction. We argue that Japan may have been subject to a form of first-mover disadvantage . Like innovation in the private sector, developing effective solutions to novel policy problems requires a messy process of discovery, experimentation, and repeated failure. Much as late-industrializing countries adapted the methods and technologies of early developers, second-movers can apply effective policies demonstrated by first-movers in a more targeted, efficient, and rapid manner. We show that the behavior of Japan and the United States during their respective financial crises is broadly consistent with this theory. In addition, policy adoption in the United States most clearly reflected lessons from Japan in areas where the lessons were considered clear and implementation was less politicized
Business · Disadvantage · Economic policy · Economics · Financial crisis · Macroeconomics · Political economy · Political science · Politics · Banking stability, regulation, efficiency · Global Financial Crisis and Policies · Housing, Finance, and Neoliberalism
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| Unique citing works | 4 |
|---|---|
| Citations per year | 0,5 |
| Citation span | 2018 - 2023 (6) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 4 |