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The MIT Encyclopedia of the Japanese Economy - 2nd Edition by Robert C. Hsu

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By Robert C. Hsu

The MIT Encyclopedia of the japanese financial system was once the 1st English-language encyclopedia to hide all significant features of Japan's postwar economic climate. the second one version has been absolutely revised and improved, and comprises formerly unpublished facts in addition to assurance of contemporary advancements within the economic climate. The definitional entries concisely clarify significant monetary innovations and comprise translations of jap fiscal phrases and move references to the longer topical essays. The a hundred and eighty topical essays conceal banks, monetary structures, significant industries, company teams, administration practices, exertions unions, foreign alternate and investments, executive monetary regulations, and extra. in addition they comprise finished facts, American and jap perspectives on fiscal kin among the 2 international locations, and recommendations for extra analyzing. a brand new index includes names of significant companies.

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Extra resources for The MIT Encyclopedia of the Japanese Economy - 2nd Edition

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It is clear that a sizeable fraction of the within-country inequality is arising from the growing inequality in urban incomes. Part of this is caused by the higher wage premiums for skilled workers. In China and Vietnam, the returns to university education have climbed steeply over the last decade. However, this may be a transitory phenomenon created by rigidities in the supply of college education. 05 0 1990 2002 Source: Compiled by the authors. Neither Indonesia nor Thailand, where the number of graduates has soared, display any trend toward greater skill premiums.

Corruption Except in Hong Kong (China) and Singapore, corruption is a significant problem in emerging East Asia. The level is comparable to that in Latin America and may be increasing (see figure 9). 39 Can East Asian growth prevail under these circumstances? Some have argued that there is an Asian paradox: how is it possible for high levels of corruption to coexist alongside rapid economic growth? Part of the answer seems to lie with the organized nature of corruption. Political scientists hypothesize that, if corruption is organized and centralized, then economic rents may be extracted from firms, while also ensuring that the corruption does not become so corrosive that firms move elsewhere or otherwise become unviable.

Similar manufacturers congregate in one location, each helping the 19 20 AN EAST ASIAN RENAISSANCE ■ FIGURE 4 East Asian Exports Are Growing in Sectors with Increasing Returns to Scale instruments electrical machinery nonelectronics machinery iron and steel scale elasticity > 1 pharmaceuticals wood products scale elasticity = 1 footwear leather apparel textiles –4 –2 0 2 4 6 change in export share, 1994–2004 Sources: Antweiler and Trefler 2002; calculations of the authors. other to develop a local talent pool of skilled labor, and each innovating and building on the innovations of the others.

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