IGESSIGESS (Institute for Global Economics and Social Sciences)

The focus of this course is on providing introductory knowledge of the Japanese economy and the business. The participants learn the implications of the policy decisions and their impact on the state of the economy. The course seeks to provide an understanding of the historical and institutional background of the contemporary Japanese economy.

We use a wide range of sources, covering academic literature, business case studies, and topical news items as well as op-ed pieces to understand the various aspects of Japanese business.

Each class consists of two parts: (1) lecture and (2) students' exercises. In the second half of each lecture, students are expected to participate in various exercises. Exercises are followed by short class-discussion to develop the take-aways. Students are also required to take short quizzes.

The course intends to cover:
1. The brief economic history of Japan
2. The institutional basis of the contemporary Japanese economy
3. The characteristics of Japanese business practices

英語 / English

The class is designed to be:
1.Interactive: With a strong emphasis on student participation.
2. Up-to-date: With the real-time explanation of unfolding events.
3. Critical and Analytical: Understanding the Japanese Economy and Business
4. Accessible: Breaking down the complex jargon in simple terms.

Each class consists of two parts: (1) lecture and (2) discussion. Active participation is required.

Two-Way Interaction:
Students will be able to partly design this course by participating in regular surveys and writing weekly posts on Hoppii. After the submission of each assignment, the instructor will give feedback or remedial explanation via an online forum and/or in the weekly session.

あり / Yes

なし / No

※各回の授業形態は予定です。教員の指示に従ってください。

1：INTRODUCTION

Overview & significance of the course; Political economy of Japan

2：JAPANESE ECONOMIC MIRACLE

Characteristics and attributes; Flying Geese Model; Impact on other countries

3：ECONOMIC HISTORY OF JAPAN

Japan in the early 20th century; Allied occupation; Zaibatsu to Keiretsu

4：CRISES MANAGEMENT

Plaza Accord; Bubble economy; East Asian financial crisis; Lost decades

5：STATE CAPITALISM

Characteristics; Theoretical framework; Role of MITI and other institutions

6：FINANCIAL SYSTEM

The Main bank system; Evolution of Japanese capital market; Convergence debate

7：ECONOMIC POLICY

Key elements; Future challenges

8：STRUCTURAL REFORMS

Productivity slowdown; Big-Bang

9：JAPAN INC.

Keiretsu and cross-ownership; Management system and corporate governance

10：LABOR MARKET

The employment system; Continuity and change

11：ABENOMICS

Performance indicators; Critique; Course correction

12：JAPAN INC. 2.0

Cool Japan; Brand Japan; Startup scene

13：DEMOGRAPHIC DEBATE

Low-fertility and aging; Major policy reforms; Immigration policy

14：ADVANCED TOPICS

Business of/by/for elderly; Inequality debate; Reimagining innovation

Students are expected to review class material, complete assignments, and find relevant material. Preparatory study and review time for this class are 2 hours each.

No Textbook

Hayashi, Fumio and Edward C. Prescott (2002), The 1990s in Japan: A Lost Decade, Review of Economic Dynamics, 206-235.

Hoshi, Takeo and Anil K. Kashyap (2011): Why Did Japan Stop Growing?

Hoshi and Kashyap (2013): Will the U.S and Europe Avoid a Lost Decade? Lessons from Japan’s Post Crisis Experience

Iwai, Katsuhito (2002), The Nature of the Business Corporation: Its Legal Structure and Economic Functions, Japanese Economic Review 53(3), 243-273.

Clark and Ishii (2012) Social Mobility in Japan, 1868-2012: The Surprising Persistence of the Samurai, University of California, Davis



Hiroshi Yoshikawa (2001), The Aging of Society and Fiscal Policy, in Japan's Lost Decade, International House of Japan.

Hoshi, Takeo and Anil K. Kashyap (2004) Costs and Benefits of Keiretsu Financing, in Corporate Financing and Governance in Japan, Cambridge MA: MIT Press

Allen, F. and M. Zhao (2007) The Corporate Governance Model of Japan: Shareholders are not Rulers.

Ito, Takatoshi (2004) Exchange rate regimes and monetary policy cooperation: Lessons from East Asia and Latin America, Japanese Economic Review, 55(3), 240-266,

McKinnon, Ronald, and Kenichi Ohno (1997), Dollar and Yen, MIT Press.

The Becker-Posner Blog (2008, Nov. 16) Bail Out the Big Three Auto Producers? Not a Good Idea.

Hashimoto, Masanori and Yoshio Higuchi (2005), Issues Facing the Japanese Labor Market, in Reviving Japan's Economy, MIT Press.

Raymo, James M. and Miho Iwasawa (2005), Marriage Market Mismatches in Japan: An Alternative View of the Relationship between Women's Education and Marriage, American Sociological Review, 70, October, 801-822.

S Shirahase (2007) The Political Economy of Japan's Low Fertility

Toshimitsu Shinkawa (2006) The politics of pension reform in Japan: Institutional legacies, credit-claiming and blame avoidance, in Ageing and Pension Reform around the World.

1. Contribution to the class discussion, surveys, and micro-presentations - 40% (In-class participation)
2. Weekly forum posts and discussions - 40% (Peer interactions on Hoppii)
3. Final Assignment - 20% (An essay. Details TBA)

Not applicable

Class materials:
Lecture Notes | Class Slides | Weekly Handouts & Reading Lists | Updated Syllabus are available on the course website

Course website:jecon.school.blog

1.The intensive perusal of the research and case material before each session is a prerequisite
2.The changes/ updates in the syllabus will be communicated to students during class 1