IGESSIGESS (Institute for Global Economics and Social Sciences)

Japan’s economy witnessed a fast growth after world war Ⅱ. But ever since 1989, Japan’s imploding stock bubble threw the country into a deep financial crisis, resulting in the famous “lost decades”. And the stagnation continues especially after the world economic crisis hit in 2008. This will be one-year course. In the 1st semester, we will mainly take a macroeconomic perspective, and look at the reality and problems of Japanese economy from 1980s in a big picture, such as economic growth, financial and monetary policies, “the lost decade” and Abenomics.

The purpose of this course is twofold: to arouse the students’ interest towards the happenings that are related to Japanese economy, in a globalized context; and to equip students with the basic knowledge to reasonably question the phenomenon during the process of Japan’s globalization, from the standpoint of economics.

英語 / English

This will be an on-demand course. Videos and teaching materials will be uploaded in advance via Hosei's website (‘lecture supporting system'). Lectures are given in line with the teaching materials. The combination of response papers, homework and a final exam will be used.
The answers to the representative questions in the response papers will be provided in each class.

あり / Yes

なし / No

授業形態/methods of teaching：オンライン/online

※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[オンライン/online]：Orientation

The general introduction of this course

2[オンライン/online]：GDP, demand and supply, and other basic concepts

To understand the definition of GDP, equilibrium and other basic economic terms

3[オンライン/online]：Rise of Japanese economy after World War 2

How Japanese economy developed after the war

4[オンライン/online]：The growth engine and Japan's “economic miracle”

To explain the Japan's fast economic growth using growth theory

5[オンライン/online]：National savings and economic growth in Japan

How Japan’s economic growth can be explained by national savings

6[オンライン/online]：Japan's financial policy

To introduce the basic fiscal policies of Japan, from the perspective of investment and savings (taxation, government expenditure)

7[オンライン/online]：Japan’s monetary policy

To introduce the basic monetary policies of Japan (interest rate, money supply)

8[オンライン/online]：The lost decade (1)

How the bubble in Japan was formed?

9[オンライン/online]：The lost decade (2)

The burst of the bubble and the stagnation of the economy in Japan

10[オンライン/online]：Subprime loan and world financial crisis

How the world financial crisis was triggered by subprime loan problem (in comparison to Japan’s bubble economy)

11[オンライン/online]：From inflation to deflation: does Abenomics work?

How deflation hurt Japan and three arrows of Abenomics

12[オンライン/online]：Appreciation of yen and balance of payment & Japanese economy

Introduction of exchange rate and how that affects the Japanese economy

13[オンライン/online]：Japan’s labor market

Introduction of the history and trend from lifetime to “irregular” employment, from a macro perspective

14[オンライン/online]：Japan’s energy economy and sustainable development

How Japan’s energy economy and sustainable development have developed

It is highly recommended that students prepare in advance and review the contents after the class. Students are encouraged to read newspapers and references that are related to the topics included in the course schedule. It is important that students raise their own questions and actively participate in the discussion.本授業の準備学習・復習時間は、各2時間を標準とします。

Teaching materials of both full textbook and charts in the PDF format are posted on the Hosei's website. Students are asked to download and print out these teaching materials before each class.

Flath, David, The Japanese Economy, 3rd ed., Oxford: Oxford University Press, 2014.
Barba Navaretti, G. and A. J. Venables, Multinational Firms in the World Economy, Princeton University Press, 2004
Krugman, P.R., M. Obstfeld, and M. Melitz, International Economics: Theory and Policy, 10th Edition, Pearson, 2014
Robert C. Feenstra and Alan M. Taylor, International Economics, 2nd Edition, Worth Publishers, 2010

We will have a final exam for this course. But different from the regular written exam, it will be online and take the form of multiple choice question, using Hoppii (the same format as the homework). I will give you enough time, meanwhile you will be allowed to make reference to all the resources. As for the evaluation:
(1)Homework: 50%
(2)Final exam: 50%

Nothing particular