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http://ssrn.com/abstract=1721324
 
 

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Revitalizing the Japanese Economy by Socializing Risk


Charles Yuji Horioka


University of the Philippines, Diliman; National Bureau of Economic Research (NBER); Osaka University - Institute of Social and Economic Research (ISER)

Reiko Kanda


National Institute for Research Advancement (NIRA)

December 5, 2010

ISER Discussion Paper No. 799

Abstract:     
The almost continuous stagnation of the Japanese economy for the past two decades has had an adverse impact on Japanese households from at least three perspectives: A decline in the standard of living, an increase in risks and uncertainties relating to livelihood, employment, old age, etc., and an increase in income inequality. The majority of economists and policymakers focus their attention on the increase in income inequality. The research discussed here, however, focuses on the increase in risk and uncertainty among households and individuals. Based on this research, we propose a shift to a policy regime centering on the socialization of risk, which will make possible a transition from a society in which individuals bear excessive risks to one in which risk is shared equitably by society as a whole.

Number of Pages in PDF File: 26

Keywords: Japanese economy, Policy regimes, Liberal regime, Social democratic regime, Conservative regime, Economic risks, Risk-coping mechanisms, Risk sharing, Socialization of risk, Social welfare, Redistribution, Government expenditures, Income gap, Income disparities, Income inequalities, Discrimination

JEL Classification: G20, H11, H50, I38, J08, J70, P10, P51

working papers series


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Date posted: December 19, 2010 ; Last revised: February 19, 2011

Suggested Citation

Horioka, Charles Yuji and Kanda, Reiko, Revitalizing the Japanese Economy by Socializing Risk (December 5, 2010). ISER Discussion Paper No. 799. Available at SSRN: http://ssrn.com/abstract=1721324 or http://dx.doi.org/10.2139/ssrn.1721324

Contact Information

Charles Yuji Horioka (Contact Author)
University of the Philippines, Diliman ( email )
Encarnacion Hall
F. M. Guerrero corner S. Osmena Sts
U.P. Diliman, Quezon City
Philippines
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Osaka University - Institute of Social and Economic Research (ISER) ( email )
6-1 Mihogaoka
Ibaraki, Osaka 567-0047
Japan
Reiko Kanda
National Institute for Research Advancement (NIRA) ( email )
Tokyo 150-6034
Japan
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