Japanese economy is one of the largest economies in the world, but its share in the global GDP is decreasing steadily. Relative weakness is caused by both internal and external factors. Internal factors derive from a socio-economic model that was successful after World War II, but became less effective in the 21st century. On the other hand, external factors include: the growing competition from China and South Korea (the countries that initially emulated the Japanese model) and also the impact of natural disasters, which after several decades of relative seismic calm, have increasingly begun to affect the weakened economy of the Land of the Rising Sun. In addition, companies of the Silicon Valley have emerged on the market. When the software era arrived, Japan was still stuck to the production of hardware. In the face of the aforementioned challenges, successive governments in Tokyo have tried to break the unfavorable trend, which usually ended up with growing the public debt only. At the turn of 2012 and 2013 Shinzō Abe, an experienced politician, became the head of the Japanese government and announced a reform program named after his name -abenomics. The purpose of this article is the attempt to evaluate this program from the perspective of over four years from the time of its announcement.
Motivation: Favourable conditions for the development of corporate governance in Russia emerged at the beginning of the 90s, together with the commencement of economic and political transformation. At the beginning, one of the main factors connected with building and developing a corporate governance system was the process of privatization of state-owned enterprises. In the subsequent years, more factors emerged, such as: further economic reforms, political transformations, corporate legislation as well as financial and economic crises. Aim: The article's main thrust is to evaluate the impact of economic and financial crisis of 2008 and the posible impact of actual crisis on the evolution of selected internally and externally mechanisms of corporate governance in Russia. Results: The article uses theoretical analysis method based on a survey of literature and statistical data (especially from Russian Federal Statistics Service). The authors assume that the 2008 crisis caused less significant changes in the process of the evolution of corporate governance system in Russia (in comparison with 1998 crisis). The crisis of 2008 resulted mainly in the increase in the state's role, either as the owner as well as participant of the external corporate governance mechanisms. The impact of the current crisis
This article addresses Japan’s economy, its new economic policy package, which is known as Abenomics. The centerpiece of Abenomics has been the three “economic arrows” targeted at aggressive monetary policy, flexible fiscal policy, and growth strategy. This article focuses on Abenomics and shows the measures undertaken by the administration. The research question is: to what extent the policy package contributes to stimulating the economy? This question relates to the main problem of the effectiveness of Abenomics. The main purpose of this article is an attempt to evaluate Abenomics from the perspective of 5 years since the time of its announcement.
Przyczyny stagnacji gospodarczej Japonii Wst´p Na poczàtku lat 90. gospodarka japoƒska po ponad trzydziestu latach dynamicznego rozwoju wesz∏a w faz´ stagnacji. Spadek dynamiki wzrostu i pogorszenie równowagi ekonomicznej sprawi∏y, ˝e Japonia utraci∏a pozycj´ lidera mi´dzynarodowej konkurencyjnoÊci. BezpoÊrednimi przyczynami stagnacji gospodarczej Japonii by∏y: silna aprecjacja jena (Endaka) i spekulacja (bubble economy) oraz zjawisko przenoszenia mocy produkcyjnych za granic´ (hollowing out). Po okresie spekulacji gospodark´ japoƒskà dotkn´∏a recesja, której towarzyszy∏ radykalny spadek dynamiki wzrostu PKB, notowaƒ gie∏dowych i cen nieruchomoÊci, a tak˝e transfer mocy produkcyjnych za granic´. System spo∏eczno-ekonomiczny Japonii, który od po∏owy lat 50. zapewnia∏ wysokà dynamik´ wzrostu, ekspansj´ eksportowà, a tak˝e kapita∏owà, w latach 90. straci∏ swà dynamik´. Podejmowane przez rzàdzàcà Parti´ Liberalno-Demokratycznà reformy nie mia∏y charakteru kompleksowego i okaza∏y siṕ o∏owiczne i stosunkowo ma∏o skuteczne. System finansowy, w tym bankowy, który w drugiej po∏owie lat 80. uwaany by∏ za fundament si∏y ekonomicznej, znalaz∏ si´ w kryzysie. Pomimo wielu prób i realizacji programów poprawy sytuacji banków, osiàgni´te wyniki sà niezadowalajàce. Kryzys systemu bankowego opóênia proces restrukturyzacji grup kapita∏owo-przemys∏owych Keiretsu 1. Liberalizacja przep∏ywu czynników wytwórczych i globalizacja dzia∏alnoÊci produkcyjnej oraz wejÊcie Japonii w etap rozwoju gospodarki poprzemys∏owej, opartej na us∏ugach i wiedzy, ujawni∏y brak zdolnoÊci dostosowawczych grup Keiretsu do nowych warunków ekonomicznych, technologicznych, spo∏ecznych i mi´dzynarodowych rozwoju. Stagnacja gospodarcza zbieg∏a si´ w czasie z istotnymi zmianami demograficznymi w Japonii. Spadek tempa przyrostu ludnoÊci i pogarszajàca siś truktura wed∏ug wieku, stawiajà gospodark´ japoƒskà w niekorzystnej pozycji z punktu widzenia potrzeb rozwojowych. * Autor jest pracownikiem Wydzia∏u Ekonomicznego Uniwersytetu w Bia∏ymstoku. Artyku∏ wp∏y-nà∏ do redakcji w marcu 2005 r. 1 Keiretsu to niehierarchiczne grupy g∏ównych przedsi´biorstw wywodzàcych si´ z przedwojennych konglomeratów Zaibatsu (np. Mitsui, Mitsubishi, Sumitomo, Yasuda), powiàzanych relacjami kredytowymi ze wspólnym g∏ównym bankiem (np. Dai Ichi Kangyo, Fuji), i udzielajàcych preferencji innym cz∏onkom grupy, b´dàcym partnerami handlowymi lub joint-ventures (Keiretsu horyzontalne). Keiretsu wertykalne to sieç poddostawców funkcjonujàcych w ramach wielkich korporacji i podporzàdkowanych im poprzez relacje kapita∏owe oraz d∏ugookresowe umowy handlowe (np. Toyota, Hitachi) [Dore, 2000, s. 39].
Motivation: Favorable conditions for the development of corporate governance in Russia emerged at the beginning of the 90s, together with the commencement of economic and political transformation. At the beginning, one of the main factors connected with building and developing a corporate governance system was the process of privatization of state-owned enterprises and main market reforms. In the subsequent years, more factors emerged, such as: further economic reforms, political transformations, adequate corporate legislation as well as financial and economic crises. Aim: The article's main thrust is to evaluate the impact of financial crisis of 1998 on the evolution of selected internally and externally mechanisms of corporate governance in Russia. Results: The article uses theoretical analysis method based on a survey of literature and statistical data (especially from Russian Federal Statistics Service). The authors assume that the financial crisis of 1998 was a turning-point in the process of the evolution of corporate governance system in Russia. The crisis gave rise to new process of redistribution and consolidation of the ownership, caused significant changes in ownership structure and the process of building the new type of business groups (holdings). It caused the sig
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
customersupport@researchsolutions.com
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.