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Is Germany Turning Japanese?

Author

Listed:
  • Adam S. Posen

    (Peterson Institute for International Economics)

Abstract
After the recent IT bubble, Germany alone among OECD countries is beginning to share Japan's political-economic profile: too many banks with too little capital, macroeconomic policy division and deflationary bias, and financially and politically passive households. Germany has been spared Japan's fate of persistent stagnation so far because of its long-standing openness and commitment to international economic integration. But this commitment is newly in jeopardy, as Germany backs an approach to the European Union's enlargement that would elevate the power and interests of larger incumbent nations - a shift from Germany's traditional support for EU federalism. The change in the German approach to EU enlargement could well tip the country into a full-fledged Japan syndrome.

Suggested Citation

  • Adam S. Posen, 2003. "Is Germany Turning Japanese?," Working Paper Series WP03-2, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp03-2
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    File URL: https://www.piie.com/publications/working-papers/germany-turning-japanese
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    Citations

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    Cited by:

    1. repec:zbw:bofrdp:2007_002 is not listed on IDEAS
    2. Adam Posen, 2003. "It Takes More Than a Bubble to Become Japan," RBA Annual Conference Volume (Discontinued), in: Anthony Richards & Tim Robinson (ed.),Asset Prices and Monetary Policy, Reserve Bank of Australia.
    3. Jorg Bibow, 2005. "Bad for Euroland, Worse for Germany-The ECB's Record," Macroeconomics 0511018, University Library of Munich, Germany.
    4. Mehrotra, Aaron, 2007. "A note on the national contributions to the euro area M3," Bank of Finland Research Discussion Papers 2/2007, Bank of Finland.
    5. Georg Erber, 2003. "Deflationsgefahr in Deutschland und die Geldpolitik der EZB," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(11), pages 3-9, June.
    6. Daniel Leigh, 2004. "Monetary Policy and the Dangers of Deflation:Lessons from Japan," Economics Working Paper Archive 511, The Johns Hopkins University,Department of Economics.

    More about this item

    Keywords

    Germany; Japan; economy; banks; banking; macroeconomic; international economic integration;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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