著者

小峰 隆夫

出版者

法政大学経済学部学会

雑誌

経済志林 = The Hosei University Economic Review (ISSN:00229741)

巻号頁・発行日

vol.77, no.3, pp.5-24, 2010-03-15

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This article is an attempt to answer three questions. The first is why the Japanese economy suffered a heavier blow than the U.S. from the Lehman shock. The answer is that it was not only due to the fall of exports but also to the adjustment of inventory investment and the “acceleration principle” for plant investment. The second is how we should evaluate the economic policy of the Japanese Government following the Lehman shock. The conclusion of this article is that the evaluation should not be very high, considering the delay in the Government’s recognition of the seriousness of the economic situation. The third is what policy orientation should be adopted to transform the economy from net export-led growth to domestic demand-led growth. This article outlines the difference between net exports and exports, and recommends that exports, imports and domestic demand be expanded at the same time to realize growth led by domestic demand.