"Lost Decade" in translation: what we learn from Japan
A paper published by the International Monetary Fund (IMF) finds four lessons from the Japanese experience which it considers relevant for the current financial turmoil.
The four lessons are that:
• green shoots do not guarantee a recovery, implying a need to be cautious about the outlook;
• financial fragilities can leave an economy vulnerable to adverse shocks and should be resolved for a durable recovery;
• well-calibrated macroeconomic stimulus can facilitate this adjustment, but carries
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