First Oil Shock Impact on the Japanese Economy

AbstractThe purpose of this article is to show the influence of the first oil shock on the Japanese economy, its consequences and the way in which they have managed to implement the new solutions.We will analyze the influence of the increase of oil price related to early 70s from three points of view: economic growth, inflation and trade balance. All three studies about Japan will be compared to the U.S. and UK.To check whether the measures taken after the first oil shock have been successful, we will make, again, a comparison of Japan with the United States and Britain, capturing also the period of the second oil shock late 70's to see how the Japanese economy performed in relation to them