成熟社会の金融財政政策(III)(共同研究:戦後改革と日本の現状)

The Japanese economy has suffered a severe recession for ten years since a burst of bubble in land and stock markets. The government of Japan and the Bank of Japan have taken expansional fiscal and monetary policies since then. These policies, however, has little effects so far. In facing the fact, the Keynesians claim more government expenditures, and the monetarists claim more easing monetary policies. Both say that the policies so far are not enough to lift the economy. But current policies are expansionary enough in terms of international and historical standards. Fiscal deficits amount to \\30trillion a year and short term interest rate is down to 0%. It seems to take serious risk to dare expansion policies further more. We must recognize, therefore, Keynesian and monetarist policies have little effects on the recession of Japan today. So we must find the third way to deal this issue. That is the structural reform. Through the structural reform we can expect the economic policies recover their effectiveness. Many Japanese accept the need for structural reform, and they sustain the reform of the Koizumi administration. Though it is not clear whether his reform will succeed or not, the structural reform will remake the economic and social system in Japan and the lifestyle of the Japanese. It has been passed more than 50 years since the current economic and social system of Japan had established. These system is not suitable to the aged society and information society coming soon in Japan. If the Koizumi reform should fail, the way to fascism would be opened