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Abenomics: from the “Great Stagnation” to the “Three-Arrows Strategy”

Jerzy Grabowiecki

Jerzy Grabowiecki

Faculty of Economics and Finance, University of BialystokBialystok, Poland
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Grabowiecki, Jerzy
  
Sep 30, 2019
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Article Category: Conceptual Paper
Published Online: Sep 30, 2019
Page range: 201 - 211
Received: May 12, 2019
Accepted: Jul 12, 2019
DOI: https://doi.org/10.2478/ijme-2019-0018
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© 2019 Jerzy Grabowiecki, published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Figure 1

Trends in the real GDP growth rate in Japan (%).Source:Fukao et al. [2015, p. 15].
Trends in the real GDP growth rate in Japan (%).Source:Fukao et al. [2015, p. 15].

Figure 2

The ratio of the elderly population in major countries (%).Note: The elderly population (aged 65 or over) divided by the productive population (age 15–64).Source: [UN, DESA].
The ratio of the elderly population in major countries (%).Note: The elderly population (aged 65 or over) divided by the productive population (age 15–64).Source: [UN, DESA].

Figure 3

“Three-Arrows Strategy.”Source: MUFG [2018, p. 5].
“Three-Arrows Strategy.”Source: MUFG [2018, p. 5].

Figure 4

QQE system in Japan.Source: MUFG [2018, p. 7].
QQE system in Japan.Source: MUFG [2018, p. 7].

Figure 5

Tankan index for industrial companies.Source: Own elaboration on the basis of [Bank of Japan].
Tankan index for industrial companies.Source: Own elaboration on the basis of [Bank of Japan].

Figure 6

Tankan index for non-industrial companies.Source: Own elaboration on the basis of [Bank of Japan].
Tankan index for non-industrial companies.Source: Own elaboration on the basis of [Bank of Japan].

Figure 7

General government gross debt by country (% of nominal GDP).Source: IMF [2018a].
General government gross debt by country (% of nominal GDP).Source: IMF [2018a].

Figure 8

Projected effects of trade liberalization on real GDP (%).Note: FTAAP denotes free trade area of the Asia-Pacific.Source:MUFG [2018, p. 32].
Projected effects of trade liberalization on real GDP (%).Note: FTAAP denotes free trade area of the Asia-Pacific.Source:MUFG [2018, p. 32].

Japan: selected indicators, 2012–2017

YearReal GDP (in % change)Output gap (in % change)Business investment (in % change)CPI deflator (in annual average)Unemployment rate (in annual average)
20121.5−3.74.1−0.14.3
20132.0−2.23.70.34.0
20140.4−2.65.42.83.6
20151.4−2.03.40.83.4
20161.0−1.80.6−0.13.1
20171.7−0.72.90.52.9
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