Abenomics: from the “Great Stagnation” to the “Three-Arrows Strategy”
30. Sept. 2019
Über diesen Artikel
Artikel-Kategorie: Conceptual Paper
Online veröffentlicht: 30. Sept. 2019
Seitenbereich: 201 - 211
Eingereicht: 12. Mai 2019
Akzeptiert: 12. Juli 2019
DOI: https://doi.org/10.2478/ijme-2019-0018
Schlüsselwörter
© 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].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_001.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=a37d11a8b26f8a3264c925e60e392bfaa570d439d49df45a375df05bd2a8c923&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
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].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_002.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=8819352886cd9cf16e65d064dca70238aacb8cd8d8928ad0d97202ba7dcec9c5&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 3
![“Three-Arrows Strategy.”Source: MUFG [2018, p. 5].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_003.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=cd9958da240c82a934f74d38f6df90cbd08dbf6a7329e3e0a490c833a7459c7a&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 4
![QQE system in Japan.Source: MUFG [2018, p. 7].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_004.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=477428c05214ecdb24dedd08e8089e7bc09bbe9ace86973d31fd68b5d39151c1&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 5
![Tankan index for industrial companies.Source: Own elaboration on the basis of [Bank of Japan].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_005.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=df2d9032e53944561c2d936a83741a9ae2a6b12d46f169c9254d89a49ed5442b&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 6
![Tankan index for non-industrial companies.Source: Own elaboration on the basis of [Bank of Japan].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_006.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=afa9291b23f950cc8b5020e52e2ec5467e3a7b0b1fdb7d2c822824fc8b6fd0dd&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 7
![General government gross debt by country (% of nominal GDP).Source: IMF [2018a].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_007.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=5aa1845e76a13fe6cee27d5c2518a6c9674b81949a42e11fac667751bde9ab67&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
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].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f948215d2f6c89db738c/j_ijme-2019-0018_fig_008.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20250923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20250923T172919Z&X-Amz-Expires=3600&X-Amz-Signature=5662824801561452e4f3aab01cd5cb4b78fcfb16283d43c9ad0b84bf78f30c09&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Japan: selected indicators, 2012–2017
2012 | 1.5 | −3.7 | 4.1 | −0.1 | 4.3 |
2013 | 2.0 | −2.2 | 3.7 | 0.3 | 4.0 |
2014 | 0.4 | −2.6 | 5.4 | 2.8 | 3.6 |
2015 | 1.4 | −2.0 | 3.4 | 0.8 | 3.4 |
2016 | 1.0 | −1.8 | 0.6 | −0.1 | 3.1 |
2017 | 1.7 | −0.7 | 2.9 | 0.5 | 2.9 |