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Toshihiko Fukui QUOTES / QUOTATIONS
A low rate of inflation itself now poses a new challenge of achieving and promoting sustained economic growth in the global economy.
Quotation of Toshihiko Fukui
As for the short run effects, exchange rate movements influence the economy through changing relative prices between goods at home and abroad.
Quotation of Toshihiko Fukui
As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development.
Quotation of Toshihiko Fukui
Asset price fluctuations have important implications for promoting more efficient resource allocations and achieving sustained growth in the long run.
Quotation of Toshihiko Fukui
During the past two decades, inflation has fallen to a low level in major industrial countries.
Quotation of Toshihiko Fukui
For example, a low inflation economy has a higher risk of deflation, and the interest rates find no other way than declining.
Quotation of Toshihiko Fukui
Good news is that banks' lending attitude seems to be gradually becoming far more accommodative than in the previous recoveries.
Quotation of Toshihiko Fukui
Growth theory tends to focus on the trend growth paths in the long run. Observed growth paths, however, are not smooth.
Quotation of Toshihiko Fukui
However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
Quotation of Toshihiko Fukui
I certainly welcome discussions on how central banks can best contribute to sustained economic growth and sound development of the global economy.
Quotation of Toshihiko Fukui
In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the response of economic activity to exchange rate movements in the long run.
Quotation of Toshihiko Fukui
In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the world, particularly with the other East Asian economies.
Quotation of Toshihiko Fukui
Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.
Quotation of Toshihiko Fukui
On the contrary, exchange rate movements still play an important role in facilitating more efficient resource allocations in the long run.
Quotation of Toshihiko Fukui
Our understanding of economic growth has advanced significantly since the revival of growth theory in the mid-1980s.
Quotation of Toshihiko Fukui
Recent empirical studies, however, show such short run effects become small because the exchange rate pass-through to import prices declines.
Quotation of Toshihiko Fukui
The aging and declining population will have far-reaching impacts. Declining fertility rates will possibly increase immigration. The structure of family and society will inevitably change.
Quotation of Toshihiko Fukui
The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking place at a more rapid pace than any other country has ever experienced.
Quotation of Toshihiko Fukui
The direct investment of Japanese businesses to East Asian economies accelerates the reallocation of their production bases. Consequently, between Japan and the other East Asian countries, both exports and imports are growing substantially.
Quotation of Toshihiko Fukui
The downward rigidity of nominal wages is often pointed out as a factor that prevents the smooth adjustment of real wages under very low inflation.
Quotation of Toshihiko Fukui
The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge.
Quotation of Toshihiko Fukui
The staff at the Institute will present an analysis on how asset price fluctuations and subsequent structural adjustments influence sustained economic growth, based on Japan's experience since the second half of the 1980s.
Quotation of Toshihiko Fukui
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
Quotation of Toshihiko Fukui
They emphasize the viewpoint that the protracted economic stagnation in Japan derives from incomplete economic adjustments to significant changes in relative prices.
Quotation of Toshihiko Fukui
Thus, the questions we should ask here are what makes the current economic upswing different from the past two recoveries, and whether such differences are sufficient for the economy to reach the sustained growth path.
Quotation of Toshihiko Fukui
We cannot say for sure that the current recovery will be durable and strong enough to push the economy back to a sustained growth path.
Quotation of Toshihiko Fukui
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.
Quotation of Toshihiko Fukui
With weak balance sheets, banks tend to continue lending unprofitable businesses and leave them existing.
Quotation of Toshihiko Fukui