Could you compare the challenges facing policymakers in Japan after the collapse of the bubble economy in the 1990s to those facing policymakers around the world at the present time?
Of course there are a number of differences and similarities, but on the whole I am more impressed by the striking similarities. First of all, in both Japan and the United States, a huge bubble was created and then burst. Second, in both cases it took some years for the public and for policymakers to recognise what
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