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Japan's Bubble, Deflation, and Long-term Stagnation$
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Koichi Hamada, Anil K Kashyap, and David E. Weinstein

Print publication date: 2010

Print ISBN-13: 9780262014892

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262014892.001.0001

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The Japanese Employment System after the Bubble Burst: New Evidence

The Japanese Employment System after the Bubble Burst: New Evidence

(p.217) 7 The Japanese Employment System after the Bubble Burst: New Evidence
Japan's Bubble, Deflation, and Long-term Stagnation

Ryo Kambayashi

Takao Kato

The MIT Press

This chapter examines the changes in Japan’s employment system after 1997 and illustrates how the sensitivity of employment to macroeconomic fluctuations steadily increase in the wake of economic stagnation. Using the latest Employment Status Survey, it analyzes the potential impact of the 1998 revision of the Labor Standards Law that allowed multi-year employment contracts, hence providing an alternative to lifetime employment. This change in the law had an impact on labor retention rates, particularly for female workers and workers in small and medium enterprises. The chapter also discusses other changes in the employment system, employee stock-ownership plans, downsizing, and unemployment in relation to economic growth.

Keywords:   employment, Japan, economic stagnation, Labor Standards Law, employment contracts, lifetime employment, labor retention rates, stock-ownership plans, downsizing, unemployment

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