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Ageing and the Labor Market in Japan

Problems and Policies Edited by Koichi Hamada, Tuntex Professor of Economics, Yale University, US and Hiromi Kato, Professor, Faculty of Economics,Tokyo Keizai University, Japan
This book is a concerted attempt by economists to investigate and offer remedies for some of the difficulties associated with an ageing labor market.
Extent: 224 pp
Hardback Price: $127.00 Web: $114.30
Publication Date: 2007
ISBN: 978 1 84542 849 5
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  • Economics and Finance
  • Public Sector Economics
  • Social Policy and Sociology
  • Ageing
  • Economics of Social Policy
This book is a concerted attempt by economists to investigate and offer remedies for some of the difficulties associated with an ageing labor market.

The economic problems of ageing combined with a declining population manifest themselves most acutely in the present Japanese economy. Demographic trends present serious social and economic problems for Japan, and the rest of the global community is affected by the ways in which it copes with these difficulties. The contributors to this book study Japan’s experience, which is crucial for understanding the nature of ageing problems and for developing feasible policies to address them. Ageing labor markets could distort the employment mechanism, create youth unemployment, and disrupt incentives for human capital formation in younger workers. Though an economic approach is the core methodology in the book, it also encompasses diverse perspectives including sociological considerations of labor markets and negotiating behaviour within households. The international implications of the problems are emphasized in the chapters that deal with immigration and capital markets.

This book will be an indispensable tool for economists, policy makers and students concerned with the effects of ageing societies throughout the world.
‘. . . the book is to be highly recommended to economic and labour market analysts as well as academics and graduate students for raising some important questions and coming to grips with many new interesting puzzles in economics. Hamada and Kato have raised the bar of economic analysis of ageing and elderly care.’
– Herb Thompson, Journal of Contemporary Asia

‘This book is no doubt one of the key recent works on Japan’s population aging and policies. While the material is primarily confined to the Japanese context, the Japanese experience with rapid population aging and policy responses may serve as a baseline for discussing important policy issues related to population aging in Europe and Asia. . . this volume lends itself to helping these policymakers in formulating and implementing effective policies to cope with various problems arising from unprecedented population aging in their countries.’
– Journal of Pension Economics and Finance

‘The book is successful in analyzing various issues such as employment, growth, elderly care, etc. of ageing in Japan, and presenting various policy recommendations to deal with these serious problems. One interesting aspect of the book is the analysis regarding the way Japan interacts with the world in terms of immigration and foreign investment, which has received little attention in the literature. It is certainly a valuable book.’
– Toshiaki Tachibanaki, Kyoto University, Japan

‘This wide-ranging collection of papers will be of value to anyone interested in the economics of ageing and the policy choices faced by the Japanese.’
– Mark Rebick, Nissan Institute of Japanese Studies, UK

‘The book is composed of excellent contributions on the most pressing problems Japan faces in the immediate future, written by economists of the highest quality in Japan. Not only will it be a useful reference for students interested in economics, but also it will serve as a valuable and useful guide to policy makers in Japan.’
– Hirofumi Uzawa, The Development Bank of Japan

‘This volume brings together a wide range of papers from leading experts on the Japanese economy who analyze some of the central issues that face an economy that will experience unprecedented demographic change. There are many policy issues that face Japanese governments as they respond to the profound changes in the labor market that stem from ageing. There is much to be learned about the appropriate policies from the work summarized in this wide-ranging book.’
– David Miles, Morgan Stanley, UK

‘The problem of ageing has become acute in many rich countries today. This book by world-class Yale professor Koichi Hamada, the most distinguished Japanese economist today, and Hiromi Kato is an important and incisive contribution to our understanding of the Japanese situation. It should become a classic study.’
– Jagdish Bhagwati, Columbia University, US
Contributors: H. Asaoka, Y. Genda, J. Goto, K. Hamada, E. Hernæs, M. Ishihara, R. Kambayashi, H. Kato, T. Makino, S. Ohta, L.K. Raut, H. Sakai, M. Sakuragawa, S. Strøm, H. Teruyama, J. Zhiyang
Contents:

Preface
Professor Kuroda, President, ESRI

Introduction

1. Ageing and Employment in Japan
Yuji Genda, Hiroshi Teruyama, Souichi Ohta, Ryo Kambayashi, Mamiko Ishihara

2. Factors Affecting Labor Force Participation in Japan: Empirical Study of Labor Supply of the Elderly and Females
Hirotsugu Sakai and Hitoshi Asaoka

3. Labor Force Ageing and Economic Growth in Japan
Masaya Sakuragawa and Tatsuji Makino

4. Ageing and Elderly Care in an Open Economy
Koichi Hamada and Lakshmi K. Raut

5. Immigration vs. Foreign Investment to Ease the Ageing Problems of an Ageing Open Economy
Lakshmi K. Raut

6. Ageing Society and the Choice of Japan: Migration, FDI and Trade Liberalization
Junichi Goto

7. Retirement in Non-Cooperative and Cooperative Families
Erik Hernæs, Zhiyang Jia, and Steinar Strøm

Index