主题：Policy Responses by Japan to the COVID-19 Shock
时间：2021年4月29日 星期四 10:00-11:30
参会嘉宾：星岳雄 HOSHI TAKEO
孙晓男 SUN XIAONAN
Japan is expiring the fourth wave of the COVID-19 infection and Tokyo is entering its third State of Emergency. The health impact of the COVID-19 in Japan has not been as grave compared with many other advanced economies, but the Japanese economy suffered almost as much as the other countries. Japanese government has tried various policies to help the economy by spending trillions of yen financed by issuing government bonds, adding to the already high level of government debt. Many of those policies aim to support the troubled companies so that they can maintain the jobs. The policies appear to have been successful in preventing corporate failures and limiting the increase in unemployment. The policies, however, have two potential problems. First, they protect only workers that are under the traditional lifetime employment system. Second, there is a danger that the policies end up protecting zombie firms. The problem of zombie firms is likely to be important as Japan (eventually) recovers from the pandemic, because protection of zombie firms can delay the necessary restructuring to adapt to the new normal.