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Archives [ April, 2015 – March, 2019 ]

Japan and the World Economy:Challenges Over the Coming Decade

Original Broadcast Date:
May 2, 2015(UTC)
Filmed at Columbia University

Nobel Prize-winner Joseph E. Stiglitz and other eminent economists from the U.S. and Japan debate the future of the Japanese economy in the midst of a global economy in flux.

With quantitative easing on the way out in the United States, and continuing low oil prices, the flow of global money is set to change. What does this mean for Japan as it seeks to end deflation through Abenomics? Is it really possible to pursue both fiscal discipline and growth policies at the same time? Experts analyze the possible challenges from a global perspective.

We present a 360° debate that places Japan's current economic situation in its historical context, while also drawing connections with the universal issues of globalization and increasing inequality.


Glenn Hubbard

Dean; Professor, Finance and Economics, Columbia Business School

Hubbard was Chairman of President George W. Bush's Council of Economic Advisers (2001-2003) and of the OECD's Economic Policy Committee (2001-2003), Deputy Assistant Secretary of the U.S. Treasury Department for Tax Policy, and a consultant to the Federal Reserve Board and Federal Reserve Bank of New York. He is the author of Balance: The Economics of Great Powers from Ancient Rome to Modern America (2013).

Joseph E. Stiglitz

University Professor, Columbia University

Stiglitz served as the World Bank's Chief Economist and Senior Vice President (1997-2000). Prior to that, he served on President Clinton's economic team as a member and its Chairman of the U.S. Council of Economic Advisors (1993-1997). He helped pioneer pivotal concepts as theories of adverse selection and moral hazard, which have now become standard tools of policy analysts, as well as economic theorists. He was awarded the Nobel Prize in Economics for the analysis of markets with asymmetric information (2001).

David E. Weinstein

Chair, Department of Economics, Columbia University; Director of Research, Center on Japanese Economy and Business, Columbia Business School

Weinstein is Research Associate and Director of the Japan Project at the National Bureau of Economic Research. He was a Senior Economist and a consultant at the Federal Reserve Bank of New York and at the Federal Reserve Bank of San Francisco and the Federal Reserve Board of Governors. He also served on President George W. Bush's Council of Economic Advisors (1989–1990). He is the author of Japan's Bubble, Deflation, and Long-Term Stagnation (2010).

Takatoshi Ito

Professor, School of International and Public Affairs, Columbia University; Associate Director of Research, Center on Japanese Economy and Business, Columbia Business School

Ito holds a professorship at National Graduate Institute for Policy Studies in Japan. In the past, he had a policy position as Deputy Vice Minister for International Affairs at the Ministry of Finance of Japan (1999-2001) and held academic and research appointments at the International Monetary Fund (1994-97), and Prime Minister's Council on Economic and Fiscal Policy in Japan (2006-2008).


Hugh Patrick

Professor, International Business Emeritus; Director, Center on Japanese Economy and Business, Columbia Business School

Patrick has been a visiting professor at Hitotsubashi University and University of Tokyo. He has many publications including How Finance is Shaping the Economies of China, Japan, and Korea (2013). He served as one of four American members of the bi-national Japan United States Economic Relations Group appointed by President Carter and Prime Minister Ohira (1979-1981).