The ‘lost decade’ in Japan was a period of steep surge in unemployment. It started in 1991 with the unemployment rate … macroeconomic perspective and estimate a reduced-form unemployment model. This model, containing a rich set of variables, yields an …

that apathy between the civil service (the embodiment of institutions) and political office holders to be the greatest … stumbling block against the success of governmental economic policy, this creates a hole in institutions since they remain the … institutions were either circumvented or ignored, leading to possible short comings on the overall effect that government economic …

Institutions are not only created and built, but also, and especially, need to be learnt. It is a process which takes …