Abenomics initially generated high expectations, but the mood has currently shifted to present it as another failed economic experiment. Opinions on Abenomics are however often closed to caricatures. It is thus crucial to provide a critical and balanced evaluation. We argue that Abenomics acted decisively with proactive policies to reverse one of the causes of the Japanese slowdown over the past twenty years – inconsistent economic policies - and that these actions are yielding preliminary results. We are more critical about long-term issues: the problem is not so much the lack of structural reforms - as shown by the case of trade policies - as their limits to raise Japan's growth potential.
This lecture will be given by Professor Sébastien Lechevalier.