Departmental Bulletin Paper プラザ合意再考〜経済敗戦か、それとも政治敗戦か
Reconsideration of the 1985 Plaza Accord - An economic or political defeat for Japan?\n

東野, 裕人  ,  ヒガシノ, ヒロト  ,  Higashino, Hiroto

 This essay analyzes the Plaza Accord of 1985 as the main cause of the Japanese bubble economy of the late 1980s. Firstly, the U.S. economy during the first period of Reagan era is discussed and the balance of payments issue is reviewed utilizing economic theory. Secondly, the Plaza Accord as a means to fix the trade imbalance between the U.S. and Japan is examined, both in terms of the policy formulation process and economic theory. Lastly, a comprehensive evaluation of the agreement, which used to be called an origin of the economic defeat of Japan, is made. Analyzing the trade imbalance issue within the framework of economic theory helps to suggest that the actual approach taken to fix the trade issue was politicized in defiance of economic considerations throughout. Some recollections of the participants are also utilized to look back on the bubble economy and the long decline of Japan's economy after its bursting.

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