RESEARCH PAPER

Why was it difficult for Japan to reform their economic system after the Japanese Miracle and the crisis that ensued. Right after the bubble bursted, the Japanese government did not try to take more drastic measures which is what is usually done after a crisis. They did not embrace a liberal market model right away. How hard was it particularly from the political institutions point of view.

Dependent Variable: Difficulty of Japanese Economic Reform.

Independent Variable: Political Institutions.