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Despite its key contribution to global economic growth through the 1960s and 1970s, in recent decades the rise of China has seen the importance of Japan recede from the public discourse. This is notwithstanding its continuing key role as investor and trading partner. Yet this role has been threatened by a tendency for its economy to stagnate since the 1990s. This paper reviews the many claimed sources of Japan's stagnation and quantifies their independent effects using a multi-region global dynamic model.
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