01804cas a2200265 a 4500 AALejournalIMF011963 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475505191 1018-5941 BD-DhAAL BD-DhAAL Tokutsu, Ichiro. Japan out of the Lost Decade : Divine Wind or Firms' Effort? / Ichiro Tokutsu, Kazuo Ogawa, Mika Saito. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students A surge of exports in the 2000s helped Japan exit the severe decade-long stagnation known as the lost decade. Using panel data of Japanese exporting firms, we examine the sources of the export surge during this period. One view argues that the so-called "divine wind" or exogenous external demand boosted Japanese exports. The other view emphasizes the role of supply factors such as productivity gains, materialized after long-fought restructuring efforts during the lost decade. Estimating the firm-level export function allows us to assess the relative importance of these demand and supply factors. Evidence shows that firms' efforts were more important than the divine wind. Mode of access: Internet Ogawa, Kazuo. Saito, Mika. IMF Working Papers; Working Paper ; No. 2012/171 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/171/001.2012.issue-171-en.xml IMF e-Library