Today, to round off 2017, I would like to take a look back at this year's economic developments both at home and abroad, and elaborate on Japan's current economic recovery phase -- the second longest in the post-war era -- while making comparisons with past recovery phases, focusing in particular on labor shortages and firms' efforts to overcome them.
It is undesirable because there is a risk that norms designed at addressing problems of the past are not any more valid for complex financial systems and may even aggravate the situation. Most crises of the past had to deal mainly with foreign creditors of developing countries.