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No More Bashing: Building a New Japan-United States Economic Relationship / Edition 1
     

No More Bashing: Building a New Japan-United States Economic Relationship / Edition 1

by C. Fred Bergsten, Takatoshi Ito, Marcus Noland
 

ISBN-10: 0881322865

ISBN-13: 9780881322866

Pub. Date: 10/01/2001

Publisher: Peterson Institute for International Economic

For more than three decades, the United States has conducted a unique Japan-specific economic policy. This policy was motivated by Japan's economic size and dynamism, fears that a unique "Japanese model of capitalism" enabled it to compete unfairly and threaten American prosperity during a period of prolonged US economic difficulties, and that the United States had

Overview

For more than three decades, the United States has conducted a unique Japan-specific economic policy. This policy was motivated by Japan's economic size and dynamism, fears that a unique "Japanese model of capitalism" enabled it to compete unfairly and threaten American prosperity during a period of prolonged US economic difficulties, and that the United States had unique capabilities to induce policy change in Japan due to its provision of security guarantees. No More Bashing argues that these assessments are mistaken and that the United States should abandon its Japan-specific policy. Japan's declining relative importance in the world economy, the waning distinctiveness of its economic institutions, the failure of most recent US initiatives toward Japan, and the emergence of strengthened international institutions such as the World Trade Organization, all underscore the advisability of formulating new approaches to bilateral relations rooted more firmly in multilateral institutions.

This volume analyzes the outlook for the Japanese and US economies; their trade and financial relationships, including their trade negotiations over the past decade; the implications of new regional developments, most notably the rise of China and proposals for East Asian economic cooperation; and the roles of the United States and Japan in the provision of international public goods such as development assistance, environmental protection, and international security. It emphasizes that their trade agenda is increasingly moving beyond traditional border impediments toward the more politically sensitive issues of internal regulation and deregulation, such as competition policy. The authors propose a series of new initiatives to address these challenges and strengthen the multilateral system.

Product Details

ISBN-13:
9780881322866
Publisher:
Peterson Institute for International Economic
Publication date:
10/01/2001
Edition description:
New Edition
Pages:
150
Product dimensions:
5.90(w) x 8.90(h) x 0.70(d)
Age Range:
18 Years

Table of Contents

Prefaceix
Acknowledgmentsxiii
1 The Economic and Policy Context1
A Reversal of Fortunes2
The Global Positions10
The Bilateral Relationship14
Policy Alternatives18
Conclusion26
2 The Resurgence of the American Economy31
The US Economy and Japan-United States Economic Relations31
Sources of the US Economic Resurgence38
Future Risks48
Conclusion58
3 The Japanese Economic Malaise61
The Lost Decade62
Economic Developments and Policy Reactions65
The Bubble Economy67
Financial-Sector Problems69
Monetary Policy85
Fiscal Policy96
Trade Conflict and Yen Appreciation100
Structural Reforms103
Assessment110
4 The Economics of Japan-United States Trade and Investment113
The Economic Context114
Government Policies123
Regulatory Issues134
Private Barriers144
What Is at Stake?149
5 Resolving Trade Disputes157
Bilateral Relations159
WTO Dispute Settlement172
The Future WTO Agenda177
Regional Initiatives182
Assessment186
Conclusions189
6 Global Issues193
International Finance195
Development Assistance207
Security Issues216
Looking Toward the Future222
Conclusions231
7 Building a New Japan-United States Economic Relationship233
The Case for Normalcy233
Restoring Japanese Economic Vitality238
Reorienting the Trade Relationship242
Rebasing the Monetary Relationship255
Reconfiguring Japan's Foreign Economic Policy258
Toward Normalcy and Partnership263
Appendix267
References291
Index311

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