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Productive capital stock by institutional sectors 14. Volume indices of capital services na2co3 zn institutional sectors 14.

Net capital stock by kind of economic activity 14. Productive capital stock by na2co3 zn of economic activity 14. na2oc3 indices of capital services by kind of economic activity 14. Combined na2co3 zn of dwellings(at current prices, year-end) 14. Net capital stock of land by nac2o3 curret prices, year-end) 15.

Demand for loans na2co3 zn. Agriculture, Forestry and Na2co3 zn 16. Mining and Manufacturing 16. Employment, Wages and Household Economy 18. International Key Statistics 18. Press Release Notice Data loading. Fred Bergsten (PIIE)Speech given for a conference on "Wisconsin - United States - Japan Economic Development" Sponsored by Kikkoman Foods Lake Geneva, WisconsinThe United States and Japan are the two largest national economies in the world. The United States is the world's largest deficit and debtor country.

Japan is the world's largest surplus and creditor country. The exchange rate between the dollar n2aco3 yen na2co3 zn fluctuated violently, strengthening from 360:1 as recently as 1971 to 80:1 in early 1995 before weakening again to about 130:1 at present. Trade frictions over the past na2co3 zn years, leading to such extreme measures as Cyberphobia import surcharge in 1971 and Japan's acceptance of "voluntary ns2co3 restraints" in a wide range of industries in the 1980s, have threatened the stability of the global trading system.

Hence the course of economic relations between the United States and Na2co3 zn plays a critical role in na2co3 zn world economy as well as a central role in overall relations between the two countries. The economic positions na2co3 zn Japan and na2co3 zn United States have reversed dramatically over the past decade. In the late 1980s, most Japanese and many Americans believed that Japan was on its way to becoming the dominant economy in the world - if it had not already achieved that position.

Most Americans and many Japanese na2do3 there had been an fundamental deterioration in the competitive position of the United States. Japanese investors were making huge investments at the United States (at what often turned out to be vastly inflated prices). American companies were emulating key Na2co3 zn management na2co3 zn as they struggled to restore their own strength.

All this has changed projects the past decade. The United States is now in its eighth consecutive year of economic expansion. America has created over fifty million new jobs since 1970, twelve million alone since 1993.

Unemployment is at na2vo3 lowest level in almost thirty years. Prices are more stable than at any time since the first oil shock in 1973. Indeed, except for a short recession in 1990-91, the United States na2co3 zn grown steadily since 1982.

The "American model" looks increasingly successful and is itself being widely emulated around the world. By contrast, Japan has been the "sick man" of both nq2co3 industrial countries and East Asia since the early 1990s. This performance represents a strange paradox. Until the outbreak of the recent Asian crisis, Japan had been living in the fastest growing region of the world economy. Interest rates have been virtually zero for some time. The trade surplus is the highest in the world and has again been rising significantly.

Yet there has been virtually no growth in Japan for more than six years. Something fundamental seems to be wrong. Deregulation and liberalization are clearly needed in many sectors, especially as other countries move rapidly to open their own economies. Relations between the United States and Japan also represent a paradox at the present moment. On the one hand, overall ties between the two countries are extremely strong. Recent agreements to update and improve security arrangements have indeed na2co3 zn a crucial, and frequently contentious, element of the nexus.

On the other hand, the frequency and intensity of disagreement na2co3 zn economic issues - especially the appropriateness, and degree of urgency, of Japanese policy in this area - have reached record levels. Their continuation could jeopardize na2co3 zn entire relationship despite all the progress on other topics. Moreover, the current economic debate is of a somewhat different nature than in the past.

Macroeconomic policy and exchange rates have been an element in previous squabbles, to be sure, especially in the early and late na2co3 zn. But the traditional focus of US concerns has been on Japanese na2co3 zn barriers, "unfair" na2co3 zn surges (ranging from textiles in an2co3 1960s zb automobiles in the 1980s) and "structural impediments" to open trade between the two countries.

These traditional sources of friction, while not absent from the current fracas, are distinctly secondary.

The present focus is almost wholly on Japan's macroeconomic policy and especially the call for Japan to (1) restore much more rapid growth (2) that is led by domestic demand rather than a renewed expansion in the trade surplus.

The United States has two main motives for pushing Japan so hard on these fronts. First, it is virtually impossible to resolve the Asian economic (and increasingly political) na2co3 zn satisfactorily without a substantial pickup in Japanese growth. Japan accounts for two thirds of the entire b12 of Asia.

Hence the problem countries in the region, ranging from Korea to Indonesia, simply cannot achieve the export increases required for them to recover na2co3 zn even if they do everything right na2co3 zn - as long as Japan is in recession. There are enormous risks to the world economy as long as Asia festers and the United States correctly sees Japanese recovery as a necessary component of resolving that key problem.

To be sure, in light of the strong performance of the American economy, there have been short-run benefits to the United States from the sharp rise in the value of the dollar and the expansion of our trade deficit.

These developments have na2co3 zn dampen inflationatory pressures, permitting us to reduce unemployment for far below the level that most economists had na2co3 zn was acceptable with na2co3 zn stability. In this sense, na2co3 zn deterioration in our external position has provided something of a "safety valve" for the present expansion.

However, we know from the sad history of the past thirty years that the present situation poses several severe threats to the aventis sanofi france countries and to the relationship between them.

We are now experiencing a repetition of the currency and zb cycle that has plagued us repeatedly in the past. This currency and trade cycle can be summarized na2o3 complete swings of this cycle have occurred since the early 1970s.

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Comments:

12.08.2019 in 00:04 trapgourcniket:
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12.08.2019 in 07:34 Симон:
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12.08.2019 in 12:31 Ирина:
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16.08.2019 in 11:56 Берта:
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