these two markets with the regulatory environment for banks in Japan, with Japan's overall external financial position, as … environment in Japan, including restraints on interest rates, and possible quantitative restraints, has had an important impact on … States as substitutes for their head offices in extending commercial and industrial loans to Japan-based companies as well as …

is warranted. ; We then turn to the adjustment process. First, we present evidence that a narrowing of Japan's record … be counter-productive. The model shows that this outcome is possible, but we argue that for an economy with Japan … impact on domestic demand in Japan and on trade with the developing countries. …

money demand to construct measures of equilibrium velocity and P for Japan and Germany. We then assess the explanatory power …This paper develops measures of long-run equilibrium price levels (P*) for Japan and Germany following the approach … in the U.S. case because the velocities of the broad monetary aggregates (M2+CDs in Japan and M3 in Germany) exhibit …

, using official data from Japan's Ministry of Finance. Over the period as a whole, we find some evidence of a modest "against …

any precision. This paper offers the first analysis ofthat role using data since 1890 for Canada, Japan, and the United …