episode in American history provides us with a convenient way of investigating the consequences of international copyright …

, highlighting the experience of Japan. By a host of criteria, Japan appeared to be in a stronger position than most countries at the …. However, Japan followed a clear international boom-and-bust pattern in terms of real output growth, credit growth and stock … macroeconomic variables and institutional characteristics. The model predicts a high probability of banking sector distress in Japan …

Does Japanese trade in manufactured goods differ from the rest-of-the world average and from the U.S.? We use a simple … that Japan imports less than other countries, but also exports less than other countries. Relative to the U.S., Japanese … export performance is half as strong today as it was in the mid-1980s. Bilaterally, Japan's normalized imports from the U …

potential long-run impact on individuals over decades and even generations. History, however, offers a solution. Historical …

hedge. We also explore valuation. The real price of gold is currently high compared to history. In the past, when the real …