Japan is only one of many industrialized economies to suffer a financial crisis in the past 15 years, but it has suffered the most from its crisis--as measured in lost output and investment opportunities, and in the direct costs of clean-up. Comparing the response of Japanese policy in the 1990s...

The euro is the only major currency to be created in the 20th century; it now stands on the brink of becoming one of the world's two reserve currencies in the 21st century. The euro's use and development shape the entire agenda for ever-closer union in Europe and for transatlantic relations. As...

As ever in Japanese economic policy, the reality is in the implementation. The banking reform bills passed by the Japanese Diet in mid-October and the fiscal stimulus package contained in the FY1999 budget proposed by the Obuchi government address the two major barriers to a restoration of...

Japan is in a strong recovery. Real GDP growth will exceed 4 percent in 2004 and likely be 3 percent or higher in 2005 and perhaps even 2006. The economy also grew solidly between 2003Q1 and 2004Q2 at an average real annualized rate of 3.2 percent. The pace is sustainable, given Japan's...

After more than a decade of economic stagnation and minimal structural change, Japan stands on the brink of outright financial crisis--the only debate is whether the Japanese government can dodge its imminent economic threats for another six months at most, or ride the wave of global expansion...

In the months after it took office, the Obuchi government adopted many of the measures necessary to reverse the mistakes of the previous administration. These included large scale fiscal stimulus, a great share of which is in housing tax cuts, and funding of much of the additional public debt by...

Japan's economic tumult during March 2001 has prompted renewed fear of an impending crisis. Mixed macroeconomic data of the past months indicate that at least a brief recession is likely. To add to the panic, Japanese Finance Minister Kiichi Miyazawa announced on 8 March that Japanese government...

It is ironic that Germany's next great change in monetary regime comes just after the time of the fiftieth anniversary of the currency reform, which gave the world the deutsche mark. Discussions of European monetary unification and the replacement of the DM with the euro take on a special...

Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single-minded, rule-like pursuit of price stability without...

The Deutsche Bundesbank Act of July 26, 1957 gave birth to the present German central bank. In the 40 years since, the independent Bundesbank has successfully pursued its stated goal of price stability. The future European Central Bank and several new central banks in the transition economies...