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It is hardly possible to overrate the Pacific Basin in its economic and political importance. Currently, it is one of the economic regions with the highest dynamic growth throughout the world. Economically this region is sometimes considered to be the future centre of the world econom- often with reference to well-known authors such as Arnold Toynbee and Herman Kahn who predicted the inevitable approach of a Pacific century. The economic development of the Pacific Basin has proceeded far already following Japan's ascent into the position of an economic superpower. Considering the concentration of East and South-East Asian dynamic developing countries the Pacific Basin has meanwhile developed into a regional centre of economic activities. Furthermore the ambitions and in­ terests of three nuclear powers - the USA, the Soviet Union and China - collide in this region. Obviously these countries increasingly perceive and take into account the political and strategic importance of this region.



Germany and Japan in the International Economy: The Meaning of Growth and Structural Change in the Pacific Region from a German and European Point of View

The rapid economic rise of Japan, the impressive economic development of the Southeast Asian Newly Industrial Countries (NICs), along with the enormous rich resources of minerals, has recently caused scientists, economists and politicians from all over the world to look with special interest at the Pacific area. In many cases the Pacific Basin is seen as the future development center of the world economy. The varied opinion is that in the next 2–3 decades the Pacific area “will, to some extent take over the role as motor of technical progress in world economy, which has for the last 200 years been dominated by the North Atlantic area (West Europe and Eastern North America)”1. Hermann Kahn devoted an entire chapter, in his last publication, to the emergence of a Pacific trade and investment area, he wrote, “The center of dynamism that used to be the Mediterranean, at least for Western Culture, and which then moved to Northwest Europe and to the North Atlantic, is now moving (and has already partly moved) to the Pacific Basin … In effect, the Pacific Ocean, which was once a great barrier now becomes the world’s greatest connector … We believe that a Pacific Trading Investment Area will come into being in the early 1980s among the countries that border or focus attention on the Pacific Basin”2.
W. Kraus

How Can Japan Contribute Financially to the Asian-Pacific Countries? — A Summary

This paper tries to assess some macro impacts of the financial development in Japan on the Asian-Pacific countries. Japan is now in a difficult situation in which she is expected to supply capital to the rest of the world while reducing her trade surpluses. I explore the possibility of her supplying long-term capital to foreign countries without running large trade surpluses. Direct foreign investments in Asian-Pacific countries are suggested.
Y. Shinkai

Trade and Foreign Exchange Markets

Development Trends between the USA, Asia, and Europe
Towards the end of the Second World War, the United States of America took the initiative and the lead in laying the foundations for a world economic order which still governs economic relations between the Western countries today1. Despite the numerous strains and setbacks to which world trade has been subject over past decades, it remains a fact that the liberal principles laid down at that time created the basis for an unprecedented expansion of mass prosperity in the countries of the West. The Western World today has an integrated foreign exchange and capital market system which embraces all the main trading nations. Trade connects the remotest areas with the economic centres of Asia, Europe and America; and despite many obstacles, the international mobility of labour has not come to a standstill.
Chr. Watrin

The International Position and Role of the Japanese Economy

Recent yen appreciation is changing Japan’s international position as if by magic. Japanese per capita GNP came to be near on par with the United States overnight. Japan’s share in world GNP, which was once 10%, is now approaching 15%. The volume of dealings of the Tokyo Stock Market exceeded that of New York, and the five largest financial institutions in the world are all Japanese.
Y. Kosai

International Financial Markets in the Relations among America, Asia, and Europe

On financial markets, investors searching for interest bearing investments meet capital users who need capital for various purposes, above all to finance productive investments. The social benefit of these markets is that they make an efficient allocation of capital possible. It is desirable that capital is channeled to those projects which generate the highest utility. Basically, efficient allocation of capital can be achieved by free and unhindered access to the market for all lenders and borrowers. This general principle is not only valid for domestic markets, but is also true for the entire world economy as well. Also, it is desirable that international capital flows are distributed among regions and countries with regard to efficient allocation. In a world economy where there are wealthy countries with high amounts of savings, there are others which are less developed, but have immense human and natural rescources at their disposal. The functioning of global financial markets is of fundamental significance to provide the capital needed for the development of these resources.
H. Hax

International Monetary-Financial System and Economic Cooperation in Pacific Basin Countries

The purpose of this paper is to analyze and discuss the basic problems and difficulties of the international monetary-financial system the Pacific Basin countries face at present, and to explore the possible pattern of financial cooperation among these countries that will be instrumental in overcoming these problems.
Y. Onitsuka

Regional Cooperation and Free World Trade

The GATT stipulates the principle of non-discrimination, and the “most favoured nation” clause requires that all members of GATT grant each other a treatment as favourable as they give to any country. Regional integration which consists in the liberalization of trade between some countries clearly means that other countries are discriminated. Under certain conditions, however, this is compatible with the principles of GATT. According to article XXIV of GATT customs unions and free trade areas which abolish tariffs between their member countries “within a reasonable length of time” are admitted. Preferential areas which do not abolish tariffs within the area altogether, are equally exempted, if they existed at the time of the foundation of GATT (e.g. the British Commonwealth).
E. Dürr

Pacific Manufactured Trade and Japan’s Contributions

There is as yet no common, clear understanding of what might be the appropriate institutional framework for realizing a “Pacific economic community.” The community still remains a concept and is largely out of touch with realities. Nonetheless, the Pacific basin region includes countries which assuredly possess dynamic economies with great potentials for growth and which have been in fact strengthening mutual market integration through their relatively free trade regimes. Among the Pacific basin economies, Japan, Asian NICs, and ASEAN countries constitute one of the most closely integrated subregion in economic terms. It is not hard to imagine that the subregion will be able to play a pivotal role in turning the “Pacific economic community” into a viable reality. Japan will have to frame its overall economic policy in the context of the global market, but with continued emphasis on, and commitment to, the promotion of subregional cooperation with Asian NICs and ASEAN countries.
T. Watanabe

Employment of Local Labor and Labor Relations in Connection with German Direct Investment in the Asian-Pacific-Region

Foreign trade of the Federal Republic of Germany with the East Asian region amounts to only a few percent of total German foreign trade. For example, trade with China is less than one percent of total trade. The relatively low presence of German business in East Asian market-places can probably best be explained by the fact that German businessmen, in the part, did not think that an engagement in the difficult East Asian market would pay off. They concentrated on the easily accessible neighboring market-places of Europe and the USA, considered “domestic markets” in a broad sense, and Latin America and the OPEC region.
W. Klenner

Japanese Direct Investment in Automobile Manufacturing in North America: A Perspective from “Humanware” Technology

In the last few years, Japanese investment in automobile manufacturing in North America has increased dramatically. According to the data of productive capacity of Japanese transplants in North America, as shown in Table 1, the total planned capacity will reach the level of around 2.2 million units by the beginning of the 1990s, when all the investment projects listed in the Table will be completed. Although it is unlikely that this productive capacity will in fact be fully utilized in the competitive American market, this vigorous Japanese investment will undoubtedly capture a large market share and will be a serious threat to as well as provide an interesting lesson for the American auto industry.
H. Shimada

The Japanese and German Positions in International Economic Policy — Similarities and Differences

Never before, perhaps with the exception of the late 19th century discussion about worldwide free trade, have international economic problems drawn so much public attention in the Western industrialized countries as they do today. Disturbances from macroeconomic sources caused a change in the international movements of goods and capital even stronger than that which had been observed as a result of the two oil price shocks in the previous decade. The Western industrialized world now is facing serious problems on both a macroeconomic and, even stronger, a sectoral level. Since many industries — above all in the USA — have been affected by the disturbances there are strong requests for protectionist measures which really are threatening free world trade.
G. Heiduk


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