By Ryuzo Sato, Julianne Nelson
The essays during this quantity supply an outline of the explanations and proposed treatments for the routine bouts of exchange friction among Japan and the USA.
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Extra resources for Beyond Trade Friction: Japan-US Economic Relations
Thus, undesirable fluctuations in real exchange rates can come from real or monetary disturbances. Monetary coordination can remove the latter, but not the former. An example of the limits to monetary coordination is provided by the appreciation of the dollar in real terms from 1981 to 1984. This was in large part an equilibrium reaction to thefiscalshift that began in 1982. S. prices moved roughly in line with foreign prices. A monetary policy that would have attempted to hold the nominal exchange rate against this pressure would have required a substantially higher growth The limits of monetary coordination 43 of money - essentially a monetizing of the shift in the deficit.
Third, the protracted period of a strong dollar (or a weak yen) in the early 1980s conspicuously biased the pattern of technological development in Japan and thus changed corporate behavior in favor of export-oriented activities. These activities, in turn, rendered export-related sectors more competitive, thereby enlarging the balance of payments surplus. It should be emphasized that the macroeconomic policies of the United States also had a significant impact on Japan's industrial structure and accentuated Japan's tendency to export more and import less.
It should also be pointed out that the tendency of Japanese industry to retrench and rationalize production processes and to concentrate on high valueadded areas that have a low propensity to use imported raw materials has kept import elasticities at low levels. As a result, Japan's trade structure has come to be characterized by high export-demand elasticities and low import-demand elasticities. Third, the protracted period of a strong dollar (or a weak yen) in the early 1980s conspicuously biased the pattern of technological development in Japan and thus changed corporate behavior in favor of export-oriented activities.
Beyond Trade Friction: Japan-US Economic Relations by Ryuzo Sato, Julianne Nelson