A Quest for a More Stable World Economic System: Restructuring at a Time of Cyclical Adjustment

In the autumn of 1990 there was a sense of change taking place in the world economy. Readiness for war was occurrin~ in the Middle East and a recession was already underway in a few major countries. The forces of reform and political re-shaping were visible in Eastern Europe and the Soviet Union. We economists, gathering in Osaka, Japan, under the auspices of the International Institute for Advanced Studies (Kyoto) could recognize that the Cold War was over and that politico-economic restructuring would take place among the powers in the Warsaw Treaty Organization. Much has happened since the latter part of 1990 to affect international economic stability. The events of that period were both positive and negative for economic stability, but our concern was weighted towards the negative side. Dur charge and sponsorship was scholarly, and the papers from the learned contributors to the symposium and this resulting volume used the many tools of economic analysis to try to understand the ongoing developments. In the intervening period, while this volume was being prepared and edited, we did not cnange our viewpoints in any fundamental way, and we can take satisfaction in the way our symposium either relates to the unfolding sequence of events in a substantive sense or provides a framework in which to study these events.

Table of Contents:
1 Restructuring and Arms Reduction in the World Economy.- 2 Japan’s Economic Structural Adjustments and the World Economy.- Sustainable World Economic Growth: A New Dimension of Economic Policy Cooperation.- 3 Editorial Comments — 1.- 4 International Negotiations and Domestic Conflicts: A Case for Counterlobbying.- 5 Globalization and the Design of International Institutions.- 6 Monetary Policy Regimes, Central Bank Commitments, and International Policy Cooperation.- 7 Summary of “Sustainable World Economic Growth: A New Dimension of Economic Policy Cooperation,”.- Harmonizing Global Regionalism.- 8 Editorial Comments — 2.- 9 Effects of German Unification on the European Integration Process.- 10 Asia—Pacific Economic Development.- 11 The Rise of East Asia and Recent External Shocks.- 12 Tripolar Growth and Real Exchange Rates: How Much Can Be Explained by Convergence?.- 13 Summary of “Harmonizing Global Regionalism,”.- The Debt Problem and International Financial Markets.- 14 Editorial Comments — 3.- 15 Latin American Debt: Macroeconomic Environment and Economic Structure.- 16 Development Dilemma: The Philippine Experience.- 17 Some Implications of the Developments in Eastern Europe for the European Economic and Monetary Union.- 18 Future Trends in Japan’s Saving Rate and the Implications Thereof for Japan’s External Balance.- 19 Summary of “The Debt Problem and International Financial Markets,”.- Restructuring of Socialist Economies and the Impact of Disarmament on the World Economy.- 20 Editorial Comments — 4.- 21 Soviet Economic Reform: The Transition Issue.- 22 The World Economy in the Post-Cold War Era and the Role of Japan.- 23 Global Economic Implications of Restructuring in Eastern Europe and the Soviet Union.- 24 Conversion andEconomic Reform.- 25 Summary of “Restructuring of Socialist Economies and the Impact of Disarmament on the World Economy,”.