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.
KeywordsExchange Rate Current Account Foreign Trade Real Exchange Rate Money Supply
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