The essays in this volume provide an overview of the causes and proposed remedies for the recurring bouts of trade friction between Japan and the United States.

The essays in this book provide an overview of the causes and proposed remedies for the recurring bouts of trade friction between Japan and the United States. The authors, drawn from both government and academia, discuss issues of macroeconomic policy, trade policy and financial market integration.

Foreword Richard R. West
1. Beyond trade friction: an overview Julianne Nelson
Part I. Macroeconomic Policy Issues: 2. Japan and the United States: the need to prosper together Alan H. Greenspan
3. Internationalization and restructuring of the Japanese economy Haruo Mayekawa
4. The limits of monetary coordination as exchange rate policy William H. Branson
Part II. Commercial Policy Issues: 5. A giant among Lilliputians: Japan's long-run trade problem Jagdish Bhagwati
6. What do VERs do? Kala Krishna
7. Domestic and international mergers: competition or cooperation Ryuzo Sato and Richard Zeckhauser
Part III. Financial Integration Issues: 8. Competitive performance and strategic positioning in international financial services Ingo Walter
9. Capital transfers from Japan to the United States: a means of avoiding trade friction Toshio Shishido
10. The efficiency of U. S. and Japanese stock markets Toshiyuki Otsuki and Noriyoshi Shiraishi
Index.