WHERE IS THE JAPANESE ECONOMY HEADED?

Abstract.  The Japanese economy now seems to be emerging from the negative legacy of the collapse of the bubble in the 1990s. In order to assess where the economy is going, the paper reviews the decade-long stagnation and subsequent recovery in the context of globalization, with reference to policies of the Japanese government and management practices of the corporate sector. The rebirth of the Japanese economy will be forthcoming as long as ongoing policy efforts of the government and private-sector management endeavours continue, in a harmonious way and in the context of globalization.     

REFORM OF THE INTERNATIONAL MONETARY SYSTEM BASED ON SPECIAL DRAWING RIGHTS AND ITS IMPLICATIONS FOR ASIA

In the midst of the current global economic crisis, China's central bank governor came out with a proposal to reform the international monetary system based on special drawing rights, contrary to the general expectation of the international community. Although many believe the announcement was politically motivated to address the dollar problem, the reform idea may have important bearings upon the future evolution of the economic integration of Asia. This paper reviews the implications of the reform proposal for the Asian region.