Economic Interaction in the Pacific Basin

Economic Interaction in the Pacific Basin

Economic Interaction in the Pacific Basin

Economic Interaction in the Pacific Basin

Excerpt

ECONOMIC INTERDEPENDENCE among countries of the Pacific basin has increased even faster than it has among nations generally. Most of the countries whose economies have grown most rapidly in the recent past, apart from those that produce oil, have Pacific shorelines; the same countries have also recorded the greatest increases in international trade. This fact suggests that the strengthened economic links among those countries have increased not only their prosperity but also their exposure to the unfavorable economic developments of the 1970s.

This study investigates the transmission of economic impulses among six countries chosen to be representative of the entire Pacific basin: Australia, Japan, the Republic of Korea, the Philippines, Thailand, and the United States. It compares their economic performance during the turbulent 1970s and examines the domestic and international effects of the economic policies pursued by individual governments.

The strength of the economic influence that Japan and the United States exert on each other has long been recognized. Its importance impressed Lawrence B. Krause, a Brookings senior fellow, and Sueo Sekiguchi, a senior economist of the Japan Economic Research Center, during their collaboration in 1973-75 as contributors to Asia's New Giant: How the Japanese Economy Works , edited byHugh Patrick andHenry Rosovsky (Brookings, 1976). Krause further investigated the international transmission of economic impulses and its influence on the macroeconomic performance of individual countries in his contributions to Worldwide Inflation: Theory and Recent Experience (Brookings, 1977), of which he was coeditor (with Walter S. Salant). Research for the latter book stimulated Krause's desire to study the transmission of economic impulses among the countries of the Pacific basin and to put the bilateral relations between Japan and the United States . . .

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