Book contents
- Frontmatter
- Contents
- List of contributors
- Acknowledgments
- Chapter 1 Editor's summary
- Chapter 2 The corporate cost of capital in Japan and the United States: a comparison
- Chapter 3 The taxation of income from capital in Japan
- Chapter 4 Corporate tax burden and tax incentives in Japan
- Chapter 5 A closer look at saving rates in the United States and Japan
- Chapter 6 The Japanese current-account surplus and fiscal policy in Japan and the United States
- Chapter 7 Curing trade imbalance by international tax coordination
- Chapter 8 Picking losers: public policy toward declining industries in Japan
- Chapter 9 Corporate capital structure in the United States and Japan: financial intermediation and implications of financial deregulation
- Chapter 10 The Japanese bureaucracy in economic administration: a rational regulator or pluralist agent?
- Chapter 11 Japan's energy policy during the 1970s
- Chapter 12 Industry structure and government policies in the U.S. and Japanese integrated-circuit industries
Chapter 1 - Editor's summary
Published online by Cambridge University Press: 07 October 2009
- Frontmatter
- Contents
- List of contributors
- Acknowledgments
- Chapter 1 Editor's summary
- Chapter 2 The corporate cost of capital in Japan and the United States: a comparison
- Chapter 3 The taxation of income from capital in Japan
- Chapter 4 Corporate tax burden and tax incentives in Japan
- Chapter 5 A closer look at saving rates in the United States and Japan
- Chapter 6 The Japanese current-account surplus and fiscal policy in Japan and the United States
- Chapter 7 Curing trade imbalance by international tax coordination
- Chapter 8 Picking losers: public policy toward declining industries in Japan
- Chapter 9 Corporate capital structure in the United States and Japan: financial intermediation and implications of financial deregulation
- Chapter 10 The Japanese bureaucracy in economic administration: a rational regulator or pluralist agent?
- Chapter 11 Japan's energy policy during the 1970s
- Chapter 12 Industry structure and government policies in the U.S. and Japanese integrated-circuit industries
Summary
Introduction
The United States and Japan are the two largest economies in the world. Both countries experienced the inflationary consequences of the oil price shocks of the 1970s, both national governments have large deficits, and both have been considering or enacting major tax reforms. The growth rate of the Japanese economy continues to be the envy of the rest of the developed world, despite the fact that Japan has suffered many of the same external economic shocks as the other countries.
There are numerous important economic issues that involve the United States and Japan and their interaction. Considerable trade friction has developed between the two countries as a consequence of the large current- account deficit of the United States, the trade surplus of Japan, and, most directly, the bilateral trade surplus of Japan. A widely debated issue is whether the trade imbalance is due to Japanese trade restrictions or due to the imbalance of U.S. fiscal policy.
The trade frictions between the United States and Japan have perhaps been most severe in the microelectronics industry. One issue regarding that industry is whether Japan has been dumping integrated circuits on world markets or is simply more cost-efficient in producing them. Certainly, Japan has proved to be a tough competitor in that market, as in so many others.
There are many important economic issues that concern government policies toward industry in the United States and Japan.
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- Publisher: Cambridge University PressPrint publication year: 1988