Highlights of Annual Meetings Since 1990
2017: The Contemporary Significance of the Theory of Comparative Advantage: the 200th Anniversary of the Publication of the Principles of Political Economy and Taxation
2016: The World Economy Grouping for a New Order: Future Prospects and Challenges
2015: The Perspectives of Emerging countries and World Economy – In View of Trade, Finance and Development
2014: New Phase of the Globalization of the Japanese Economy – Challenges and Perspectives
2013: The World Economy after the Global Financial Crisis in 2008: States of Crisis and Responses in the US, EU, and Emerging Economies
2012: The Future of Global Financial and Economic Crisis: Exploring a Turning Point of the World Economy
2011: Japanese Trade Policy at Crossroads
2010: Sustainability and International Economy
2009: Global Financial and Economic Crisis: Globalism on a Crossroad
- Financial Globalization and International Currency System
- Globalization and Income Distribution
2007: Lessons for 10 years from Asian Currency Crisis and Future Subjects
2006: East Asian Economic Integration: Issues and Prospects
- Building the east Asian community, Ippei Yamazawa (International University of Japan)
- Building the intraregional monetary union, Eiji Yamashita (Osaka City University)
- Asian economic integration shifting from the market guided type to the system guided type, Syujiro Urata (Waseda University)
2005: Multinational Corporations and East Asian Economy
- Is east Asian model of FDI created?, Fumio Yoshino (Takusyoku University)
- Foreign investment by Asian companies: the case of Thai CP group and Chinese CWGC, Shigeki Azuma (The Institute of Developing Economies)
- Rise of continental state of China and 5 paradox, Masahide Nakamura (Ritsumeikan University)
2004: World Economy and Global Environment
- Integrated evaluation modeling on climate change problems, Yuzuru Matsuoka (Kyoto University)
- Correspondence to environment and role of companies, Masayuki Sasanouchi (Toyota Motor Corp.)
- Framework of international action for global environment preservation and its execution, from the Japanese government’s perspective, Hironori Hamanaka (Keio University)
- Industrialization in developing countries and environmental problems, focusing on experiences in ASEAN countries, Nariaki Fujisaki (The Japan External Trade Organization, The Institute of Developing Economies).
2003: Inequality of International Wealth and Income Distribution
- Economic thought of Amartya Sen and Africa: from the perspective of global inequality, Yoichi Mine (Chubu University)
- Sustainability of population and food, Toru Iwami (University of Tokyo)
- Global unbalance of consumption through trade: economic unilateralism at the turning point of the century in the United States, Fumitake Matsumura (Daito Bunka University)
- An analysis of the effect that IMF economic support policy has on reducing poverty in low income countries, Sayuri Shirai (Keio University).
- Globalization and the North-South gap, Hirohisa Kohama (Shizuoka University)
2002: Achievements and Problems of Globalization
- World recession under globalization, Takao Sasaki (Hokkaido University)
- Globalization and Financial Problems, Seiichi Fujita (Kobe University)
- Globalization and poverty: micro econometrics approach, Yasuyuki Sawada (University of Tokyo)
- Simultaneously developing economic globalization and regionalization, Syujiro Urata (Waseda University)
2001: Toward the 21st Century World Economic System
- WTO and the world economy, Hirohisa Kohama (University of Shizuoka) and Yuka Fukunaga (University of Shizuoka)
- World economic system and role of the Japanese Economy, Masayuki Hara (Kobe University)
- Strengthening international financial architecture and reform of IMF/World Bank, Ryoichi Mohri (Nihon Fukushi University)
- Asian currency system and internationalization of Yen, Eiji Ogawa (Hitotsubashi University)
2000: Globalization and National Economy
- Perspective from the U.S., the development of globalization and new stage of the U.S. Economy, Minoru Sekishita (Ritsumeikan University)
- Perspective from Europe, globalization and national economy: the EU (European Union) response, Soko Tanaka (Tohoku University)
- Perspective from Asia, establishment of the New East Asian system and Asian standard, Seiko Ryo (Fukui Prefectural University)
1999: Global Economic Crisis: Current Conditions and Future Prospects.
- Historical feature of a global economic crisis, focusing on financial aspects, Masaru Yoshitomi (Dean, the Asian Development Bank Institute)
- Structural change of the international currency system, Eiji Yamamoto (Konan University)
- Financial and currency crisis in developing countries and development strategies, Ken-ichi Ono (The Asian Development Bank Institute)
The Aim of These Subjects
The financial and currency crisis of Asia, which began in the summer of 1997, spread throughout the world over the course of 1998. As in Asia, Latin American countries and Russia, which have developed based on the supply of abundant global capital, once again showed the weaknesses in their development base. As the interdependence of the world economy intensifies, it generates a chain of growth, and causes some difficulties which are simultaneously spread out globally.
Until this crisis occurred, a contrastive process continued over a long period. Export oriented industrialization in Asia, which started in the 1970s and developed fully in the 1980s, promoted a move toward the opening of many developing countries, and gave impetus to the market economy in the old socialist countries. Consequently, the world experienced the process of this growth chain and has benefited overall from this process.
By the way, the actions within and between each country in terms of the financial institutions and countries which got into difficulties, in the crisis which spread globally from Asia, were implemented very early on. For the moment, the system of international cooperation, which has continued progressing over the extended postwar period, has succeeded in protecting against critical situations in advance.
In the case of this process, it is the United States that has played the important role as a country, which is continuing positive economic expansion. However, Japan suffered from the bursting of the bubble economy, and has not fully succeeded in implementing reform of its traditional economic system. The success or otherwise of Japan in this effort will have an important impact on the present development process.
As mentioned previously, the present global economic crisis does not represent a mere reappearance of the Great Depression of the 1930s, but comes with special features of a new period. The crisis in the interwar period divided the world and drove it into a blocked economy. Now, the information and communications revolution fully developing towards the 21st century strengthens the interdependence between each country in all fields, and while it led to the chain of development of the crisis, it also facilitated cross-border countermeasures at the same time.
We would like to examine the current conditions and future prospects of the Global Economic Crisis comprehensively, with historical comparisons in mind, on the occasion of the Annual Meeting of the Japan Society of International Economics, which last met in the 1900s. Through this examination, we will clarify whether the present crisis will generate a vicious circle or create a new economic system for the 21st century.
Concretely speaking, I would like to take up the following common subjects. The first subject involves clarifying the nature of the present global crisis in both real and financial economic aspects including a historical comparison. The second subject focuses on the many problems in the field of finance and currency and makes them clear. In the third and final subject, we would like to examine the role of Japan which will surely have a significant influence on the development of this process.
1998: Economic Growth of East Asia—Will It Last in the 21st Century?
The timely theme is discussed in terms of growth potential, financial sectors and regional cooperation.
Kiyoshi ABE (Chiba University) analyzes the cause of the East Asian Crisis triggered by the Thai Baht devaluation in July 1997, and refers to six structural problems common to Southeast and East Asia: high-exchange economy, weak inter-industry linkage, institutional mismatch, global standard, weak intra-Asia cooperation and lacking self-help. A revival of the East Asian Miracle will remain very difficult. Its total factor productivity will remain low in the near future.
Sahoko KAJI (Keio University) argues that capital-account liberalization and financial globalization enforce structural convergence. Global standard emerges in a system where people from different nations mingle and do business without risking financial ruin. One of the unintended consequences of capital-account liberalization is the structural convergence to the global standard. Resisting the structural change with financial sectors widely open is not only fruitless but also detrimental.
Fumio YOSHINO(Takushoku University)points out that the past high growth of Southeast Asia has been due to the MNC supply network as well as Chinese network, rather than a success of the ASEAN. Weak is the contribution of the ASEAN to the economic growth. Southeast Asian economies depend so much on the MNCs and the Chinese power. The self-help power is still so weak. The role of Japan is crucially important.
There were three papers on Japan-Korea Relations presented by Chuk Kyo Kim (Hanyang U.) & Jong Wook Won(Institute for Health & Social Affairs), Dong Cheon Shin & Young-Sun Lee(both Yonsei University), and Yong Jin Kim (Dongduk Women’s Univ.) & Jong-Wha Lee(Korea University).
A special lecture was also held on East Asian Crisis (Some Limits to Liberalization of Global Markets), with Lawrence R. Klein, University of Pennsylvania as Main Speaker.
1997: Economic Development and World System: Market Economy, Aid and Environment
The theme centered around economic development and related policy changes and system changes. Labor movement, poverty alleviation and transition to market economy are discussed by the three presenters.
Toshio IYOTANI (Hitotsubashi University) presented a paper on Globalization and Labor Movement, discussing globalism as a challenge to nationalism. Immigrants have been incorporated into nation-states as minorities. The migrant labor constitutes the underclass, thus forming a dual labor market. The economic globalization through labor movement proceeds,threatening the existence of political nation-states.
Hideki ESHO (Hosei University) discussed a new triad of aid, development and environment. He focused on economic development, especially poverty. He surveyed comparatively the structuralism(inward-looking strategy, two-gap approach), the neo-classical approach(IMF Conditionality) and the revisionism(Basic Needs, UNDP). Public policy is decisively important for a success of the new triad. Further research is required along the neo-classical approach.
Satoshi MIZOHATA (Kyoto University) analyzed transition policies of former socialist countries. The transition to market economy proceeds smoothly in China and Vietnam, but faces difficulties in Russia and East Europe. The presenter compared the shock therapy (big-bang approach) and the gradualist (dual track approach), based on a decade-long data on transition and with focus on stop-and-go policy.
There were two papers on Japan-Korea Economic Relations presented by Choong Young Ahn, Chung Ang University, and Chang Yong Rhee, Seoul National University.
A special symposium was also held on Sustainable Economic Development in Asia, with Jun Nishikawa, Waseda University, as Key Note Speaker.
1996: Unification of World Economy and Internationalization of Japanese Business
The theme focused on new trends in Japanese business in the increasingly borderless world. Three keynote presentations centered around the theme and revealed new in-depth analysis.
Akihisa YAMADA (Yokohama University of Commerce) revealed his field surveys of Japanese companies in Russia, US and Europe, pointing out the need for Japanese business behavior to change drastically in the age of globalization. Japanese MNCs must conform to internationally known code of behavior to prevent corporate-culture friction. Vagueness ingrained in Japanese business, for instance, needs to be rectified.
Likewise Fukunari KIMURA (Keio University) and Hirohisa OBAMA (Shizuoka Prefectural University) maintained, on the basis of their investigation of the recent behavior of Japanese sogo-sosha (general trading companies), that their importance in Japanese trade transactions is on the downside and that they need to be diversified to include such businesses as initiating trades between third countries, developing new imports according to their design, and planning, building and maintaining new industrial parks in emerging economies. The general trading companies serve and will serve still as important information center to which other information-seeking companies flock.
Tamotsu TAKASE (Tokai University) illuminates his long research on a code of ethics on international business and argues that corporate ethics is deficient particularly in Japan. Japanese businessmen sometimes run the risk of becoming unscrupulous for the interest of their own companies. University education on corporate ethics needs to be improved. The floor agrees that Japanese companies must “live and work together for the common good” (“kyosei”) and satisfy the needs of “stakeholders”. Japanese-style management has reached a peak in the late 1980s, thereafter needing drastic change in the face of growing globalization. Japanese common sense is the world’s uncommon sense.
There were two papers on Korean Economy presented by Kim Kwang Doo, Sogang University, and Jung Chang Young, Yonsei University.
A special symposium was also held on the same theme with focus on automobile industry, with invited panelists from Europe, US and Japan.
1995: Environment-Resource Problem and International Trade
Commonly focused on by the keynote presentations of the 1995 annual convention is the issue of sustainable development, or sustainable trade, very important for the 21st century.
Akihiro AMANO (Kwansai Gakuin University) analyses in the first keynote paper “Trade, Environment and Development” the theoretical internalization of global externalities, and proposes more rigorous application of the OECD Polluter-Pay Principle, abstention from using ecology as pretext for trade-protectionist measures and the like.
Hiroaki FUKAMI(Keio University) in the second keynote paper “Resources and International Trade” focuses on the three-E trilemma (trilemma among Environment, Energy and Economy) and calls for (a) reorientation of international trade per se toward “sustainable trade”, (b)internalization of external diseconomies (like AMANO), and (c)reconsideration of resource trade in the wider context of the North-South Trade.
Jun NISHIKAWA (Waseda University) likewise discusses in the third keynote paper “Resource and Sustainable Development” about resource-environment problems and sustainable development and concludes that sustainable development must be supported by sustainable livelihood. This in turn calls for a transformation of our value system and our paradigm on economic development with focus on human beings in social development.
There was a paper on Korea-Japan Partnership presented by Choong Young Ann, Chung-Ang University.
1994: Regional Integration and Global System
Contrasts are made between regional and world-wide integration in money, trade and business.
Yoshihiko MOTOYAMA (Kyoto University, 1996-98 President of JSIE) analyzes the world monetary system made up of three poles (US$, Yen, DM), the destructive bad effects of huge speculative derivatives on financial stability and calls for a revaluation of gold. The discussant Takuji SHIMANO (Gakushuin University) suspects that there is no meaning to reconsider gold or gold-backed currency now and points out the importance of policy coordination, gaining some support from the floor.
In the second keynote speech, Yoko SAZANAMI(Keio University)analyzes recent changes in world trade rules in the global system and points out the important constructive role being played by the WTO (e.g. service trade, intellectual property rights, trade-related investment). She stresses the importance of supporting WTO for the sound growth of world economy. The events thereafter are moving in line with what she said.
Tetsuo ABO (University of Tokyo) reveals the result of comparative analysis of the international transfer of management and production technologies by Japanese firms and the relationship between regional differences in the degree of transfer of Japanese business system and movements towards greater regional integration, using his well-known Application-Adaptation (Hybrid) model. The degree of the transfer differs from country to country, resulting in the difference of business performance. Many pertinent comments and questions were raised from the floor, contributing to the JSIE quality.
1993: Present and Future of Pan-Pacific Region: Role of Japan
The role of Japan is discussed, following the extensive diversified examinations of various Pan-Pacific issues.
TWU Jaw-yann (Nagoya University) presented “Regional Integration in the East Asia: Implication in Perspective” and discusses clearly the localized economic zone in East Asia (say, China) which is different from the expanding regionalism (say, EU). The fundamental differences between the two are supplemented by his discussant, Toshio WATANABA (Tokyo Institute of Technology).
Ippei YAMAZAWA (Hitotsubashi University) and Peter Drydale (Australian National University) presented the second keynote paper “Tasks Ahead for Asia Pacific Economies” and focuses on APEC and its difference from EC (now EU). Full-fledged institutional integration as seen in European Community is neither feasible nor necessary in Asia Pacific. It will be a loosely organized structure for a wide range of cooperative activities. All member economies who are committed jointly to the task of sustaining growth and cooperation will maintain their autonomy in economic policies in Asia Pacific.
Hiroshi BABA (Tokyo University) presents the third keynote paper “World Economy of fin de siecle (end-of-century) and Pacific Area” and discusses overaffluence in some advanced countries, as seen the fad of esthetics, diet, jogging, etc. in the context of appearing environmental constraints.
1992: Integration and Disintegration of the World Economy ? The Role of Japan
Integration and disintegration are contrasted with focus on EC, USSR, and East Europe. MNCs and the role of the US are also considered. The role of Japan is common to all keynote speakers. The 1992 convention was characterized by five, instead of the usual three, keynote presentations. These five dealt more or less with world integration and disintegration seriously, deeply and extensively. It was indeed a very busy convention, but also quite meaningful, making another success story of the JSIE.
Sadatoshi SHIMIZU (Ritsumeikan University) in the first keynote speech “Completion of EC Internal Market and Japan” expressed cautious optimism about the future of the European integration after pointing out inherent difficulties on the road.
Serguey BRAGUINSKY (Yokohama City University) in the second keynote presentation ” Disintegration and Economic Integrity in the Former Soviet Union” used the Shang-Jin Wei model and analyzed the former USSR in terms of interdependence vs. disintegration.
Hirohisa KOHAMA (Shizuoka Prefectural University) in the third keynote speech “Economic Transition in Eastern Europe-A Structural Adjustment Approach” examines the process of transition from planned to market economy in Eastern Europe, which requires extensive long-term structural adjustment. In this requirement, developing countries in other continents are no different. In the 1980s, developing countries had been shifting to market-guided strategies based on World- Bank-type advice of structural adjustment. Japanese experiences of structural adjustments, it was pointed out, would prove beneficial for Eastern Europe. Herein lies the role of Japan.
Shohshichi SUGIMOTO (Kyoto University) in the fourth speech ” Integration and Disintegration of the World Economy- Position of Japan” concludes that there will be unification of advanced countries and incorporation of developing countries therein. This is something new and could be called a new historical stage, with unification and incorporation taking place at the same time. It is MNCs that play a central role in this historical process. The MNCs (e.g. Japanese big businesses) build up and keep supply networks throughout the world (e.g. Asia), contributing to the above process.
Fukutaro WATANABE (Gakushuin University) in the fifth speech “U.S. Policy for Integration and Disintegration of the World Economy” refers to the end of the Pax Americana, the rise of EC and Japan relative to the US, the consequent three-pole system, and the importance of the principle common to Europe and the US, viz. , free market economy and parliamentary democracy. Japan follows. The US will pursue its national interest in the new three-pole political system.
1991: Turbulent World Economy: In Search of New International Economic Order
Focus is on some world turbulences in currency, trade and emergence of West Pacific. A comprehensive discussion by one noted member is another feature.
Shojiro TOKUNAGA in the first keynote paper “Fluctuating Exchange Rate System and Financial Globalization-National Interests and Optimal Currency Area under Dollar System” argues that the float promotes national interests and changes the Dollar-standard system. The nationalism with the float leads to mosaic optimal currency area. The current Dollar-Standard System involves structural contradictions with the floating exchange rate system. His comprehensive analysis contributed to a unification of both the currency system argument and the international financial organization argument, causing active discussion among participants.
Makoto IKEMA (Hitotsubashi University) delivered the second keynote paper ” Free Trade Area and Regionalism” and considered from a long-term aspect the relation between regionalism and multilateral trade liberalization. He concluded that GATT should function beyond the regionalism and that Japan should play a positive role in strengthening the GATT system.
Toshio WATANABE (Tokyo Institute of Technology) in the third keynote speech ” On the Development of the Western Pacific Economy” analyzes the chain reaction of growth among East Asian countries which are enjoying benefits of backwardness one after another. His cogent reasoning on Asian dynamism is now well known.
As comprehensive discussant, Takuji SHIMANO (Gakushuin University) gave comments on the three keynote presentations. His comment was based on the criterion of symmetry and that of flexibility for the first monetary paper, and on the criterion of efficiency, effectiveness and consistency for the second and third real-sector papers. Such comprehensive comments requires sharp insight and profound knowledge of advancing international economics, which is not always possible.
1990: Regionalism and World Economy
Various aspects of emerging regionalisms are analyzed, with focus on Pacific, US-Japan and EC integration. A comprehensive discussion by one noted member is a feature.
Ippei YAMAZAWA (Hitotsubashi University) in the first keynote “Pacific Cooperation and the Global Economy” traces historical evolution of the APEC and characterizes it as Pacific version of the OECD, its features being open regionalism, non-exclusiveness and gradual liberalization.
Minoru SEKISHITA (Ritsumeikan University) in the second keynote speech “A View of the Structural Impediments Initiative between Japan and US” explains the historical process of politicizing US-Japan economic conflicts and refers conclusively to the inevitability of the bilateral structural adjustment or SII.
Soko TANAKA (Tohoku University) in the third keynote presentation “The Development of European Integration and some Prospects for the Reconstruction of Europe” discussed regionalism, German reunification and prospects of European reorganization, favoring Euro-optimism rather than Euro-pessimism.
As comprehensive commentator for the three keynote speeches served Jun NISHIKAWA (Waseda University) who pointed out that further research should be made in the relation between globalism and regionalism, between economic nationalism and borderless economy, and between regional integration and functional integration. Shohshichi SUGIMOTO (Kyoto University) says that these researches are need and expected to lead to “economic theory of interdependence”. The JSIE conventions thereafter tend to follow the path outlined by them.