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.