The Comparison of Macroeconomic Policies between Japan and Australia

点击翻译按钮获取中文摘要

This research can be grouped into three sections. The first group deals with issues in public finance. Ian A.Kerr and Garry A.MacDonald empirically examines the influence of the taxation mix on economic growth. Motomi Makino examines the debate about budget problems in the changing social and economic situation in Japan. The second group deals with issues in finance and monetary policy. Yuichi Fukuta tests some conditions, using time series analysis, to determine whether Japanese and Australian stock prices contain rational bubbles. Keiji Yano examines the monetary transmission mechanism and the effect of monetary policy during and after the bubble period in Japan. He emphasizes the importance of the credit channel and shows that the effectiveness of monetary was much diluted owing to the asset price crash after the burst of the bubble in Japan. The third group deals with issues international trade problems. Helen Cabalu uses simulation model to analyze the effects of trade liberalization under the Uruguay Round and ASEAN Free trade Area on Japanese agriculture to the year 2020. Meher, Manzur introduces a new measure of real exchange rates as an indicator of international competitiveness. This measure is applied to the data for Japan, Korea, Thailand, Malaysia and Singapore. Yoichi Matsubayshi analyses the fluctuations in Japan's current account decomposing it into structural and cyclical components using a new methodology. Tatsuhei Mikita surveys the development of the new trade models which treat the trade in intermediate products.