Internationalization in Japanese Economy and Structural Change in Industry

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Financial market in developed economy today has been getting complicated to understand with the rapid internationalization. At the same time it seems that economic instability is gradually increasing in its reality both in goods and financial markets. The problem why financial elements cause macro-economic instability is made of clear by building a model with explicit consideration for financial institutions (Adachi).From the post two oil crises we know that instability in international oil market starts would wide economic catastrophe. The relation between stability in exhaustible resource market and pattern of its exploitation is analyzed and shows that the market stability keeps the exhaustible resource stock longer than in the uncertain demand market (Katayama).Trade and economic conflicts among nations are one aspect of instability. Structural changes among the developed countries have experienced economic frictions, especially in auto-industry. History and future prospects in trade friction in the industry has been investigated (Fukiharu).One typical feature of international trade among developed countries is intra-industry trade. It is typical in automobile trade. General equilibrium models of intra-industry trade under imperfect competition and trade policy are analyzed (Uekawa).It is also conceivable that internalization has some influence on the Japanese labor market. Dual labor market hypothesis is tested in manufacturing industry (Tanaka).Deregulation and Privatization movement in US and England are followed as a change in Japanese industrial policy. Multiーproduct public utility is analyzed in the framework of traditional rate-of return regulation (Kishimoto).