NIRA Review Winter 1999, Vol. 6 No. 1

• Essays

  Russia's Financial Collapse
  Vladimir Popov

  What caused the financial meltdown in Russia in the fall of 1998? Many have argued that it was the result of the "contagion" that had spread from Southeast Asia, combined with the inherent structural flaws of postCommunist Russia, but the author contends that domestic policy mistakes were mostly responsible.

  Reviving Japan's Financial System: Problems To Be Solved
  Mitsuhiro Fukao

  The two biggest causes of Japan's systemic financial problems--the country's antiquated and untrustworthy accounting system and the large stock portfolios held by banks--are examined. Strict discipline in bank management, international accounting standards, and better and more complete information from banks are necessary.

  The Brazilian Economy at the Crossroads
  Antonio Salazar P. Brandao

  The Brazilian economy has come a long way since its financial and inflationary crisis of 1994; the process of privatization has helped make the Plano Real a success. Nevertheless, further structural reforms are needed.

  The Real Importance of a Global Economy
  Dean Baker

  US trade policy has never embraced an across-the-board quest of unfettered free trade. Putting less-skilled workers in competition with low wages around the world is a much more accurate description of how it really works.

  Lessons From Korea on Financial Liberalization
  Jung Chang Young

  Many financial indicators have shown big improvements in Korea since the December 1997 IMF bailout, but economic contraction still continues. Prudent regulation and supervision are crucial not only for Korea, but for all emerging countries.

• Commentary

  From Bonn to Berlin: A New Old Capital For Germany
  Erich Holz

  Does Germany's move of its capital represent a return to the "statist" Prussian tradition? Or does it mean the world is about to see a more aggressive foreign policy from Germany? Neither, the author argues: The country's new and extremely strong democratic tradition will prevent any mischief. The move has generated too much emphasis on geographical symbols and has ignored recent historical trends.

• Policy Community

  A Look at Think Tanks in the Philippines
  Herman Joseph S. Kraft

  Since 1986, when Marcos was overthrown, a plethora of new research institutes have emerged both inside and outside the government. Much of their research has been formally integrated into the policy-making process.

• Researcher's Notebook

  Planting Trees: The Possibilities of Emission Rights Businesses
  Yasutaka Nakai

  The planting of trees throughout the world--and especially in the developing world--makes sense not only environmentally: new forms of eco-business have tremendous profit-making potential.

• NIRA Research Profile

  A brief outline of the 10th Hokkaido Conference on North Pacific Issues is presented.

• NIRA Calendar

  The 14th NIRA Tohata Commemorative Award for Policy Studies went to Masaoki Miyamoto and Motoji Matsuda for their book, A New History of Africa.

Staff:
Executive Editor: Masashi Namekawa
Coordinators: Madoka Nakamura, Rie Sasaki
Editor: Eric Gower
Illustrations: Hiroyuki Doi
Web Design: Masako Takeda
Translations: Tamami Inoue, Miyako Kawamata
Computer Support: Takashi Hirakura, Akio Kobayashi
Special Assistance: Takehiko Kawaguchi, Kie Matsumura

Editorial Board:
Jun Iio (National Graduate Institute for Policy Studies)
Hisayoshi Ina (Nihon Keizai Shimbun)
Masashi Kato (Tokyo Keizai University / Japan Economic Research Institute)
Makito Noda (Japan Center for International Exchange)
Akihiko Tanaka (University of Tokyo)
Mari Yonehara (Writer, Russian Interpreter)

Production: Seishosha Co., Ltd. (ISSN 1340-5268)