By Takafusa Nakamura (auth.), Prof. Dr. Herbert Hax, Prof. Dr. Wolfgang Klenner, em. Prof. Dr. Willi Kraus, Prof. Dr. Tomoo Matsuda, Prof. Dr. Takafusa Nakamura (eds.)

The financial transfonnation occurring in jap Europe and Asia is specifically a problem for Japan and Gennany, simply because those states because the quick associates of the constructing areas are at once affected and likewise simply because they're the most powerful financial powers of their areas and feature the required power to steer advancements there. Japan and Gennany are affected in lots of methods, either absolutely and negatively. should still the industrial and social transformation run into problems, resulting in financial and political chaos, even perhaps to armed conflicts, then economic system and social textile of the filthy rich buddies might probably endure. long ago, Japan and the South-East Asian quarter have already skilled how financial difficulties in China prompted hundreds of thousands of chinese language to hunt their fortunes in different international locations. An financial and political destabilization of China may at the present time most likely have even better results on migration flows. related results may be anticipated in Europe, if the transfonnation procedure in japanese Europe should still fail. yet even much less dramatic advancements in jap Europe and East Asia could have deleterious results for Gennany and Japan. either countries are associated heavily to the transfonning economies close to them, although at a pretty low point. a discount in exchange with them, a refusal to provider accounts and different financial frictions resulting out of monetary and political problems could of necessity bog down the prosperity of Japan and Gennany. A profitable transfonnation strategy could surely gain all fiscal companions to a substantial extent.

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Extra info for Economic Transformation in Eastern Europe and East Asia: A Challenge for Japan and Germany

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2 Economic Causes for the Shift in the Capital Balance It was not pure coincidence that shortly after the reunification, Germany experienced the first current account deficit in ten years . The rapid shift from a net capital exporter to a net capital importer can be explained by the costs of German economic unification. West Germany had to cushion the impact of the East German economy's collapse. The economic integration of East and West Germany can be interpreted as a far-reaching economic shock for the East German economy.

Construction of public housing complexes (danchz) has been promoted by a public body named Jutaku Kodan (Japan Housing Corporation), established in 1955, and by local governments. Apartments built by the former were mainly for the middle-incomed and by the latter for low-incomed groups. The main purpose of the government housing policy has been to provide places to sleep for workers. vo rooms plus a kitchen-dinette area, averaging 550 square feet (about 51 m2). If occupied by a 'standard' family, a couple with two children, no one--not even the family father-has a room to him- or herself.

36 Fig. 1: Germany's Balance of Payments 150 BiliionDM .. I1I • Ba/anoe on current acoount BlChange In net foreign reserws Source: Deutsche BundeobMk Japan, Germany and a few smaller European states (Belgium, the Netherlands, Switzerland) belong to a group of countries which have experienced current account surpluses and net capital exports for a number of years_ These countries have provided capital for the rest of the world, mostly absorbed by a handful of industrialized countries like the United States, the United Kingdom, Spain, France, Italy, Canada and Australia_ These "capital absorbing" countries have experienced large and persistent current account deficits, at least since the middle of the 1980s_ As a result, capital has been predominantly flowing between industrializtid countries, whereas capital-poor developing countries have attracted only limited amounts of total world capital_ The political events of 1989, especially the collapse of the communist regime in the former German Democratic Republic and the reunification of the two Germanies, have resulted in major repercussions for Germany's balance of payments_ In 1990 net capital exports (including "Net errors and Omissions") declined considerably from 127 billion D-Mark (1989) to 65 billion D-Mark, and in 1991 Germany became a net capital importer, importing 22 billion D-Mark of capital (net), which represented a shift in the capital account of nearly 100 billion D-Mark within a single year_ In the current account, corresponding changes have taken place_ The current account surplus, which amounted to 108 billion D-Mark 37 in 1989, declined to 76 billion in 1990, and in 1991 Germany experienced its first current account deficit in ten years (32 billion D-Mark).

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