This book examines in detail the timely area of Japanese banking
and investment activities in the United States, and offers a clear
picture of both the causes of the recent growth of foreign
investment activity and the consequences of this trend for American
companies, households, and government agencies. Peter S. Rose
argues that multiple factors have shaped the growing roles played
by Japanese banks in the U.S. financial system and by Japanese
investors in the U.S. economy, but remains optimistic that this is
not necessarily a cause for alarm.
Rose provides a detailed look at nearly every aspect of Japan's
involvement in the U.S. financial sector, as well as offering a
useful overview of the banking and financial system of Japan. Among
the causes of Japanese expansion that Rose discusses are the rapid
appreciation of the Japanese yen in international markets, Japan's
large trade surpluses with the U.S., the high personal savings rate
of the Japanese, periodically depressed U.S. stock prices, and the
low barriers to entry into most U.S. markets. Also fully detailed
are the consequences of possible reductions in Japanese financial
activity, which could be felt in the U.S. through higher domestic
interest rates, a reduction in the creation of new jobs, rising
unemployment, reduced availability of long-term capital, and a
slackening in the growth of U.S. output. This unique work will be
an important reference tool for professionals in the banking,
finance, and securities industries, for public policy makers and
bank regulatory agencies, and for students and researchers of
international banking and finance.
General
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