Word: dollarization
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Dates: during 1980-1989
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...trade surplus last year was $82.7 billion and West Germany's $57 billion. Both were records. Japan's trade surplus with the U.S. alone last % year stood at $51.5 billion and West Germany's at about $16 billion. Trade figures released in Tokyo last week showed that despite the dollar's long decline against the yen, Japanese exports to the U.S. actually increased by 23.5% last year, to $80.5 billion...
...experience since the Plaza Accord, however, indicates that the trade problem is much thornier than that. One of the most immediate effects of a dollar decline should be a decrease in foreign travel by Americans -- but there the U.S. suffered a $5.2 billion deficit last year. Apparently, the rising cost of staying in Paris or Rome has been offset by cheaper air fares, among other things. Moreover, even while the international purchasing power of the dollar has declined since the Plaza Accord, the price of imported goods in the U.S. has often failed to rise by an equivalent amount...
...fact is that nothing is going to change the U.S. trade-deficit picture soon. Therefore, trade frictions are liable to increase, pressures on U.S. allies to change their policies will intensify, and further currency flurries like last week's turbulent episode will remain a constant possibility. Last week's dollar plunge, says Bluford Putnam, a senior economist with the Morgan Stanley investment house, is evidence that money markets are trying to accomplish "what politicians could not do" in solving the trade issue. The same hair-raising experience shows that some other approach might be preferable...
DESCRIPTION: Color: Three charts of Japanese yen, West German mark, South Korean won, changes against U.S. dollar, 1985, 1986, 1987, with suggested retail prices of principal exports of each country...
...sheer, world-class derangement, few pastimes can match that of smearing one's face with sunscreen goo, joining ten other hearty mates and smashing over the sea in multimillion-dollar pursuit of an ugly, and near worthless, silver jug. Yachtsmen often complain that ocean racing is like standing under an ice-cold shower tearing up thousand-dollar bills. Until recently, Dennis Conner, 44, skipper and mastermind of the smoke-blue Stars & Stripes, might have agreed...