Author: Yuta Seki

Martin Neil Baily is a senior fellow in the Economic Studies program and the Bernard L. Schwartz Chair in Economic Policy Development. He is also the director of the Business and Public Policy Initiative at the Brookings Institution. He was chairman of the Council of Economic Advisers from 1999 to 2001. Richard J. Herring is the Jacob Safra Professor of International Banking and professor of finance at the Wharton School, University of Pennsylvania. Yuta Seki is managing director of research at the Nomura Institute of Capital Markets Research in Tokyo.