Special Paper

The Independence of the Federal Reserve System

Ryoichi Mikitani

Special Lectures

The Historical and Contemporary Perspectives on Banking Instability, Deposit Insurance, and Prudential Regulation and Supervision.

Charles W. Calomiris

Articles

On the Possibilities of Improving Efficiency through Bank Regulations in Japan	Yutaka Domae
The Economic Consequence of the “Plaza Accord”	Ken’ichi Yoshida
Stock Investment Characteristics of Life Insurance Companies during 1930’s in Japan	Kazky Yokoyama
On the Probability of Postal Savings and Bank Deposit Holding in Tokyo Metropolitan Area	Mototsugu Fukushige
Externalities in Japanese Life Insurance Market	Sanae Ohno
Exchane Rates, Trade, and Employment in the EU	Yutaka Kurihara

Book Reviews

Aoyama, K. (Yamada, A.) Sakamoto, T. (Takatsuki, A.) Kuroda, A. (Hiruma, F.) Iida, T. (Kobayashi, J.) Kobayashi, M. (Sakamoto, T.)