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The Authors
Martin Feldstein is the George F. Baker Professor of Economics at Harvard University and President of the National Bureau of Economic Research. From 1982 through 1984, he was Chairman of the Council of Economic Advisers and President Reagan's Chief Economic Adviser. After graduating from Harvard College in 1961, Dr. Feldstein studied at Oxford University where he became a member of the faculty and a fellow of Nuffield College and received his doctor of philosophy degree in 1967. He joined the Harvard faculty that year and became Professor of Economics in 1969. Dr. Feldstein is the author of more than 200 scientific articles on a wide range of economic subjects. He is a regular contributor to the Wall Street Journal. He and his wife, who is also an economist, write a monthly column for the Washington Post and the Los Angeles Times syndicate.
Herve de Carmoy is Director and Chief Executive International of Midland Bank. He joined the bank in 1978, first as Chairman of the Executive Board of Midland Bank, France. He added the title of General Manager, London in 1979; and in 1980 took on a leading role in the revival of a Midland acquisition in Germany, the banking house of Trinkus and Burkhardt. He became Chief Executive of the International Division of Midland Bank in 1984, and added the task of Director in 1986. Educated at the Sorbonne (including at the Institute of Political Science) and Cornell University (M.B.A., 1960), Mr. Carmoy began his career with Chase Manhattan Bank. He was Vice President and General Manager of Chase Manhattan Bank France in 1971-73, and Regional President, Chase Manhattan Bank Western Europe, in 1973-78. Mr. Carmoy is a Fulbright and Telluride Scholar.
Koei Narusawa is Economic Advisor to the President of the Bank of Tokyo, a position he has held since 1980. A graduate of Tokyo Imperial University's Department of Jurisprudence, Mr. Narusawa joined the Bank of Tokyo in 1948. He subsequently served as General Manager of the Hamburg office (1969-70) and then in the London office (1971-72). In 1972, he returned to Tokyo to become General Manager of the Economic Research Division, rising in 1973 to Director and in 1976 to Managing Director. His publications include recent articles entitled The Prospects of International Finance in 1987 and The Prospects of