As the first university-based institute to address the wide spectrum of issues facing Japan, the United States, and their trading partners, the Center for Japan-U.S. Business and Economic Studies at New York University's Stern School of Business has, from its inception, sponsored programs to promote dialogue between business leaders and academics on pertinent issues. One of the Center's forums has been a series of panel discussions moderated by Professor Robert Kavesh and featuring Nobel Laureate Paul A. Samuelson. Long-Term Credit Bank of Japan Visiting Professor of Political Economy. Joining in the discussion are business leaders from Japan and faculty members from the Stern School. In addition, every March the Sanwa Monograph Selection Committee meets to award a research grant for a monograph on international financial markets. The Committee consists of two Nobel laureates, Merton Miller and James Tobin, and Professors Akiyoshi Horiuchi, Ryuzo Sato, Marti Subrahmanyam, and Richard Zeckhauser. After the meeting the Committee participates in an open panel discussion in which they are joined by the General Manager of the Sanwa Bank, New York. . This book presents transcripts from these extremely popular panels and is published in response to repeated requests not only from those who attended the discussions but also from those who could not do so.