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- Title
IS IMBALANCES AND CURRENT ACCOUNT SURPLUSES IN JAPAN: IN MEMORY OF PROFESSOR RONALD I. MCKINNON.
- Authors
HORIOKA, CHARLES YUJI
- Abstract
In this paper, I find (1) that Japan showed massive and persistent current account surpluses from at least 1981 until at least 2011, (2) that Professor Ronald McKinnon was correct, at least in the case of Japan, and that these large and persistent current account surpluses were due primarily to Japan's large and persistent IS imbalances (the excess of saving over investment), (3) that the specific causes of the IS imbalances have changed dramatically over time, and (4) that future trends in Japan's IS imbalances (current account surpluses) are difficult to project but that they will probably not change dramatically in either direction in the foreseeable future.
- Subjects
BALANCE of payments; PERSISTENT currents; BUDGET surpluses; QUANTUM interference; FORMAL discipline
- Publication
Singapore Economic Review, 2016, Vol 61, Issue 2, p-1
- ISSN
0217-5908
- Publication type
Article
- DOI
10.1142/S0217590816400208