Is Japan's Economic Strength Fortuitous?

Hideichiro Nakamura

Japanese Economy, 1983, vol. 11, issue 3, 48-74

Abstract: Of all the advanced countries, Japan is the most vulnerable to the impact of oil crises. This fact is clear from OECD data (1978) showing that 73.5% of Japan's total energy consumption is accounted for by oil, 99.8% of which is imported, with the Middle East supplying 78.5%. At the time of the first oil shock, Japan (1) was hit by a severe inflation, due partly to the excess liquidity that preceded it, (2) watched its trade balance slip into heavy deficits, and (3) underwent a drastic decline in economic growth, due to the deflation policy and the income transfer to the oil-producing countries, thus recording zero growth in 1974 — the lowest since the war. Furthermore, under the second oil shock, the trade balance again suffered, with a deficit of $13.9 billion on the current account and a deficit of $19.0 billion on the basic balance in 1979.

Date: 1983
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.2753/JES1097-203X110348 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:jpneco:v:11:y:1983:i:3:p:48-74

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MJES19

DOI: 10.2753/JES1097-203X110348

Access Statistics for this article

More articles in Japanese Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().