Debtor America and Creditor Japan: Will There Be a Hegemony Change?

Yoshikazu Miyazaki

Japanese Economy, 1987, vol. 15, issue 3, 58-96

Abstract: Rise and fall of hegemony nations: The year 1985 may be remembered by future historians as the year in which the United States tumbled into a debtor nation status, while Japan rose to be the largest creditor. In fact, Japan's overseas net assets (gross overseas assets minus gross overseas liabilities) reached $129.8 billion in 1985, while the U.S. monetary authority predicted that U.S. net foreign liabilities would rise to about $100 billion by the end of 1985.

Date: 1987
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DOI: 10.2753/JES1097-203X150358

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