IS Imbalances and Current Account Surpluses in Japan: In Memory of Professor Ronald I. McKinnon

Charles Horioka ()

ISER Discussion Paper from Institute of Social and Economic Research, The University of Osaka

Abstract: In this paper, I find (1) that Japan showed massive and persistent current account surpluses from at least 1981 and 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.

Date: 2015-08
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2015/DP0945.pdf

Related works:
Journal Article: IS IMBALANCES AND CURRENT ACCOUNT SURPLUSES IN JAPAN: IN MEMORY OF PROFESSOR RONALD I. MCKINNON (2016)
Working Paper: IS Imbalances and Current Account Surpluses in Japan: In Memory of Professor Ronald I. McKinnon (2015)
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:dpr:wpaper:0945

Access Statistics for this paper

More papers in ISER Discussion Paper from Institute of Social and Economic Research, The University of Osaka Contact information at EDIRC.
Bibliographic data for series maintained by Librarian ().