Japanese Structural Adjustment and the Balance of Payments

Jeffrey Sachs and Peter Boone

No 2614, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Policy discussions in Japan have increasingly recognized the important role of land values and land-use patterns in Japanese macroeconomic adjustment. In Japan in recent years, land wealth constitutes more than half of financial wealth, a proportion that is much higher than in the United States and other industrialized economies. Consequently, shifts in land-use patterns can have important effects on Japanese savings and investment patterns, and thereby on the Japanese trade balance and current account. This papers studies the implications of land-use policies for the Japanese macroeconomy using both a theoretical model and a multi- sectoral dynamic simulation model.

Date: 1988-06
Note: ITI IFM
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Published as Jeffrey Sachs & Peter Boone, 1988. "Japanese structural adjustment and the balance of payments," Journal of the Japanese and International Economies, vol 2(3), pages 286-327.

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