Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/127082
Authors: 
Horioka, Charles Yuji
Year of Publication: 
2015
Series/Report no.: 
ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 945
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.
Subjects: 
IS imbalances
IS balances
saving-investment balances
global imbalances
current account surpluses
current account balances
trade balances
saving
household saving
corporate saving
government saving
investment
population aging
Ronald McKinnon
Japan
JEL: 
D14
D91
E21
F21
F32
H62
Document Type: 
Working Paper

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