Author: Maurice Obstfeld
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 24
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Book Description
This paper presents a quantitative evaluation of the effect on the yen of some alternative scenarios under which Japan reaches current account balance. The analytical framework is a global general-equilibrium model, based closely on Obstfeld and Rogoff (2005a, 2005b), within which relative prices clear the world markets for traded goods as well as the domestic markets for nontraded goods. Depending on assumptions about the critical substitution elasticities underlying the model, the yen could appreciate by as much as 10 per cent for each 1 percent of GDP reduction in its current account surplus. The effect would be smaller if substitution elasticities are larger, or if adjustment is accompanied by an expansion of Japanese nontradable output, the latter presumably implied by a return to a more efficient level of labor utilization.--Author's desription.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451957270
Category : Business & Economics
Languages : en
Pages : 42
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The parameters of a conventional model of Japan’s current account were found to be stable in the period of the steeply rising yen between the fourth quarter of 1985 and the end of 1987. This suggests that Japan’s current account has been adjusting to the strengthening yen in accordance with established historical relationships—a conclusion that is substantiated by the model’s reasonably accurate tracking of the current account in this period. Furthermore, simulations of the model show that the rise in the yen has already made a substantial contribution to correcting Japan’s external imbalance.
Author: Bonnie E. Loopesko
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 88
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Author: Ronald I. McKinnon
Publisher:
ISBN:
Category :
Languages : en
Pages : 64
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Author: Jeffrey Sachs
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 88
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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.
Author: Heinz Wolfgang Arndt
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 56
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Author: Mr.George S. Tavlas
Publisher: International Monetary Fund
ISBN: 1451930992
Category : Business & Economics
Languages : en
Pages : 61
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The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.
Author: Robert Corker
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
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Book Description
The parameters of a conventional model of Japan`s current account were found to be stable in the period of the steeply rising yen between the fourth quarter of 1985 and the end of 1987. This suggests that Japan`s current account has been adjusting to the strengthening yen in accordance with established historical relationships--a conclusion that is substantiated by the model`s reasonably accurate tracking of the current account in this period. Furthermore, simulations of the model show that the rise in the yen has already made a substantial contribution to correcting Japan`s external imbalance.
Author: Dilip K. Das
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 34
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Author: Yoshiko Kojo
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 592
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