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 …

therefore overstate the national saving rate. Recently, Hayashi has recalculated Japan's national saving according to the … American Department of Commerce definition and found that from the mid-1970s until today, Japan's national saving rate is … measures are constructed from the balance sheets of the household sectors in the United States and Japan. Far from being equal …

This paper analyzes the impact of monetary policy on household saving in Japan between 1993 and 2017. Using annual data … from the Japan Panel Survey of Consumers it is shown that monetary expansion has contributed to a widening gap in … it. The paper documents how inequality in terms of the ability to build up wealth has increased in Japan over the past …

This paper examines available evidence on Japan's wealth accumulation. Time-series evidence over the last one hundred … accumulation in pre-war Japan was so slow. Perhaps growth in pre-war Japan was hampered by harmful effects of misguided government …

This paper scrutinizes the role of prolonged, expansionary monetary policy on the savings behavior of Japanese … households, focusing on the dramatic change of the household savings rate since 1998, from high to low savings. The literature … monetary policy had a significant impact on Japan's household behavior via the interest rate channel and the redistribution …

This paper examines available evidence on Japan's wealth accumulation. Time-series evidence over the last one hundred … accumulation in pre-war Japan was so slow. Perhaps growth in pre-war Japan was hampered by harmful effects of misguided government …