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structure as contributing factors. This paper contends that the economic structure and policies of Japan have also done much to … contribute to the trade imbalance. Institutional features of Japan's macroeconomy and industrial structure which have promoted … by Japan in causing the bilateral trade imbalance, the next question the paper addresses is how Japan might best act to …
Persistent link: https://www.econbiz.de/10012476958
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 …
Persistent link: https://www.econbiz.de/10012476454
In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...
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At the onset of the COVID-19 economic crisis, as in other crisis episodes, the flight to safety was accompanied by a rapid appreciation of "safe haven" currencies. We quantify currency-induced balance sheet effects for total external positions as well as for individual asset classes using new...
Persistent link: https://www.econbiz.de/10012629497
The decade from 1985 to 1995 was an unprecedented period of declining barriers to global trade. The reform wave was especially pronounced in developing countries where overvalued currencies were eliminated, quantitative import restrictions dismantled, and import tariffs reduced. What accounts...
Persistent link: https://www.econbiz.de/10013191068
This essay written for The New Palgrave dictionary of Ecnomics provides a selective and interpretive account of the development of thought on international financial questions. Attention is focused on the process of international adjustment and on the proper definition of external balance. Since...
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partial-adjustment-to-target behavior typically postulated in the monetary approach literature. The existence of a rational expectations equilibrium in which the distribution of international reserves among central banks is stationary is established
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