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 …

stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the … the 1990s and conclude that the former (especially misguided government policies) were probably more important. -- Japan … ; Business Cycles ; Growth ; Economic Growth ; Gross Domestic Product ; GDP ; Investment ; Capital Formation ; Household …

find that relatively efficient (high total factor productivity (TFP)) firms exited while relatively inefficient (low TFP …. -- Total factor productivity ; Entry and exit ; Natural selection ; Directional selection ; Disruptive selection ; Evolution … ; Japanese economy ; Japan …

, which is that even though global financial markets appear to be integrated, levels of saving and investment are correlated …