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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 …
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sind. Oft ist das genaue Gegenteil wahr: Wirtschafter können nur sparen, wenn andere Wirtschafter einen Kredit aufgenommen …
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