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 …

services, Foreign Direct Investment . net inflows, savings). Part four highlights the results of the research alongside other …, interacting in a complex manner (domestic credit, export of goods and services, Foreign Direct Investment . net inflows, saving … means of two catalytic factors: the dynamics of the domestic credit, respectively that of the savings, variables with a …