By 1981, Japan achieved both internal and external equilibrium; exports and imports roughly balanced at sixteen percent …

in country size, in trade patterns (which have only a small effect) and in the extent to which induced changes in real … models. For example, switching $50 billion of sustained government spending from the United States to Japan would, in the … third year, improve the U.S. current account by $24 billion and worsen that of Japan by $20 billion. Induced changes in …

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 …-use patterns can have important effects on Japanese savings and investment patterns, and thereby on the Japanese trade balance and …

in the US post-bubble period. But the US has worse fiscal and current account imbalances than Japan had at the same stage …

realignment of world growth rates -- with Japan and Europe growing faster, and the U.S. growing more slowly -- is likely to solve … a percentage point of GDP. Taken together, these results indicate that a realignment of global growth -- with Japan and …

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … process that involves real depreciation in its exchange rate. For Japan, a little more than 1 percentage point (of GDP) of the …

I examine the evolution of the Japanese trade balance and its relation to the terms of trade and the value of the yen …. Using a vector time series model, I predict that the trade surplus will fall from a high of 3.7 percent of GNP in late 1992 … factor influencing the Japanese trade balance …