External Adjustment and the Strong Yen: Recent Japanese Experience
AbstractThe parameters of a conventional model of Japan's current account were found to be stable in the period of the steeply rising yen, end-1985 to end-1987. Thus, Japan's current account has been adjusting to the strengthening yen in accordance with established historical relationships--a conclusion substantiated by the model's reasonably accurate tracking of the current account in this period. Simulations of the model show that the rise in the yen has already made a substantial contribution to correcting Japan's external imbalance.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 36 (1989)
Issue (Month): 2 (June)
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