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Revisiting Japan's External Adjustment Since 1985

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  • Mr. Guy M Meredith

Abstract

The factors that explain Japan’s external performance since the mid-1980s are controversial. While the current account surplus eventually declined following exchange rate changes in 1985-86, a widening since 1990 has led to renewed scepticism about the role of relative price movements in bringing about external adjustment. This paper revisits the post-1985 experience to determine whether it can be explained by traditional factors. The results indicate that, over the period as a whole, the behavior of trade volumes and prices was similar to that predicted by traditional relationships. In particular, relative price movements played an important role in reducing the surplus: in their absence, it would have widened further.

Suggested Citation

  • Mr. Guy M Meredith, 1993. "Revisiting Japan's External Adjustment Since 1985," IMF Working Papers 1993/052, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1993/052
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    Cited by:

    1. Ceglowski, Janet, 1996. "The recent behavior of Japanese imports: A disaggregated analysis," Japan and the World Economy, Elsevier, vol. 8(4), pages 443-457, December.
    2. Ceglowski, Janet, 1997. "On the structural stability of trade equations: the case of Japan," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 491-512, June.

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