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Japan’s Trade Balance in the Context of the Balance-of-Payments Stages Theorem

In: Japan’s Trade Frictions

Author

Listed:
  • Ali M. El-Agraa

    (University of Leeds
    International University of Japan)

Abstract

The first scenario for explaining Japan’s trade frictions with the EC and the USA is the most straightforward since it depends entirely on the information provided in Chapter 2. The brief look at the Japanese economy, especially its trade balance, tends to suggest that Japan has had many years of balance of trade surplus while the EC and the USA have had many years of trade deficits. Hence, it would seem inevitable to conclude that this has been the main cause of the trade frictions between Japan and these countries, particularly given the information about the inherent difficulties associated with a Japanese market which is supposedly relatively ‘impenetrable’ by foreign firms. However, such a scenario would be too simplistic as an explanation of Japan’s trade frictions: according to the ‘balance of payments stages’ theorem, Japan is undergoing the same process experienced by the UK from 1800 to 1880 and by the USA from 1915 to 1960.

Suggested Citation

  • Ali M. El-Agraa, 1988. "Japan’s Trade Balance in the Context of the Balance-of-Payments Stages Theorem," Palgrave Macmillan Books, in: Japan’s Trade Frictions, chapter 3, pages 62-81, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10059-0_3
    DOI: 10.1007/978-1-349-10059-0_3
    as

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