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The Japanese Trade Balance: Recent History and Future Prospects

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  • David K. Backus

Abstract

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 to about 2.6 percent in 1995. This relatively modest decline is an indication that relative prices are not the dominant factor influencing the Japanese trade balance.
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Suggested Citation

  • David K. Backus, 1993. "The Japanese Trade Balance: Recent History and Future Prospects," Working Papers 93-25, New York University, Leonard N. Stern School of Business, Department of Economics.
  • Handle: RePEc:ste:nystbu:93-25
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    References listed on IDEAS

    as
    1. Backus, David K & Kehoe, Patrick J & Kydland, Finn E, 1994. "Dynamics of the Trade Balance and the Terms of Trade: The J-Curve?," American Economic Review, American Economic Association, vol. 84(1), pages 84-103, March.
    2. De Gregorio, Jose & Giovannini, Alberto & Wolf, Holger C., 1994. "International evidence on tradables and nontradables inflation," European Economic Review, Elsevier, vol. 38(6), pages 1225-1244, June.
    3. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    4. Baldwin, Richard, 1988. "Hyteresis in Import Prices: The Beachhead Effect," American Economic Review, American Economic Association, vol. 78(4), pages 773-785, September.
    5. David Backus & Patrick Kehoe & Finn Kydland, 1992. "Dynamics of the trade balance and the terms of trade: the J-curve revisited," Discussion Paper / Institute for Empirical Macroeconomics 65, Federal Reserve Bank of Minneapolis.
    6. Ellen E. Meade, 1988. "Exchange rates, adjustment, and the J-curve," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 633-644.
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    Cited by:

    1. Walter, Jason & Baek, Jungho & Koo, Won W., 2012. "International trade and macroeconomic dynamics: The case of U.S. bilateral trade with G-7 countries," Research in Economics, Elsevier, vol. 66(4), pages 398-405.
    2. Martin Cincibuch & Jiří Podpiera, 2006. "Beyond Balassa-Samuelson: Real appreciation in tradables in transition countries," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 14(3), pages 547-573, July.

    More about this item

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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