Japanese Structural Adjustment and the Balance of Payments

68 Pages Posted: 8 Jun 2004 Last revised: 25 Aug 2022

See all articles by Jeffrey D. Sachs

Jeffrey D. Sachs

Columbia University - Columbia Earth Institute; National Bureau of Economic Research (NBER)

Peter D. Boone

affiliation not provided to SSRN

Date Written: June 1988

Abstract

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 proportion that is much higher than in the United States and other industrialized economies. Consequently, shifts in land-use patterns can have important effects on Japanese savings and investment patterns, and thereby on the Japanese trade balance and current account. This papers studies the implications of land-use policies for the Japanese macroeconomy using both a theoretical model and a multi- sectoral dynamic simulation model.

Suggested Citation

Sachs, Jeffrey D. and Boone, Peter D., Japanese Structural Adjustment and the Balance of Payments (June 1988). NBER Working Paper No. w2614, Available at SSRN: https://ssrn.com/abstract=428357

Jeffrey D. Sachs (Contact Author)

Columbia University - Columbia Earth Institute ( email )

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National Bureau of Economic Research (NBER)

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Peter D. Boone

affiliation not provided to SSRN