NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Japanese Structural Adjustment and the Balance of Payments

Jeffrey Sachs, Peter Boone

NBER Working Paper No. 2614
Issued in June 1988
NBER Program(s):   ITI   IFM

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.

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Document Object Identifier (DOI): 10.3386/w2614

Published: Journal of Japanese and International Economics, Vol, 1988

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