Japan's Foreign Assets and Liabilities: Implications for the External Accounts

Mariana Colacelli, Deepali Gautam, Cyril Rebillard
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引用次数: 2

Abstract

The composition of Japan’s current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan’s income balance with peer countries highlights: (i) relatively high yields on FDI assets, and (ii) very low FDI liabilities in Japan. Panel estimation is used to derive separate exchange rate elasticities for income credit and debit, with novel accounting that disentangles the mechanical from the economic response to exchange rate fluctuations. Despite the changing composition of Japan’s current account balance, its response to exchange rate movements still operates mostly through the traditional trade channel, with a small but reinforcing contribution from the income balance.
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日本的对外资产和负债:对对外帐户的影响
随着时间的推移,日本经常账户余额的构成发生了变化,收入余额的增加主要反映了净外国资产头寸的增加和企业储蓄的增加。将日本的收入平衡与其他国家进行比较,可以发现:(i)外国直接投资资产的收益率相对较高,(ii)日本的外国直接投资负债非常低。面板估计用于推导收入信贷和借方的单独汇率弹性,采用新颖的会计方法,将对汇率波动的机械反应与经济反应分开。尽管日本经常账户余额的构成发生了变化,但它对汇率变动的反应仍主要是通过传统的贸易渠道,收入余额的贡献虽小,但也在不断增强。
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