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Japan’s Role as a Creditor Nation

  • Yoshio Suzuki

Abstract

The world now stands at an important historical turning point, that of a change in the world’s largest creditor nation. In the first half of the 19th Century, the United Kingdom grew into the world’s greatest creditor by continuing large trade surpluses, and remained so thereafter by continuing large current account surpluses based on income from capital. By reinvesting these large surpluses in the rest of the world Pax Britanica was created, with the British Empire at its center. England was able to lead the world in economic, political, military and cultural affairs.

Keywords

Monetary Policy Current Account Fiscal Policy Purchase Power Parity Current Account Deficit 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Verlag Berlin · Heidelberg 1989

Authors and Affiliations

  • Yoshio Suzuki
    • 1
  1. 1.Executive Director of The Bank of JapanTokyoJapan

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