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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
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| Spring 1994Volume 19, Number 1 |
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Author: Thomas Klitgaard Intuition suggests that a strengthening of the yen should moderate Japan's trade surplus by reducing the price competitiveness of Japanese goods. Yet the Japanese merchandise trade surplus more than doubled from 1990 to 1993 while the yen appreciated roughly 30 percent against the dollar. This article shows how a sequence of increases in the yen's value repeatedly pushed the trade surplus higher, delaying the downward adjustment that eventually results from a yen appreciation. Once the yen stabilizes, the author suggests, the surplus should fall significantly. |
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4 pages / 252 kb
