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Recycling the Japanese Surplus to the Developing Countries

Arjun Sengupta
Economic and Political Weekly
Vol. 23, No. 36 (Sep. 3, 1988), pp. 1851-1856
Stable URL: http://www.jstor.org/stable/4378997
Page Count: 6
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Recycling the Japanese Surplus to the Developing Countries
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Abstract

The large size of the Japanese current account surpluses can be seen either as a major problem or as a source of new opportunities for the world economy. It is paradoxical that when a large part of the world economy-consisting of the developing countries, whether they are highly indebted Latin American countries, debt distressed poor countries of Africa, or the relatively fast growing countries of Asia-is in dire need of additional resources in the form of foreign savings, the few countries which have some savings to spare, are being pursuaded to absorb them on their own by increasing their domestic expenditure. If the approach to international policy were different, and concentrated on mechanisms to improve international financial intermediation to channel the savings from countries where they are in excess supply to countries where they are in excess demand, the case of Japan would be regarded as one with great opportunities. The excess savings of Japan, and for that matter of all the industrial countries, should find their natural habitat in the developing countries to finance their investment needs that their domestic savings cannot fully meet.

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