Economic and Financial Review


Central Bank of Nigeria


Japan, Capital Export, World Economy


Sound financial system is considered central to the development of trade either in an economy or internationally. This fact informed the author of this Occasional paper in examining and bringing into focus how Japan became an international creditor i.e. net capital exporter in the world financial system aside from her leading role in world trade. This position was attained through a combination of many factors, some of which were sectoral savings-investment imbalances and the co-existence of high-employment government deficit and the high-employment current account surplus in the 1970s and 1980s. The author thus, traced the historical evolution of Japan• s chronic current account surplus vis-a-vis its impact in the international financial systems back to the end of World War JI in 1945 when she was an immature debtor country with a regulated financial . system. Although it was written in 1985, the paper is still relevant in the light of free market economy and economic liberalisation and the concomitant internationalisation of local economies.

Author Bio

The author is an Economist, Research Department, Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review





Recommended Citation

Bamidele, Ademola (1993). Japan as a Capital Exporter and the World Economy (Occasional Papers No. 18. Group of Thirty, New York) by Masaru Yoshitomi. CBN Economic and Financial Review. 31(2), 145-160.



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