Wealth Inequality and Private Savings

Dao, Mai

doi:10.5089/9781513546063.001

Cited by 7 publications

(1 citation statement)

References 21 publications

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“…outside the corporate sector) for wealthy real estate owners. However, further work is needed to better understand why, in Japan, households did offset (at least partially) higher corporate saving, while such offsetting was not observed in Germany where household saving was little changed despite a strong increase in corporate saving (see text chart and Dao, 2020). A possible explanation may be linked to demographics, with Japan being in a more advanced stage of population aging than Germany.…”

Section: Box 1 the Rise In Corporate Saving In Japanmentioning

confidence: 99%

Japan’s Foreign Assets and Liabilities

2021

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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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Section: Box 1 the Rise In Corporate Saving In Japanmentioning

confidence: 99%

Japan’s Foreign Assets and Liabilities

2021

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Challenges and Opportunities for Social Prescribing in Germany: Policy and Methodological Perspectives

J. Herrmann,

Laker,

Napierala

2024

Social Prescribing Policy, Research and Practice

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The silent losers of Germany’s export surpluses. How current account imbalances are exacerbated by the misrepresentation of their domestic costs

Polyak

2022

Comp Eur Polit

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Germany’s excessive current account surpluses mirror domestic problems. They are rooted in inequality and a weak home market, creating an overdependence on exports. Why, then, are policymakers so reluctant to reduce them? This paper argues that a contributing factor is the public misrepresentation of surpluses’ domestic costs. Imbalances are narrated as distributional conflicts between countries, not within them; and bilateral trade is framed as a competition, where surplus countries win. The analysis reconstructs stakeholders’ positions and discursive strategies through media narratives and Bundestag debates, using an original dataset of public statements. It finds evidence for a systematic bias disregarding the domestic losers of surpluses. Whenever imbalances are discussed, the triggering event is outside criticism, mainly from the European Commission and the US. The ensuing debate follows an ‘us versus them’ logic, where foreign critics clash with domestic defenders—mainly the government and export-sector organisations. The success narrative and identitarian discourse about an ‘export nation’ limits left-wing actors’ room to move beyond incremental criticism. The analysis finds an effect of European integration exacerbating imbalances. Germans fend off critics by an arena-shifting strategy: pointing out that exchange rates and trade are European-level prerogatives, disregarding internal policy levers for rebalancing.

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Wealth Inequality and Private Savings

Cited by 7 publications

References 21 publications

Japan’s Foreign Assets and Liabilities

Japan’s Foreign Assets and Liabilities

Challenges and Opportunities for Social Prescribing in Germany: Policy and Methodological Perspectives

The silent losers of Germany’s export surpluses. How current account imbalances are exacerbated by the misrepresentation of their domestic costs

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