Date of Award


Document Type

Masters Thesis

Degree Name


Organizational Unit

College of Arts Humanities and Social Sciences, Economics

First Advisor

Peter Sai-Wing Ho


Economics, Japan, China, United States


Japan, China, and the United States have been the major players in the global balance of payments imbalances. The U.S. has experienced sizeable current account deficits for a long time. For a couple of decades before the 2000s, Japan was the major current account surplus country with the U.S. and thus targeted in many trade disputes. China has replaced Japan to become the targeted country after the 2000s. Some may easily assume that the balance of payments imbalances were caused by similar export promotion and import restriction development strategies adopted by these two countries. Through both quantitative and qualitative analysis, the causes of the imbalances were found to be quite different. Japan’s imbalances in balance of payments with the U.S. in the 1980s were caused by limited access to its market and the weakening competitiveness in the U.S. manufacturing sector. However, China’s imbalances with the U.S. in the 2000s were caused by the large amount of FDI and a relatively high level of market openness.

Publication Statement

Copyright is held by the author. This work may only be accessed by members of the University of Denver community. The work is provided by permission of the author for individual research purposes only and may not be further copied or distributed. User is responsible for all copyright compliance.

Rights Holder

Chen Chen


Received from author

File Format




File Size

102 pgs