Japan's Restrictive System of Trade and Payments: Operation, Effectiveness, and Liberalization, 1950-1964

September 1, 1997

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Shinji Takagi. Japan's Restrictive System of Trade and Payments: Operation, Effectiveness, and Liberalization, 1950-1964, (USA: International Monetary Fund, 1997) accessed November 8, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The paper summarizes how Japan’s foreign exchange and trade control system operated in the early 1950s, how and how effectively it was used as a tool of external adjustment, and how it was liberalized from the late 1950s into the early 1960s. Although the Japanese government was extensively involved in allocating scarce foreign exchange in the early 1950s, the control system became increasingly flexible over this period. A preliminary analysis based on the behavior of wholesale prices seems to indicate that, along with its liberalization, the restrictive system became less effective as a tool of external adjustment, while the impact of deflationary macroeconomic measures became more dominant.

Subject: Currencies, Exchange restrictions, Exports, Foreign exchange, Imports, International trade, Money

Keywords: Allocation procedure, Approval system, Budget system, Currencies, Dollar area, Exchange controls, Exchange restrictions, Exports, Financing facilities, Foreign exchange bank, Global, Guarantee money, Import control, Import guarantee money, Import liberalization ratio, Imports, Japan’s exchange rate system, Liberalization ratio, Method of payment, Pound sterling, Quota system, Sterling area, Usance bill, WP

Publication Details

Pages:

39
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/111
Stock No:

WPIEA1111997
ISBN:

9781451853438
ISSN:

1018-5941

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