 Japan's Restrictive System of Trade and Payments: Operation, Effectiveness, and Liberalization, 1950-1964No 1997/111, IMF Working Papers from International Monetary Fund Abstract: 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. Keywords: WP; method of payment; foreign exchange bank; guarantee money; pound sterling; import control; import liberalization ratio; quota system; usance bill; exchange controls; exchange restrictions; Japan’s exchange rate system; sterling area; budget system; liberalization ratio; import guarantee money; dollar area; approval system; allocation procedure; financing facilities; Imports; Exports; Currencies; Global (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1997/111 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC. |
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