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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.

Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- International Monetary Arrangements and Institutions --- Trade Policy --- International Trade Organizations --- Economic History: Government, War, Law, and Regulation: Asia including Middle East --- Trade: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Foreign exchange --- International economics --- Monetary economics --- Imports --- Exchange restrictions --- Exports --- Currencies --- International trade --- Money --- Japan

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The paper uses a dynamic panel data model to estimate the pass-through coefficients of 20 nine-digit industrial commodities that are traded between Japan and its East Asian trading partners to investigate the response of tradable goods prices to exchange rate movements. By using the monthly series of unit export and import values obtained from the Japanese customs data for the period 1988-98, it shows that price pass-through is much larger for exports from Japan than for imports to Japan.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Macroeconomic Aspects of International Trade and Finance: General --- Price Level --- Inflation --- Deflation --- Trade: General --- Currency --- Foreign exchange --- International economics --- Export prices --- Exchange rate adjustments --- Exports --- Exchange rates --- Import prices --- Prices --- International trade --- Imports --- United States

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A coordinated action by East Asian countries to stabilize their currencies against a common basket of major currencies (broadly representative of their average structure of trade and foreign direct investment) would help stabilize both intraregional exchange rates and effective exchange rates, in a way consistent with the medium-term objective of promoting trade investment and growth in the region.

Foreign exchange rates

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This report evaluates the role of the IMF in three capital account crises, in Indonesia (1997-98), Korea (1997-98), and Brazil (1998-99), and the lessons to be drawn from the experience. It also recommends steps aimed at making the IMF’s surveillance and program design more effective in the prevention and management of future capital account crises. Annexes contain the three country case studies that form the basis for the judgments for the report.

Capital movements --- Mouvements de capitaux --- International Monetary Fund --- Evaluation --- -Capital movements --- -332.041 --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- Evaluation. --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Public Finance --- Current Account Adjustment --- Short-term Capital Movements --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- International economics --- Economic & financial crises & disasters --- Currency --- Banking --- Macroeconomics --- Public finance & taxation --- Capital account crisis --- Exchange rates --- Bank resolution --- Fiscal policy --- Financial crises --- Public debt --- External debt --- Crisis management --- Banks and banking --- Debts, Public --- Indonesia