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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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Money market. Capital market

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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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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek