Conquering the fear of freedom: Japanese exchange rate policy since 1945
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Oxford
Oxford Univ. Press
2015
|
| Ausgabe: | 1. ed. |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027979410&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027979410&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XXII, 310 S. graph. Darst. |
| ISBN: | 9780198714651 0198714653 |
Internformat
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| 100 | 1 | |a Takagi, Shinji |d 1953- |e Verfasser |0 (DE-588)170090744 |4 aut | |
| 245 | 1 | 0 | |a Conquering the fear of freedom |b Japanese exchange rate policy since 1945 |c Shinji Takagi |
| 250 | |a 1. ed. | ||
| 264 | 1 | |a Oxford |b Oxford Univ. Press |c 2015 | |
| 300 | |a XXII, 310 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
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Datensatz im Suchindex
| _version_ | 1819302512479436800 |
|---|---|
| adam_text | Contents
List of Figures xiii
List of Tables xvi
List of Abbreviations xix
1. Exchange Rate-Based Stabilization: 1945-50 1
1.1 Introduction 1
1.2 Features of Postwar Inflation 5
1.3 Failed Attempts at Stabilization 13
1.4 A New Approach to Economic Stabilization 22
1.5 The Dodge Stabilization Plan 27
2. Achieving Current Account Convertibility: 1949-64 36
2.1 Introduction 36
2.2 The Trade and Payments System in the Early 1950s 38
2.3 The System of Trade Control in the Early 1950s 46
2.4 The Restrictive System as a Tool for External Adjustment 52
2.5 Moving Toward Liberalization of the System 55
2.6 Foreign Trade and Foreign Exchange Market Activity 59
2.7 Trade and Exchange Liberalization in the Early 1960s 65
3. Capital Account Liberalization: 1950-80 73
3.1 Introduction 73
3.2 An Overview of Japan’s Capital Account Liberalization:
1950-80 75
3.3 Official and Government-Mediated Flows 78
3.4 Managing Short-Term Flows 85
3.5 Foreign Direct Investment 93
3.6 Portfolio and Other Investments 103
3.7 Achieving Capital Account Convertibility 107
4. Managing Flexibility: 1971-90 115
4.1 Introduction 115
4.2 An Overview of Exchange Rate Policy: 1971-90 117
4.3 The Currency Crises 127
4.4 The Oil Crises 141
4.5 International Policy Coordination 148
4.6 Economic Consequences of the Higher Yen 162
5. Internationalizing the Yen: 1981-2003 172
5.1 Introduction 172
5.2 The Origins of Yen Internationalization 175
5.3 Early Attempts at Financial Liberalization 183
Contents
xii
5.4 Yen Internationalization Efforts 192
5.5 Completing the Internationalization Agenda 201
6. Foreign Exchange Market Intervention: 1991-2011 207
6.1 Introduction 207
6.2 An Overview of Foreign Exchange Intervention in Japan 210
6.3 Intervention to Lean Against the Wind: 1991-2000 219
6.4 Foreign Exchange Intervention and Monetary Policy: 2001-4 230
6.5 A New Manner of Intervening in the Foreign Exchange
Market: 2010-11 238
6.6 The Channels of Intervention Effectiveness 247
7. Retrospective and Prospective Issues in Japanese Exchange
Rate Policy 254
7.1 Introduction 254
7.2 Characterizing Japanese Exchange Rate Policy 255
7.3 Lessons from the Japanese Experience 259
7.4 Current and Prospective Issues 264
7.5 Monetary Policy under Abenomics 270
References 275
Author Index 295
Subject Index 299
Conquering the Fear of Freedom presents an analytical review of
Japanese exchange rate policy from the end of World War II to the present.
It examines how authorities, starting with the imposition of draconian
controls over all international financial flows, moved toward eliminating
virtually all state interference regulating foreign exchange transactions,
including official intervention in the foreign exchange market. It describes
how policy and institutional frameworks evolved, explains their domestic
and international contexts, and assesses the impacts and consequences
of policy actions. Following successful exchange rate-based stabilization
in the early 1950s, Japan entered the world trading system with an
overvalued currency, which helped perpetuate exchange and capital
controls. As the culture of administrative control became ingrained, Japan
took a decidedly gradualist approach to establishing current and capital
account convertibility. The protracted capital account liberalization,
coupled with slow domestic financial liberalization, created large swings
in the yen s exchange rate when it was floated in the 1970s. Politicization
by major trading partners of Japan s large bilateral trade surplus pressured
authorities to subordinate domestic stability to external objectives. The
ultimate outcome was costly: from the late 1980s, Japan successively
experienced asset price inflation, a banking crisis, and economic
stagnation. The book concludes by arguing that the shrinking trade
surplus against the background of profound structural changes, the rise of
China that has diminished the political intensity of any remaining bilateral
economic issues, and the world s sympathy over two decades of deflation
have given Japan, at least for now, the freedom to use macroeconomic
policies for domestic purposes.
|
| any_adam_object | 1 |
| author | Takagi, Shinji 1953- |
| author_GND | (DE-588)170090744 |
| author_facet | Takagi, Shinji 1953- |
| author_role | aut |
| author_sort | Takagi, Shinji 1953- |
| author_variant | s t st |
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| classification_rvk | MH 48910 QG 870 QK 900 QK 920 |
| ctrlnum | (OCoLC)910529358 (DE-599)BVBBV042545413 |
| discipline | Politologie Wirtschaftswissenschaften |
| edition | 1. ed. |
| format | Book |
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| id | DE-604.BV042545413 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T17:14:02Z |
| institution | BVB |
| isbn | 9780198714651 0198714653 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027979410 |
| oclc_num | 910529358 |
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| owner_facet | DE-945 DE-11 DE-188 DE-355 DE-BY-UBR |
| physical | XXII, 310 S. graph. Darst. |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | Oxford Univ. Press |
| record_format | marc |
| spellingShingle | Takagi, Shinji 1953- Conquering the fear of freedom Japanese exchange rate policy since 1945 |
| title | Conquering the fear of freedom Japanese exchange rate policy since 1945 |
| title_auth | Conquering the fear of freedom Japanese exchange rate policy since 1945 |
| title_exact_search | Conquering the fear of freedom Japanese exchange rate policy since 1945 |
| title_full | Conquering the fear of freedom Japanese exchange rate policy since 1945 Shinji Takagi |
| title_fullStr | Conquering the fear of freedom Japanese exchange rate policy since 1945 Shinji Takagi |
| title_full_unstemmed | Conquering the fear of freedom Japanese exchange rate policy since 1945 Shinji Takagi |
| title_short | Conquering the fear of freedom |
| title_sort | conquering the fear of freedom japanese exchange rate policy since 1945 |
| title_sub | Japanese exchange rate policy since 1945 |
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