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Abstract

In this paper we will make clear the institutional framework and function of the foreign exchange allocation system in 1950's Japan. Until trade liberalization progressed in the first half of 1960's, MITI executed de facto import quota by means of this system, which generated substantial amount of rent. In order to restrain rent-seeking activities, MITI set clear and objective criteria for foreign exchange allocation by firm, which were in many cases based on export performance and production capacity of each firm, and announced them publicly. This method caused competition to acquire rent thorough foreign exchange allocation among private enterprises, and promoted export and investment. We will quantify the criteria using firm-level data of foreign exchange allocation and also analyze their function through estimating export and investment functions.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/97/f19/contents.htm
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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number 97-F-19.

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Length: 51 pages
Date of creation: May 1997
Date of revision:
Handle: RePEc:tky:fseres:97f19

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1. Breusch, T S & Pagan, A R, 1980. "The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics," Review of Economic Studies, Wiley Blackwell, vol. 47(1), pages 239-53, January.

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Cited by:

1. Okazaki, Tetsuji & Takafumi Korenaga, 1998. ""Foreign Exchange Allocation and Productivity Growth in Postwar Japan: A Case of the Wool Industry"," CIRJE F-Series 98-F-9, CIRJE, Faculty of Economics, University of Tokyo.
   
   • Okazaki, Tetsuji & Korenaga, Takafumi, 1999. "Foreign exchange allocation and productivity growth in post-war Japan: a case of the wool industry," Japan and the World Economy, Elsevier, vol. 11(2), pages 267-285, April.
2. Kozo Kiyota & Tetsuji Okazaki, 2008. "Industrial Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in Japan, 1956-1964," CIRJE F-Series CIRJE-F-563, CIRJE, Faculty of Economics, University of Tokyo.
   
   • Kozo Kiyota & Tetsuji Okazaki, 2010. "Industrial Policy Cuts Two Ways: Evidence from Cotton-Spinning Firms in Japan, 1956–1964," Journal of Law and Economics, University of Chicago Press, vol. 53(3), pages 587 - 609.
   • Kozo Kiyota & Tetsuji Okazaki, 2009. "Industrial Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in Japan, 1956-1964," Global COE Hi-Stat Discussion Paper Series gd09-101, Institute of Economic Research, Hitotsubashi University.

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