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Liberalization of Japan's Foreign Exchange Controls and Structural Changes in the Balance of Payments

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  • Mitsuhiro Fukao

    (Senior Economist, Research Division 1, Institute for Monetary and Economic Studies, Bank of Japan)

Abstract

The interdependence of the Japanese economy with the world economy can be seen in Japan's balance of payments and major structural changes in the post-war years. Extremely strict foreign exchange controls were introduced after the Second World War but they have gradually been deregulated since. As a result, Japan's exchange control system is now almost fully liberalized. This paper will review post-war structural changes in the balance of payments, focusing on capital flows, by contrasting such changes with the liberalization of foreign exchange controls. Certain implications of these changes will also be discussed.

Suggested Citation

  • Mitsuhiro Fukao, 1990. "Liberalization of Japan's Foreign Exchange Controls and Structural Changes in the Balance of Payments," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 8(2), pages 101-165, September.
  • Handle: RePEc:ime:imemes:v:8:y:1990:i:2:p:101-165
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    Cited by:

    1. Wang Yongzhong, 2010. "Model Structure and the Combined Welfare and Trade Effects of China's Trade Related Policies," Trade Working Papers 23038, East Asian Bureau of Economic Research.
    2. Eichengreen, Barry & Livia, Chitu & Mehl, Arnaud, 2014. "Stability or upheaval? The currency composition of international reserves in the long run," Globalization and Monetary Policy Institute Working Paper 201, Federal Reserve Bank of Dallas.
    3. Su, Chi-Wei & Chang, Hsu-Ling & Chang, Tsangyao & Yin, Kedong, 2014. "Monetary convergence in East Asian countries relative to China," International Review of Economics & Finance, Elsevier, vol. 33(C), pages 228-237.
    4. Barry Eichengreen & Mariko Hatase, 2005. "Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era," NBER Working Papers 11625, National Bureau of Economic Research, Inc.
    5. 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.
    6. Masahiro Kawai & Shinji Takagi, 2010. "A Survey of the Literature on Managing Capital Inflows," Chapters,in: Managing Capital Flows, chapter 2 Edward Elgar Publishing.
    7. Liu, Lin & Chang, Hsu-Ling & Su, Chi-Wei & Jiang, Chun, 2013. "Real interest rate parity in East Asian countries based on China with flexible Fourier stationary test," Japan and the World Economy, Elsevier, vol. 25, pages 52-58.
    8. Taro Esaka & Shinji Takagi, 2012. "Testing the Effectiveness of Market-Based Controls: Evidence from the Experience of Japan with Short-Term Capital Flows in the 1970s," Discussion Papers in Economics and Business 12-03, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
    9. Takatoshi Ito & Kathryn M. Dominguez & Moeen Qureshi & Zhang Shengman & Masaru Yoshitomi, 1999. "Capital Flows to East Asia," NBER Chapters,in: International Capital Flows, pages 111-190 National Bureau of Economic Research, Inc.
    10. Mitsuhiro Fukao, 2003. "Capital account liberalisation: the Japanese experience and implications for China," BIS Papers chapters,in: Bank for International Settlements (ed.), China's capital account liberalisation: international perspective, volume 15, pages 35-57 Bank for International Settlements.

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