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Effective Exchange Rates in Japan, 1879-1938

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Abstract

This paper constructs nominal and real multilateral effective exchange rates ffor Japan during the period 1879-1938. Existing studies of Japanese quantitative economic history have tended to use the dollar-yen bilateral exchange rate. A comparison of different indices suggests that the new data offer new insights into Japan’s economic history.

Suggested Citation

  • Shimazaki, M. & Solomou, S., 1999. "Effective Exchange Rates in Japan, 1879-1938," Cambridge Working Papers in Economics 9917, Faculty of Economics, University of Cambridge.
  • Handle: RePEc:cam:camdae:9917
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    References listed on IDEAS

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    1. Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, vol. 56(02), pages 389-428, June.
    2. Ito, Takatoshi, 1997. "The Long-Run Purchasing Power Parity for the Yen: Historical Overview," Journal of the Japanese and International Economies, Elsevier, vol. 11(4), pages 502-521, December.
    3. Nugent, Jeffrey B, 1973. "Exchange-Rate Movements and Economic Development in the Late Nineteenth Century," Journal of Political Economy, University of Chicago Press, vol. 81(5), pages 1110-1135, Sept.-Oct.
    4. Faini, Riccardo & Toniolo, Gianni, 1990. "Deflation reconsidered: Japan in the 1920s," European Economic Review, Elsevier, vol. 34(2-3), pages 616-623, May.
    5. Wright, S., 1993. "Measures of Real Effective Exchange Rates," Cambridge Working Papers in Economics 9316, Faculty of Economics, University of Cambridge.
    6. Okura, Masanori & Teranishi, Juro, 1994. "Exchange Rate and Economic Recovery of Japan in the 1930s," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 35(1), pages 1-22, June.
    7. Edouard B. Maciejewski, 1983. ""Real" Effective Exchange Rate Indices: A Re-Examination of the Major Conceptual and Methodological Issues (Les indices de taux de change effectifs "réels": un réexamen des princ," IMF Staff Papers, Palgrave Macmillan, vol. 30(3), pages 491-541, September.
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    More about this item

    Keywords

    Gold standard; Effective exchange rates; Business cycles;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913

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