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The Foreign Exchange Allocation Policy in Postwar Japan: Its Institutional Framework and Function

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Listed author(s):
  • Okazaki, Tetsuji

    (Faculty of Economics, University of Tokyo.)

  • Takafumi Korenaga

    (Graduate School of Economics, Hitotsubashi University.)

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
Handle: RePEc:tky:fseres:97f19
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  1. Anne O. Krueger, 1978. "Liberalization Attempts and Consequences," NBER Books, National Bureau of Economic Research, Inc, number krue78-1, June.
  2. Jagdish N. Bhagwati, 1978. "Appendix to "Anatomy and Consequences of Exchange Control Regimes"," NBER Chapters,in: Anatomy and Consequences of Exchange Control Regimes, pages 219-221 National Bureau of Economic Research, Inc.
  3. Jagdish N. Bhagwati, 1978. "Anatomy and Consequences of Exchange Control Regimes," NBER Books, National Bureau of Economic Research, Inc, number bhag78-1, June.
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Cited by:

  1. Kiyota, Kozo & Okazaki, Tetsuji, 2016. "Assessing the effects of Japanese industrial policy change during the 1960s," Journal of the Japanese and International Economies, Elsevier, vol. 40(C), pages 31-42.
  2. KIYOTA Kozo & OKAZAKI Tetsuji, 2013. "Effects of Industrial Policy on Productivity: The case of import quota removal during postwar Japan," Discussion papers 13093, Research Institute of Economy, Trade and Industry (RIETI).
  3. 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.

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