کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5068983 | 1373022 | 2007 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Can a rapidly growing export-oriented economy exit smoothly from a currency peg? Lessons from Japan's high-growth era
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
علوم انسانی و هنر
تاریخ
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چکیده انگلیسی
We analyze the impact of Japan's exit from its currency peg in 1971. We identify sizeable effects on Japanese exports and investment but find that the negative impacts on the economy were neutralized by strong global demand and domestic fiscal support. While our analysis suggests that a rapidly-growing, export-oriented economy can exit a peg for a managed float despite the presence of capital controls and the absence of sophisticated foreign currency forward markets, it underscores the importance of exiting while global conditions are favorable and points to the importance of using fiscal policy to support domestic demand as the rise in the real exchange rate slows the growth of net exports and investment.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Explorations in Economic History - Volume 44, Issue 3, July 2007, Pages 501-521
Journal: Explorations in Economic History - Volume 44, Issue 3, July 2007, Pages 501-521
نویسندگان
Barry Eichengreen, Mariko Hatase,