Before the 'locomotive' runs: The impact of the 1973-1974 oil shock on Japan and the international financial system

研究成果: Article査読

抄録

This article offers a Japanese perspective on the debate about the international financial system immediately after the first oil shock of 1973-4. Using archival records from the OECD and Bank of Japan, I analyze the three key policy issues discussed at the meetings of Working Party 3 (WP3) of the OECD: Petrodollar recycling, balance-of-payments adjustments, and the management of global growth. Documents show that the Japanese approach to capital controls, exchange rate management, state-led growth orientation and international banking strategies was rather strengthened by the impact of the oil shock. By 1975 the OECD viewed Japan, together with Germany and the United States, as one of the 'locomotives' that would trigger a revival of economic growth in the industrialized West.

本文言語English
ページ(範囲)418-435
ページ数18
ジャーナルFinancial History Review
27
3
DOI
出版ステータスPublished - 2020 12
外部発表はい

ASJC Scopus subject areas

  • 履歴
  • 財務

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