This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Balance-of-Payments Adjustment Policies: Japan, Germany, and the Netherlands Volume Author/Editor: Michael Michaely Volume Publisher: NBER Volume ISBN: 0-87014-492-8 Volume URL: http://www.nber.org/books/mich68-1 Publication Date: 1968 Chapter Title: Front matter to "Balance-of-Payments Adjustment Policies: Japan, Germany, and the Netherlands" Chapter Author: Michael Michaely Chapter URL: http://www.nber.org/chapters/c0844 Chapter pages in book: (p. -11 - -2)
MICHAEL MICHAELY THE HEBREW UNIVERSITY OF JERUSALEM BALANCE-OF-PAYMENTS ADJUSTMENT POLICIES: Japan, Germany, and the Netherlands OCCASIONAL PAPER io6 NATIONAL BUREAU OF ECONOMIC RESEARCH NEW YORK ig68 Distributed by COLUMBIA UNIVERSITY PRESS NEW YORK AND LONDON
Copyright 1968 by National Bureau of Economic Research, Inc. 261 Madison Avenue, New York, N.Y. 10016 All Rights Reserved Library of Congress Catalog Card Number: 68-18557 Printed in the United States of America
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NATIONAL BUREAU OF ECONOMIC RESEARCH 1967 Arthur F. Burns, Chairman Theodore 0. Yntema, Vice Chairman John R. Meyer, President Donald B. Woodward, Treasurer Geoffrey H. Moore, Director of Research Douglas H. Eldridge, Executive Director OFFICERS Hal B. Lary, Associate Director of Research Victor R. Fuchs, Associate Director of Research Mark S. Reinsberg, Director of Publications DIRECTORS AT LARGE Joseph A. Beirne, Communications Harry W. Laidler, League for industrial Workers of America Democracy Wallace J. Campbell, Foundation for John R. Meyer, Harvard University Cooperative Housing Geoffrey H. Moore, National Bureau of Erwin D. Canham, Christian Science Economic Research Monitor Charles G. Mortimer, General Foods Corp. Solomon Fabricant, New York University J. Wilson Newman, Dun I.e Bradstreet, Inc. Frank W. Fetter, Dartmouth College George B. Roberts, Larchmont, N.Y. Marion B. Folsom, Eastman Kodak Co. Robert V. Roosa, Brown Brothers Crawford H. Greenewalt, E. I. du Pont Harriman i.e Co. de Nemours I.e Co. Boris Shishkin, American Federation of Gabriel Hauge, Manufacturers Hanover Labor and Congress of Industrial Organizations Trust Co. Walter W. Heller, University of Minnesota Gus Tyler, International Ladies' Garment Albert J. Hettinger, Jr., Lazard Frères and Workers' Union Co. Joseph H. Willits, Langhorne, Pa. Donald B. Woodward, A. W. Jones and Co. Francis M. Boddy, Minnesota Arthur F. Burns, Columbia Lester V. Chandler, Princeton Melvin G. dechazeau, Cornell Walter D. Fisher, Northwestern R. A. Gordon, California Harold M. Groves, Wisconsin Gottfried Haberler, Harvard DIRECTORS BY UNIVERSITY APPOINTMENT Douglas G. Hartle, Toronto Maurice W. Lee, North Carolina Lloyd G. Reynolds, Yale Robert M. Solow, Massachusetts institute of Technology Henri Theil, Chicago Willis J. Winn, Pennsylvania DIRECTORS BY APPOINTMENT OF OTHER ORGANIZATIONS Thomas D. Flynn, American Institute of Certified Public Accountants Nathaniel Goldfinger, American Federation of Labor and Congress of Industrial Organizations Harold G. Halcrow, A merican Farm Economic Association Walter E. Hoadley, American Finance Association Percival F. Brundage Shepard Morgan Moses Abramovitz Gary S. Becker Arthur F. Burns Phillip Cagan James S. Earley Solomon Fabricant DIRECTORS EMERITI Harry Scherman Douglass C. North, Economic History Association Murray Shields, American Management Association Willard L. Thorp, American Economic Association W. Allen Wallis, American Statistical Association Theodore 0. Yntema, Committee for Economic Development SENIOR RESEARCH STAFF Milton Friedman C. Harry Kahn Victor R. Fuchs John W. Kendrick Raymond W. Goldsmith Irving B. Kravis Jack M. Guttentag Hal B. Lary Daniel M. Holland Robert E. Lipsey F. Thomas Juster John R. Meyer Victor Zarnowitz George Soule Jacob Viner Jacob Mincer Ilse Mintz Geoffrey H. Moore Robert P. Shay George J. Stigler Norman B. Ture
CONTENTS ACKNOWLEDGMENTS ix 1. INTRODUCTION AND SUMMARY 1 2. APPROACH, CONCEPTS, AND METHODS 5 1. Coverage of the Study: Countries and Period, 5 2. The General Approach, 6 & The Analytical Method, 8 4. Adjustment Policies: Individual Variables and Policy Patterns, 13 5. Selection of Policy Instruments, 19 6. Identification of Balance-of-Payments Disturbances, 26 7. Alternative Policy Targets, 30 3. JAPAN 34 1. Policy Instruments, 34 2. Statistical Analysis, 38 3. Summary and Interpretation, 54 4. GERMANY 58 1. Policy Instruments, 58 2. Statistical Analysis, 63 3. Summary and Interpretation, 79 5. THE NETHERLANDS 85 1. Policy Instruments, 85 2. Statistical Analysis, 91 3. Summary and Interpretation, 104
TABLES 1. Japan: Movements of Policy Variables During Subperiods of Disturbances 41 2. Japan: Reference Dates of Cycles of Foreign Exchange Reserves 45 3. Japan: Changes in the Discount Rate and Movements of Policy Targets 51 4. Japan: The Discount Rate and Industrial Production During Subperiods of Disturbances 52 5. Japan: The Budgetary Balance and Movements of Policy Targets 54 6. Germany: Movements of Policy Variables During Subperiods of Disturbances 65 7. The Netherlands: Movements of Policy Variables During Subperiods of Disturbances 92 8. The Netherlands: Changes in the Discount Rate and Movements of Policy Targets 95 9. The Netherlands: Changes in the Minimum-Reserve Ratio and Movements of Policy Targets 99 10. The Netherlands: The Budgetary Balance and Movements of Policy Targets 103
CHARTS 1. Japan: Time Series of Selected Variables 40 2. Japan: Patterns of Policy Variables During Balance-of-Payments Cycles 46 3. Japan: Pattern of the Discount Rate During Industrial Production Cycles 53 4. Germany: Time Series of Selected Variables 67 5. Germany: Patterns of Target Variables During Monetary Policy Cycles 78 6. Germany: Comparisons of Price Movements 81 7. The Netherlands: Time Series of Selected Variables 96
2,005,965 National Bureau of Economic Research, Inc. Michaely, Michael. Balance-of-payments adjustment policies,, Japan, Germany, and the Netherlands. New york, National Bireau of Econ6rnic Reseiüch; distributed by Columbia University Press, 1908. x, 112 p. Iflue. 24 cm. (National Bureau of Economic Reseai-ch. Occaalonai paper 100) Bibliographical footnote& 1. Balance of payinente.tapan. 2. Balance of payments Oarmany (Federal Republic, 194- ) 8. Balance of paymenta Netherlanda. z. Title. (Series) H11.N2432 no. 106 332.1'52' 68 13557 MATERIAL SUBMITTED BY PUBLISHER.