A Study on the Exchange Rate Policy in Japan from 1949 to 1973

美国于1971年8月15日发表的声明，以及在伦敦、纽约、罗马和华盛顿等地举行的10国集团财长和央行行长会议，标志着国际货币体系历史上一个新篇章的正式开始。它们标志着固定汇率制度的正式结束和灵活汇率制度新时代的开始。要理解这种巨大的转变，我们必须吸取固定汇率制度时代的教训。本研究旨在通过对1949 - 1973年日本汇率政策的考察来澄清这一问题。特别是，更具体地说，两个过渡时期值得注意。第一个时期是1949年，美国和GHQ/SCAP将日元兑美元的汇率固定在360日元兑1美元，第二个时期是1971年，美国8月15日的声明结束了固定汇率。分析分三个层次进行。首先，寻找决定汇率政策变化的美国和日本这两个真正的主体。其次，阐述了影响和效果的问题。第三，对新系统的功能进行了考察。

The U.S. statement on August 15, 1971 and the meetings of the G-10 Finance Ministers and Central Bank Heads at London, New-York, Rome and Washington etc., marked the formal beginning of a new episode in the history of the international monetary system. They signified the formal end of the fixed exchange-rate system and the beginning of a new era of the flexible exchange-rate system. To understand this great transformation, we have to learn the lessons in the era of the fixed exchange-rate system.This research aims to clarify that by investigating the exchange-rate policy on the case of Japan from 1949 to 1973. Especially, to put it more concretely, two transition periods were worth noticing. The first period was the 1949 that the yen-dollar exchange -rate was fixed on 360 per dollar by the U.S. and GHQ/SCAP, and the second period was the 1971 that the fixed exchange-rate ended by the U.S. statement on August 15. The analyses are made at three levels. First, the real subjects, both the U.S. and Japan, who determined the change of the exchange policy is searched. Second, the question of that influences and effects are elaborated. Third, the function of the new system is examined.