Title strongECONOMICstrong GROWTH,strongBALANCEstrong OF PAYMENTS AND INFLATION IN.pdfVIP

ECONOMIC GROWTH,BALANCE OF PAYMENTS AND Title INFLATION IN POSTWAR JAPAN Author(s)KOBAYASHI, YOSHIHIRO CitationHOKUDAI ECONOMIC PAPERS, 4: 22-40 Issue Date1974 DOI Doc URL /2115/30656 Right Type bulletin Additional Information File 4_P22-40.pdf Information Instructions for use ECONOMIC GROWTH, BALANCE OF PAYMENTS AND INFLATION IN POSTWAR JAPAN YOSHII-IIRO KOBAYASHI PREFACE This paper aims to find the interdependency of the economic growth, the balance of payments and inflation in Japan. The Japanese economy has experienced rapid inflation since the autumn of 1972. This recent inflation has not been treated since it depends on a cause quite different from the one which characterizes the Japanese price movements before 1972. We will emphasize the differences between Japanese price movements and price movements of other advanced countries, especially Britain and the USA, before 1971. In Section 1, we will show features of modern inflation such as creep- ing inflation, stagflation in advanced countries. The general relation be- tween equations of the macro economic model, price level, labor supply, and the balance of payments will be shown. In Section 2, we will outline the movements of postwar Japanese prices and the balance of payments. Especially, we will show the cause and process of three types of inflation in postwar Japan, namely, postwar vicious infla- tion, the inflation based on the differences in productivity, and imported inflation. In Section 3, we will survey and co