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University Microfilms, Inc., Ann Arbor, Michigan JAPAN's ECONOMIC GROWTH and BALANCE of INTERNATIONAL PAYMENTS IN: the 1950'S This dissertation has been 65—3876 microfilmed exactly as received KOIZUMI, Kihei, 1924- JAPAN'S ECONOMIC GROWTH AND BALANCE OF INTERNATIONAL PAYMENTS IN THE 1950'S. The Ohio State University, Ph.D., 1964 Economics, general University Microfilms, Inc., Ann Arbor, Michigan JAPAN'S ECONOMIC GROWTH AND BALANCE OF INTERNATIONAL PAYMENTS IN: THE 1950'S DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosoi^ in the Graduate School of The Ohio State Ihiversity • By Kihei Koizumi., 6. Econ., L.L.B., M.S. ****** The Ohio State DniTersity 196U Approved by Department of Ecwomios VITA October 19t J92h B o m - Takasaki, Japan 19U 8........ B, of Boon., %ushu IMiversity, Fukuoka, Japan IS h P........ L.L.B., Kyushu diversity, Fukuoka,. Japan 1950- 1952. Reporter, Noda Economic Research IhstLtute, Tolgno 1 9 5 k.................... M.S., Buoknell Itaiversitgr, Letiisburg, Pennsylvania 195k-a958. Instructor, Reitaku University, Kashiwa, Japan 1959-1961*. Assistiant Instructor, The Ohio State University, Columbus, Ohio FIELDS OP STUDY Major Field: International Trade and Finance Studies in Economie Theory Studies in Honey and Banking Studies in Economie Statistics Studies in Personnel Management ii CONTENTS Chapter Page CRB ISTRQDUCTKlî............. 1 Statement of the problem .............. 1 Terms and definition .................. U Methodology............................ 6 Order of presentation In subsequent chapters........ 8 TWO JAPAN'S BECOBD (F ECONCMIC GROWTH. .......... 9 Economie growth before the Second World War.......... 9 Destruction during World War H and reconstruction in th e early postwar period. ....... 26 Economic growth In the 1950's. ........... UU Summary.................................. 50 THREE ANALISIS Œ" FACTORS RELATED TO JAPAN'S RAPID ECONOMIC GROWTH IN THE 1950*3 .......... ........... 5U Institutional changes due to Japan's defeat in . World War II . ............. 5U 1. Breakrup of the Zalbatsu 2. Agricultural land reform 3. Encouragement of the unionization of labor U. Cessation of Japan's colonial outlay 5, Absence of heavy military expenditure U. 8. economic aid to Japan and Special Procurement. , 62 Expansion of the world economy......... 65 Fiscal and monetary policies of the Japanese government ............ 66 1. Anti-recession measures, 1952-1953 2. Restrictive measures, 1953-195U 3. Stabilization measures, 1955 U. Measures for expansion, 1956-1957 5. Restrictive monetary measures, 1957-1958 6. Measures for rapid and stable expansion, 1958-1959 High rate of capital formation.................. 83 Tecbnologieal innovation and changes in industrial . structure........... 86 Abundant labor and the dual structure of the Japanese economy .......... « ......... 90 iii CONTENTS (CONTINUED) Chapter Page Expansion of domestic market.................... 9$ Bapid increase in exports............... 96 Summaxy. ........ • • 99 FOUR JAPAN'S BALANCE OF INTERNATIONAL PAYMENTS. ......... lOU Balance of payments analysis ............. lOU The prewar balance of payments.................... 105 The balance of payments between 191*6 and 191*9. .... 109 The balance of payments in the 1950's........... 116 1. The balance of payments in the 1950-1952 period 2. The balance of payments in the 1953-1956 . period 3* 13ie balance of payments in the 1957-1959 period Summary................ 128 FIVE AN ANALYSIS OF THE MAJOR ITEMS IN TUB JAPANESE BALANCE OF PAYMENTS IN THE 1950'S: MERCHANDISE T R A D E........ 131 Comparison of prewar and postwar Japanese trade. 131 Commodity composition of Japanese foreign trade. 131* Oeograiâiioal Pattern of Japanese foreign trade .... 11*2 Japan's trade with Communist China and USSR. 11*6 Japanis trade with the United States of America. l5l Basic factors related to rapid expansion of Japanese exports.................. 156 1. Improvement in Japan's competitive position in the world market ■ 2. Changes in world demand and the structure of Japanese exports Summary................................. 167 SIX ANALYSIS OF THE MAJOR ITEMS IN THE JAPANESE BALANCE CF PAYMENTS. IN THE 1950'S: NCN-MERGHANDISE ITEMS CF THE CURRENT ACCOUNT........ 170 Over-all balance of non-merchandise items of the current account........ 170 U. S. Special Procurement expenditures ........ 171 Shipping account............................... 172 Investment profits and royalties.................. 175 iv CONTENTS (CONTINUED) Chapter Page SEVEN m L Z S I S OF THE MAJOR ITEMS IN THE JAPANESE BALANCE (F PAYMENTS IN THE 1950'S: CAPITAL MOVEMENTS...... 177 Regulations coneenxLng foreign investment........ 178 Introduction of foreign teobnologjr . ...... 179 Importation of foreign capital.............. ; . l80 Japan's foreign investment. 182 EIGHT POLICIES APFECTINQ JAPAN'S BALAIfCE OF INTERNATIONAL . RAIMENTS. .......... 185 Japan's foreign exchange and trade c o n t r o l ...... 185 1. Concentration of foreign exchange holdings 2. Foreign exchange budget 3. System of import control U* System of export control Export promotion measures.................. 189 1. Export-Import Link System 2. Government fiscal aid to exporters 3. Special bank financing system for export business U. Export risk insurance system Japanese tariff system........................ 191 The critical problems of foreign discrimination against Japanese exports......... 19U 1. The United States 2. Countries of the European Economic Community 3. The IMted Kingdom Û. Other European countries 5. Asian countries Summary ..................... 201 NINE PROSPECT OF JAPAN'S ECONOMIC GROT/TH AND BALANCE OF INTERNATIONAL PAYMENTS: ANALISIS OF TEN-IEAR INCOME DOUBLING FLAN. .... 203 Background of the plan. ..................... 203 Goals of the plan for economic growth ........ 206 Goals concerning.the balance of payments. ...... 212 International economic cooperation for . underdeveloped nations...................... 217 Summary............ 217 CONTENTS (CONTINUED) Chapter Page TEN THE JAPANESE ECONOHT IN THE EARLT 1960*8.......... 219 The world trend toward trade llberaUzation and Japan............................. 219 Japan's liberalization program ................ 221 1. Import liberalisation 2. Foreign exchange liberalization 3* liberalization of capital movements Economic. gr o w t h ........................ 223 Balance of payments. ....... ............. 226 Comment on the Ten-Year Income Doubling Plan.... 231 Summary.......... ....... ................. 23U EIEVm SUMMÂEY AND CONCLUSim .......... 236 Early econcmic growth of Japan............. 236 Japan's economic recovery and growth after World War n ........................ 237 International trade and economic growth...... 2U0 Capital imports and recent capital exports . 2UU Policies: international trade and finance. 2l|6 Economic growth: recent plans and achievements . , 2U? Conclusion ............................... 250 BXBUOGRAPHY ............................. 253 vi U S T OF TABLES Table Page 1. Annual Growth Hate of Gross National Product for Advanced Countries, 1870-1938............... 10 2. Annual Rate of Increase in Industrial Production for Advanced Countries, 1901-1938 ......... 11 3. Quantity Indices of Trade of Japan Proper with Foreign Countries, Korea, and Formosa, 188^-1938. • 12 U. Overseas Trade of Japan Proper as a Percentage of Net National Product (Tanada Estimates), 1885-1938. 13 5. Relative Indicators of General Consumption Level, Major Countries, during 193U-1938 ...... 17 6 . Current and Real Gross National Product, Japan, 193U-1950. ........... ..... 28 7. Percentage Distribution of Gross National Product by Expenditure, Japan, Selected Tears 193^-1949 . 29 8 . Indicators of the Postwar Inflation, Japan, 19U $-19$0 ...................... 35 9. Indices of Output by Industry, Japan, Selected Tears, 193U-1950. ........................ 38 10. Current and Real Gross National Product, and Growth Rate, Japan, 193U-1936, 19U9-1960....... U5 11. Population, Real Per Capita Gross National Product in 1950 Prices, and its Growth Rate, Japan, 193U-1936 and 191*9-1960 ........... 1*8 12. Total and Per Capita National JDticome Expressed in D. S. Dollar, and Population, Selected Countries, in 1959 ......... 1*9 1 3 . U. S. Economic Aid to Japan and its Ratio to Japan's Total Imports, 191*6-1952. 63 vil LIST OF TABLES (CONTINÜSD) Table Page lU. Japan's Foreign Eacehange Receipt Through Special Procurement and its Ratio to Total Foreign Bxehange Receipts, 1950-1959. .................... 61* 15. Wholesale Price Index, Selected Countries, 1950-1960 ............. .............. 67 16. Gross Domestic Capital Formation Sector and Purpose, Japan, 1^1^9-1960 ...... 61* 17. Index of Private Residential and Equipment Capital Formation In Constant Prices, Japan, 19U9-1960. 85 18. Percentage Distribution of Manufacturing Production by Industry, Japan, Selected Tears 1930-1959. .... 89 19. Balance of 3htemational Payments, Japan, 1936. 108 20. Balance of International Payments, Japan, 191*6-191*7 . 111* 21. Gold and Foreign Exchange Reserve, Japan, 191*9-1959 . 117 22. Balance of Intematicmal Payments, Japan, 1950-1952 . 120 23. Balance of International Payments, Japan, 1953-1956 . 123 21. Balance of International Payments, Japan, 1957-1959 . 127 25. Talus of Japanese Merchandise Trade and Idle Quantity Index, 193U-1936 and 191*9-1959. .............. 132 26. Percentage Distribution of Japanese Ebqports by Commodity, 193U-1936 and 1950-1959............... 135 27. Percentage Distribution of Exports by Commodity, Major Industrial Nations, Selected Tears 1928-1959. , 136 2 8. Quantity
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