This paper investigates the sequence of trade liberalization in postwar Japan and its determinants. As the Japanese government utilized the foreign exchange allocation system as a tool for the industrial policy, especially for protecting domestic industries, in the 1950s, trade liberalization...

Japanese abstract:...

The Bank of Japan adopted the Quantitative Easing (QE) Policy from March 2001 to March 2006. This paper investigates whether or not this QE had an effect in stimulating real economy in Japan. The identification of policy effect in the above Japanese case enables us to evaluate indirectly the...