| 000 | 02526cam a22003377 4500 | ||
|---|---|---|---|
| 001 | w2683 | ||
| 003 | NBER | ||
| 005 | 20211020114927.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s1988 mau fo 000 0 eng d | ||
| 100 | 1 | _aIto, Takatoshi. | |
| 245 | 1 | 0 |
_aNews and the Dollar/Yen Exchange Rate, 1931-1933: _bThe End of the Gold Standard, Imperialism, and the Great Depression / _cTakatoshi Ito, Kunio Okina, Juro Teranishi. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c1988. |
||
| 300 |
_a1 online resource: _billustrations (black and white); |
||
| 490 | 1 |
_aNBER working paper series _vno. w2683 |
|
| 500 | _aAugust 1988. | ||
| 520 | 3 | _aAccording to the efficient market hypothesis, news in Tokyo is responsible for the exchange rate changes during the Tokyo market hours, while the U.S. news is responsible for changes in the New York hours. The intra-daily dynamics of the $/yen exchange rate from December 1931 to November 1933 is analyzed. Japan's decision to go off gold in December 1931 depreciated yen by 30% in a month, mostly in the Tokyo market. During 1932, the yen depreciated another 30%, mainly due to Japan's aggression in China and resulting diplomatic isolation. In 1933, the yen appreciated against the dollar, mainly in the New York market, due to the U.S. decision to go off gold. However, exchange rate volatility and its sensitivity to news declined over the two year period, because of increasing capital controls. Changes in the interest rate differential was found insignificant for the changes in the exchange rate. Political regime changes, such as a decision to go off gold, most influenced the exchange rate for the period considered. There were no policy decisions by Japan to cause yen depreciation to promote export and limit import in 1931-33. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aF - International Economics _2Journal of Economic Literature class. |
|
| 700 | 1 |
_aOkina, Kunio. _917812 |
|
| 700 | 1 |
_aTeranishi, Juro. _921607 |
|
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w2683. |
|
| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w2683 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w2683 |
||
| 942 |
_2ddc _cW-PAPER |
||
| 999 |
_c345858 _d304420 |
||