By Toru Iwami (auth.)
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Extra resources for Japan in the International Financial System
67. 27. See the discussion on both papers in Bordo and Schwartz (1984), pp. 227-32. 28. According to Capie and Webber (1985, pp. 41-42), the data by Sheppard (1971) have shortcomings in underestimating deposits at banks not publishing balance sheets, in particular during 1880-91. 8 took the data of the period after 1890. Capie and Webber admitted that 'Sheppard's series is much more reliable after the First World War'. 29. For the Baring Crisis, see Pressnell (1968), pp. 192ff. 30. Triffin (1964, pp.
F 25 Bretton Woods as Gold Exchange Standard column (3) is not large enough. Even these relatively simple regression models with data estimated by Sheppard (1971)28 would suggest that the Bank of England responded to the gold outflow more automatically before the First World War than in the inter-war years. The results from the data series by Capie and Webber (1985), on the other hand, do not report such clear differences between the two periods. In view of the smaller coefficients of determinant for the inter-war period, however, monetary policy seems to have undergone some changes from the traditional rule.
Why did short-term capital balance remain in surplus? The first answer would be interest-rate differentials, while the main motive to borrow abroad was the demand for dollars as a means of trade payments. If inter- Japan's Experiences under Bretton Woods 39 national capital movements had been liberalized completely, interest-rate differentials would have equalled forward-spot spreads of foreign exchange rates, and the borrowing cost would have been the same on domestic and foreign money markets.