Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43

Takagi, Shinji

doi:https://doi.org/10.1111/ehr.70068

Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43

Takagi, Shinji

Economic History Review, 2025

アクセス数:21件（2026-02-16 00:38 集計）

固定URL: https://hdl.handle.net/11094/103457

閲覧可能ファイル

ファイル	フォーマット	利用条件	サイズ	閲覧回数	利用開始日	説明	information
EconHistRev	pdf	なし	548 KB	82	2025.12.25

Creative Commons : 表示 - 非営利 - 改変禁止

論文情報

ファイル出力 EndNote Basic出力 Mendeley出力

タイトル	Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43
著者	NRID 1000020226749 1000020226749 著者名 Takagi, Shinji
キーワード等	currency overvaluation
	Japanese-occupied China
	linked trade
	second Sino-Japanese war
	special yen
	yen bloc
内容	Takagi S., . Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43. Economic History Review , (2025); https://doi.org/10.1111/ehr.70068.
抄録	The paper discusses the novel but little-known exchange rate system of Japanese-occupied North China during the Second Sino-Japanese War, in which exporters were given the right to import in the form of a piece of yellow paper, which could be sold in the secondary market. In an environment of rapid inflation where North China's currency was pegged to the Japanese yen and devaluation was not politically feasible, the system incentivized exports by allowing the exporters to offset their losses with the profits from selling goods imported, or the right to import goods, at the overvalued exchange rate. Following the start of the Pacific War, the system evolved to become a major scheme of facilitating trade between North and Central China under Japanese occupation. The paper, utilizing the classified documents of the Yokohama Specie Bank, reconstructs analytically how the system operated. Further, our analysis, based on monthly average data, confirms that the secondary market pricing of yellow paper broadly mimicked the operation of a flexible exchange rate. The system died a natural death when exploding inflation in Central China eliminated the export disincentive in North China.
出版者	John Wiley and Sons Inc
収録物名	Economic History Review
刊行年月	2025-10-30
言語	英語
ハンドルURL	https://hdl.handle.net/11094/103457
PISSN	00130117
eISSN	14680289
関連情報 (isIdenticalTo)	DOI (出版社版) https://doi.org/10.1111/ehr.70068
アクセス権	open access
権利情報	This article is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
出版タイプ	Version of Record
カテゴリ	学術雑誌論文 Journal Article

資源タイプ	学術雑誌論文
ローカル資源タイプ	学術雑誌論文
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Economic History Review. 2025
DC.title	Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43
DC.creator	Takagi, Shinji
DC.publisher	John Wiley and Sons Inc
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2025-10-30
DC.identifier	https://doi.org/10.1111/ehr.70068
DC.subject	currency overvaluation
	Japanese-occupied China
	linked trade
	second Sino-Japanese war
	special yen
	yen bloc
DC.description	Takagi S., . Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43. Economic History Review , (2025); https://doi.org/10.1111/ehr.70068.
DCTERMS.abstract	The paper discusses the novel but little-known exchange rate system of Japanese-occupied North China during the Second Sino-Japanese War, in which exporters were given the right to import in the form of a piece of yellow paper, which could be sold in the secondary market. In an environment of rapid inflation where North China's currency was pegged to the Japanese yen and devaluation was not politically feasible, the system incentivized exports by allowing the exporters to offset their losses with the profits from selling goods imported, or the right to import goods, at the overvalued exchange rate. Following the start of the Pacific War, the system evolved to become a major scheme of facilitating trade between North and Central China under Japanese occupation. The paper, utilizing the classified documents of the Yokohama Specie Bank, reconstructs analytically how the system operated. Further, our analysis, based on monthly average data, confirms that the secondary market pricing of yellow paper broadly mimicked the operation of a flexible exchange rate. The system died a natural death when exploding inflation in Central China eliminated the export disincentive in North China.
DC.rights	This article is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
DC.format	103457
citation_title	Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43
citation_author	Takagi, Shinji
citation_publisher	John Wiley and Sons Inc
citation_language	英語
citation_date	2025-10-30
citation_journal_title	Economic History Review
citation_doi	https://doi.org/10.1111/ehr.70068
citation_public_url	https://hdl.handle.net/11094/103457

Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43

閲覧可能ファイル

論文情報

論文詳細を表示