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Exchange Rate Appreciation and Structural Adjustment : Evidence from the Plaza Accord
http://hdl.handle.net/10086/0002061792
http://hdl.handle.net/10086/0002061792c30afbfe-ee95-45ab-859a-03166038770d
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
070careeDP-E-2504.pdf (3.3 MB)
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| アイテムタイプ | デフォルトアイテムタイプ（フル）その２(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| 公開日 | 2026-03-19 | |||||||
| タイトル | ||||||||
| タイトル | Exchange Rate Appreciation and Structural Adjustment : Evidence from the Plaza Accord | |||||||
| 言語 | en | |||||||
| 作成者 |
KUMANOMIDO, Hiroshi
× KUMANOMIDO, Hiroshi
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| 寄与者 | ||||||||
| 寄与者タイプ | Editor | |||||||
| 姓名 | TDB-CAREE (Graduate School of Economics Hitotsubashi University Teikoku Databank Center for Advanced Empirical Research on Enterprise and Economy) | |||||||
| 言語 | en | |||||||
| アクセス権 | ||||||||
| アクセス権 | open access | |||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Exchange rate | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Trade policy | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Firm | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Plaza Accord | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Structural Transformation | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | Large exchange rate appreciations pose a fundamental challenge for open economies: they compress export margins, weaken competitiveness, and force firms and regions to adjust their production and employment structures. However, evidence on how such adjustments unfold over the long run remains limited. This paper studies these mechanisms using Japan’s sharp yen appreciation following the 1985 Plaza Accord. Combining a firm-level panel data from 1980 to 1999 with industry-level shock exposure, I estimate how appreciation affected firms’ employment, sales, and labor productivity. The results show sharp declines in sales and productivity but modest employment losses, reflecting Japan’s rigid labor practices. Industries more exposed to export shocks expanded FDI in Asia without inducing additional domestic employment adjustment, but leading to a sharper decline in measured labor productivity. At the regional level, labor reallocation from manufacturing to services occurred in shock-exposed regions, suggesting that the yen appreciation led to gradual structural transformation. | |||||||
| 言語 | en | |||||||
| 出版者 | ||||||||
| 出版者 | TDB-CAREE (Graduate School of Economics Hitotsubashi University Teikoku Databank Center for Advanced Empirical Research on Enterprise and Economy) | |||||||
| 日付 | ||||||||
| 日付 | 2026-03 | |||||||
| 日付タイプ | Issued | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||
| 資源タイプ | technical report | |||||||
| 出版タイプ | ||||||||
| 出版タイプ | VoR | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||
| 関連情報 | ||||||||
| 関連タイプ | isPartOf | |||||||
| 言語 | en | |||||||
| 関連名称 | TDB-CAREE Discussion Paper Series ; No. E-2025-04 | |||||||
| 関連情報 | ||||||||
| 識別子タイプ | URI | |||||||
| 関連識別子 | http://www7.econ.hit-u.ac.jp/tdb-caree/index.html | |||||||
| ページ数 | ||||||||
| ページ数 | 37 | |||||||
| Sponsorship | ||||||||
| 値 | （株）帝国データバンク | |||||||
| JEL | ||||||||
| 値 | F14 | |||||||
| JEL | ||||||||
| 値 | F31 | |||||||
| JEL | ||||||||
| 値 | F68 | |||||||
