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Currency Devaluation and Price Expectation: Lessons from Okinawa in the beginning of the 1970s (in Japanese)

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  • Satoshi Shimizutani
  • Tatsuhiro Yogi

Abstract

This paper focuses on an unusual experience in Okinawa history to evaluate the effect of devaluation on inflation expectations. Until the handover of Okinawa to the mainland of Japan in May 1972, Okinawa's legal currency was the U.S. dollar. During the period, the Nixon shock of August 1971 caused a dramatic devaluation of the dollar. Our estimates demonstrate that the devaluation increased price expectations by 5 to 7%.

Suggested Citation

  • Satoshi Shimizutani & Tatsuhiro Yogi, 2005. "Currency Devaluation and Price Expectation: Lessons from Okinawa in the beginning of the 1970s (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 176, pages 68-92, June.
    • Handle: RePEc:esj:esriea:176d
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    File URL: http://www.esri.go.jp/jp/archive/bun/bun176/bun176h.pdf
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