Exchange control

Japanese: 為替管理 - かわせかんり（英語表記）exchange control

Direct control by a government over foreign exchange transactions for the purpose of balancing the balance of payments and stabilizing foreign exchange rates.

Exchange controls generally move from partial to complete controls. This policy, which was launched during the global depression of the 1930s, initially had the main purpose of restricting hot money such as capital flight and foreign exchange speculation. However, such controls undermined the credibility of a country's currency, and restrictions on capital transactions led to speculation and flight taking place through trade, so that in order to achieve the purpose of the controls, it was eventually necessary to expand the scope to include current transactions. In addition, with the national objective of war coming into play, many countries adopted complete controls by the late 1930s.

At this stage, foreign exchange control is divided into two parts: the supply side and the demand side of foreign currency. In the supply side of foreign currency control, a foreign currency centralization system was adopted, whereby the government compulsorily purchased foreign currency acquired by traders through exports and other current transactions in order to use it efficiently. The strictest system was the total centralization system, and the lenient one was the holding centralization system, which allowed exchange banks and traders to hold foreign currency. In the demand side of foreign currency, the main job of the authorities was to allocate foreign currency according to its use. First, allocations were made according to major categories such as merchandise imports, debt repayments, and overseas travel, and then, for merchandise imports, allocations were made according to product, trader, and destination country (currency) taking into account the importance of the merchandise. At the most advanced stage of such foreign currency allocation, a foreign currency budget system was adopted. In addition to the above, official recognition of exchange banks, official setting of exchange rates, and designation of settlement currencies were also implemented.

[Tsuchiya Rokuro]

Exchange Controls in Major Countries

After the gold standard was suspended in the 1930s, Western European countries such as the United Kingdom and France, as well as the United States, avoided direct exchange control as a measure against hot money, and instead adopted an indirect control method of exchange rate equilibrium manipulation by monetary authorities. However, this required abundant financial resources, especially foreign exchange reserves, so Germany and Eastern European countries, which did not have sufficient financial resources due to financial or trade difficulties, adopted direct exchange control. The same was true of Japan.

From before World War II through the wartime period, foreign currency was considered an important resource for the war effort, and each country strengthened its exchange controls. This situation continued for some time after the war. The reasons for this included the fact that each country had almost completely used up its gold and foreign currency reserves, and that the devastation caused by the war meant that it was impossible to achieve equilibrium in the international balance of payments without exchange controls. The postwar transition period lasted longer than expected, but as economic recovery progressed in the 1950s, each country gradually relaxed its exchange controls in accordance with the principles of trade and exchange liberalization contained in the IMF agreement. Thus, convertibility of Western European currencies was restored in 1958, and many Western European countries became IMF Article 8 countries in 1961.

[Tsuchiya Rokuro]

Japan's foreign exchange controls

The beginning of foreign exchange controls in Japan was the Capital Flight Prevention Law enacted in 1932 (Showa 7). The purpose of this was to prevent capital from flowing overseas in response to the Manchurian Incident that had occurred the previous year and the move away from the gold standard. However, this was not very effective, so the Foreign Exchange Control Law was enacted the following year in 1933, which expanded the scope to include current transactions, and in 1941, as the country was on a war footing, foreign exchange controls were further revised to their strictest.

After the Second World War, when private trade resumed, the Foreign Exchange and Foreign Trade Control Law was enacted in 1949 (Showa 24), and this systematized the basic law of postwar foreign exchange control. While prewar foreign exchange control was steadily strengthened, postwar foreign exchange control advocated efforts to abolish exchange restrictions in line with the spirit of the IMF Agreement. Liberalization progressed rapidly in the 1960s, and in 1964 Japan became an IMF Article 8 country. In line with the progress of internationalization of finance and the yen, the above-mentioned control law was significantly revised in 1980, and capital transactions were changed from the previous "prohibited in principle, free with exceptions" to "free in principle, prohibited in exceptions (in times of emergency)". Furthermore, in April 1998 (Heisei 10), the Foreign Exchange and Foreign Trade Law (revised Foreign Exchange Law) was enacted, achieving "complete liberalization."

[Tsuchiya Rokuro]

"Systematic Encyclopedia of Trade and Exchange Practices, edited by the Trade and Exchange Practices Research Group, 7th edition (1982, Shinnihon Hoki Publishing)" ▽ "Illustrated International Finance, edited by Amano Yoshito, (1974, Zaisei Shohosha)" ▽ "Introduction to Foreign Exchange, edited by Yoshino Shoho and Takizawa Kenzo, 2nd edition (1981, Yuhikaku)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

国際収支の均衡と外国為替相場の安定を目的として、政府が外国為替取引に対し直接統制を加えること。

　為替管理は一般に部分的管理から全面的管理へ移行する。1930年代の世界的不況期に始められたこの政策は、当初は資本逃避や為替投機などのホット・マネーを規制するのが主目的であった。ところが、このような統制はその国の通貨の信用を落とし、また資本取引を規制すると投機や逃避は貿易を利用して行われるようになり、統制の目的を貫徹するためには、結局、経常取引にまで枠を拡大する必要に迫られた。加えて戦争という国家目的が加わったため、30年代後半には多くの国で全面的管理がとられるに至った。

　この段階における為替管理は、外貨の供給面と需要面の二つに分かれる。外貨の供給面における管理では、輸出やその他経常取引によって業者が獲得した外貨を効率的に使用するために、政府が強制的に買い上げる外貨集中制がとられた。もっとも厳しいのが全面的集中制であり、それよりも緩やかなのが為替銀行や貿易業者に外貨保有を認める持高集中制である。外貨需要面では外貨を使途別に割り当てることが当局の主要な仕事となる。まず商品輸入、債務支払、海外渡航などの大項目別に割り当て、次に商品輸入についてはその重要度などを勘案して商品別割当て、業者別割当て、相手国別（通貨別）割当てなどが行われる。このような外貨割当てがもっとも進んだ段階では外貨予算制度が採用される。以上のほかに、為替銀行の公認、為替相場の公定、決済通貨の指定なども付随して実施される。

［土屋六郎］

主要国における為替管理

1930年代の金本位停止後、イギリス、フランスなどの西欧諸国やアメリカでは、ホット・マネー対策として直接統制的な為替管理を避け、通貨当局による為替平衡操作という間接的統制方法をとった。しかし、それには豊富な財源、とりわけ外貨準備が必要であったため、財政上または貿易上の困難によって十分な財源をもてなかったドイツや東欧諸国は直接的な為替管理を採用した。日本も同様である。

　第二次世界大戦前から戦時中へかけては、外貨は戦争遂行の重要資源とされ、各国とも為替管理を強化した。この状態は戦後もしばらくは続いた。その理由としては、各国とも金・外貨準備をほとんど費消していたこと、戦争による生産力の荒廃により為替管理なしには国際収支の均衡を達成できなかったことなどがあげられる。戦後過渡期は意外に長引いたが、1950年代に入って経済復興が進んだので、各国はIMF協定に盛られた貿易・為替自由化の原則にのっとり為替管理をしだいに緩和した。こうして58年には西欧通貨の交換性回復が実現し、さらに61年には多くの西欧諸国がIMF8条国へ移行した。

［土屋六郎］

日本の為替管理

わが国における為替管理の端緒は1932年（昭和7）に制定された「資本逃避防止法」である。これは前年に起こった満州事変と金本位離脱を嫌った資本の海外流出を防ぐのが目的であった。しかしその効果ははかばかしくなかったので、翌33年には経常取引にまで範囲を拡大した「外国為替管理法」が制定され、臨戦体制に入った41年にはさらに全面的に改正されて為替管理はもっとも厳しいものとなった。

　第二次世界大戦後は、民間貿易が再開された1949年（昭和24）に「外国為替及び外国貿易管理法」が制定され、ここに戦後における為替管理の基本法が体系化された。戦前の為替管理が強化の一途をたどったのに対し、戦後のそれはIMF協定の趣旨に沿い、為替制限の撤廃に努力することがうたわれた。1960年代には急速に自由化が進み、64年にはIMF8条国へ移行した。金融の国際化、円の国際化の進展にあわせ、1980年に前記の管理法が大幅に改正されて、資本取引については従来の「原則禁止、例外自由」から「原則自由、例外（有事）禁止」へ転換した。さらに1998年（平成10）4月、「外国為替及び外国貿易法」（改正外為法）が施行され、「完全自由化」が達成された。

［土屋六郎］

『貿易為替実務研究会編『体系貿易為替実務事典』7訂版（1982・新日本法規出版）』▽『天野可人編『図説国際金融』（1974・財政詳報社）』▽『吉野昌甫・滝沢健三編『外国為替入門』第2版（1981・有斐閣）』

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