Taxation and Economic Development among Pacific Asian Countries

By Richard A. Musgrave; Ching-Huei Chang et al. | Go to book overview

11
Tax Incentives for Export
Promotion in Japan, 1953-1964

Hiromitsu Ishi


1. Introduction

Exports have played a vital role in Japan's economic performance throughout the postwar period. In terms of balance of payments, a sharp contrast can be observed between the growth of the Japanese economy during the years leading up to the early 1970s and the years since then. In the latter period, Japan's exports continued to increase rapidly, leading to huge current-account surpluses and a widening trade imbalance with much of the world. By contrast, during a decade and a half following the early 1950s, Japan suffered chronic trade deficits and a shortage of foreign exchange reserves. Particular attention is paid in this chapter to the earlier period, when the balance-of-payments situation was perceived as limiting economic expansion.

Japan possesses few mineral resources and little arable land relative to the size of its population. Rapid growth of its national income through expanded industrial production requires huge increases in imports of raw materials, fuels, and food.

As noted by Ackley and Ishi,

Given the initial absence of international reserve asset in postwar Japan, given the government's commitment . . . to the value of the yen established in 1949, given the policy decision . . . not to admit significant direct investment and a Japanese (and foreign) prejudice against appreciable long-term Japanese borrowing abroad, Japan's economic expansion could well have been limited, even short of potential output, but the extent to which its exports could expand (or its imports could be restrained). (Ackley and Ishi, 1976, p. 170)

In fact, the government often used macroeconomic policy (particu-

-194-

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Taxation and Economic Development among Pacific Asian Countries
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • 1 - Introduction 1
  • Notes 10
  • 2 - Indonesian Tax Reform, 1985-1990 11
  • Notes 41
  • References 42
  • 3 - The Tax System and Economic Development in Japan 44
  • Notes 61
  • References 62
  • 4 - Tax Reform in the Philippines 64
  • Notes 80
  • 5 - Tax Reform in Malaysia: Trends and Options 82
  • Notes 100
  • References 101
  • 6 - Property Taxation as a National Policy Tool in Taiwan 104
  • Notes 116
  • References 116
  • Notes 137
  • References 138
  • 8 - Effective Corporate Tax Rates on Capital Income in Hong Kong 140
  • Notes 153
  • 9 - Tax Policy and Business Investment: Taiwan's Manufacturing Industry 156
  • Notes 165
  • References 167
  • 10 - The International Dimension of Korean Tax Policy 168
  • Notes 191
  • References 192
  • 11 - Tax Incentives for Export Promotion in Japan, 1953-1964 194
  • Notes 207
  • References 208
  • 12 - International Aspects of Income Taxation in Taiwan 210
  • Notes 221
  • References 223
  • 13 - Financing Social Security in Singapore Through the Central Provident Fund 225
  • Notes 255
  • References 255
  • 14 - A New Role for Fiscal Policy and Tax Finance in Korea 259
  • Notes 275
  • References 276
  • About the Book 280
  • About the Editors and Contributors 281
  • Index 283
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