A Study on World Trade and Global Imbalance in the Inter-War Period : With a focus on trade and the balance of payments in Japan and China

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The inter-war period was a time of technological innovation; it was also a time of significant global imbalance. In the inter-war period, the new technological innovation created a new trade imbalance. Active capital movement is necessary to keep the imbalance from hindering economic development. However, capital movement may often produce a new synergistic imbalance. This disproportion is termed global imbalance. Chapter 1 surveys the world economy in the inter-war period, Chapter 2 examines trade and its imbalance in the world during the inter-war period. I specifically concentrate on Japan and China's trade by partner country and product based on the two countries' statistics detailed in Chapter 3. I clarify the role the international capital movement played in dissolving this imbalance in Chapter 4. The following summarizes the most important conclusions in this paper: 1. The center of world trade moved from primary products to industrial products in the inter-war period, and the largest trade imbalances were between developed countries and recently developed countries. 2. Japan and China's economic interdependence was strengthened as the result of developed countries' economic bloc policies and rapid industrialization in Japan and China. 3. The international capital movement was more favorable in the first half of the interwar period. Capital flight worsened the imbalance in the second half. 4. In Asia, the foreign investment and FDI of Japan played an important role in establishing infrastructure and developing a textile industry in China and others regions.

A Study on World Trade and Global Imbalance in the Inter-War Period : With a focus on trade and the balance of payments in Japan and China

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