Building a Potemkin village in occupied China: Japan's wartime system of linked trade, 1939–43
研究了二战期间日本在华北占领区实施的一种特殊汇率制度，出口商获得可交易的进口权（黄纸），以抵消本币高估带来的损失，该制度在太平洋战争后演变为连接华北与华中占领区的贸易机制。
Abstract The paper discusses the novel but little‐known exchange rate system of Japanese‐occupied North China during the Second Sino‐Japanese War, in which exporters were given the right to import in the form of a piece of yellow paper, which could be sold in the secondary market. In an environment of rapid inflation where North China's currency was pegged to the Japanese yen and devaluation was not politically feasible, the system incentivized exports by allowing the exporters to offset their losses with the profits from selling goods imported, or the right to import goods, at the overvalued exchange rate. Following the start of the Pacific War, the system evolved to become a major scheme of facilitating trade between North and Central China under Japanese occupation. The paper, utilizing the classified documents of the Yokohama Specie Bank, reconstructs analytically how the system operated. Further, our analysis, based on monthly average data, confirms that the secondary market pricing of yellow paper broadly mimicked the operation of a flexible exchange rate. The system died a natural death when exploding inflation in Central China eliminated the export disincentive in North China.