@techreport{oai:kobe-cufs.repo.nii.ac.jp:00001208,
 author = {Tomoda, Yasunobu and Kurata, Hiroshi},
 issue = {42},
 month = {Mar},
 note = {We reconsider the effects of an artificially low interest rate policy, which was typically implemented in Japan until the early 1970s. This policy is defined as a combination of the interest rate ceiling and rationing rules that assign a priority-lending status to export sectors; it should be distinguished from the simple interest rate ceiling. We reveal that the simple interest rate ceiling leads to credit rationing and does not increase national income, while the artificially low interest rate works as an export-promotion policy; that is, it increases exports, national income, and welfare., application/pdf},
 title = {Artificially low interest rates as export promotion policy},
 year = {2011}
}