@article{oai:dwcla.repo.nii.ac.jp:00000705,
 author = {岩谷, 幸春 and IWATANI, Yukiharu},
 journal = {総合文化研究所紀要, Bulletin of Institute for Interdisciplinary Studies of Culture Doshisha Women’s College of Liberal Arts},
 month = {Mar},
 note = {application/pdf, AN10052143-20100331-88, This paper clarifies the real states of ultra-low level in the exchange rates of Japanese Yen and BRICs countries' currencies in the period of high economic growth.
　The paper clarifies the real state and the mechanism of ultra increase in the competitive powers of export prices brought about by the ultra-low exchange rate formations in the currencies concerned, through the case of the competitive power differential formantions of the export prices between rice grown in Japan and rice grown in China.
　I developed ""the money value parity"" and ""the realization rate of the currency value"" as a new concept and index to analyze exchange rates. The money value parity shows the true reasonable exchange rate. The realization rate of the currency value shows the percentage of the money value parity taken up by the exchange rate, or the exchange rate level.
　The realization rate of the Yen value in the period of high economic growth is 9〜30% under the fixed exchange rate system of US$1=360 yen. That of the Chinese Yuan value is 1.4〜4.7%. Brazilian Real is 18.8〜7.7%. Russian Ruble is 4.7〜19.5%. Indian Rupee is 1.9 〜 1.8%. They are all ultra-low.
　The producer price for rice grown in Japan is 6.4 times as high as the rice export price grown in China in 2000, and so the competitive power of the Chinese rice export price is 6.4 times as big as Japanese that. Then, the exchange rate of Japanese Yen is US$1=107.77yen. That of Chinese Yuan is US$1=8.2785yuan. That of Japanese Yen shows reasonable level near the money value parity, but that of Chinese Yuan shows ultra low, ultra underestimation. As the exchange rate of Chinese Yuan rises, Chinese rice export price rises. When that of Chinese Yuan is US$1=1.2896yuan, Chinese rice export price becomes equal to Japanese producer price. When that of Chinese Yuan is US$1=0.1705yuan (the money value parity), Chinese rice export price exceeds Japanese producer price by 7.6 times. The position reverses itself., 論文 (Article)},
 pages = {88--100},
 title = {高度成長期における日本・BRICs 諸国通貨の為替レートの超低位形成と輸出価格競争力の超増大化},
 volume = {27},
 year = {2010},
 yomi = {イワタニ, ユキハル}
}