This article offers a Japanese perspective on the debate about the international financial system immediately after the first oil shock of 1973–4. Using archival records from the OECD and Bank of Japan, I analyze the three key policy issues discussed at the meetings of Working Party 3 (WP3) of the OECD: petrodollar recycling, balance-of-payments adjustments, and the management of global growth. Documents show that the Japanese approach to capital controls, exchange rate management, state-led growth orientation and international banking strategies was rather strengthened by the impact of the oil shock. By 1975 the OECD viewed Japan, together with Germany and the United States, as one of the ‘locomotives’ that would trigger a revival of economic growth in the industrialized West.

中文翻译：

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在“机车”运行之前：1973-1974 年石油冲击对日本和国际金融体系的影响

本文提供了日本对 1973-4 年第一次石油冲击后关于国际金融体系的辩论的看法。使用经合组织和日本银行的档案记录，我分析了经合组织第三工作组（WP3）会议上讨论的三个关键政策问题：石油美元回收、国际收支调整和全球增长管理。文件显示，日本在资本管制、汇率管理、国家主导的增长导向和国际银行战略方面的做法在石油冲击的影响下得到了加强。到 1975 年，经合组织将日本与德国和美国一起视为将在工业化西方引发经济增长复苏的“火车头”之一。