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The Challenge of Finance in South East Asia during the Second World War

This article analyses finance in South East Asia during the Second World War in terms of three challenges. Beginning in December 1941, Japan swiftly occupied South East Asia and immediately faced the challenge of how to finance occupation. Finance largely through printing money gave rise to a further challenge in the need to avoid hyperinflationary pressures. After the war the reoccupying powers faced their own, and a third, challenge of wartime finance in deciding how to deal with a large stock of money created during the conflict. Comparison with war finance elsewhere shows that the three challenges were met in sometimes unusual but rather effective ways.