日本銀行の発券制度と政府金融
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概要
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The note issue in Japan begin in 1869 by the Exchange Company, followed by that of the National Bank. However, these early banks could not provide enough capital for rapid economic growth because of the limitation on their power of credit creation. As their note issues were limited to the amount of their capital, they could not cope with the growing demand for money. At the same time, the high rate of legal requirement severely restricted their ability to create money. The decentralized system of note issues was quite inffective, and made a centralized monetary policy impracticable. The Bank of Japan removed these weaknesses, and the Bank's issue furnished an elestic currency. The Convertible Banknote Act of 1888 introduced the elastic limit method, under which the Bank of Japan could issue notes to the amount of its specie reserve plus a certain amount specified by the law (fiduciary issue). The Bank was also allowed the power of excess issue. Such an elastic system of note issue made possible the rediscount policy taken at the Time of the Panic of 1890, and the finance of the Sino-Japanese war and the war with Russia. In this sense, the system of the Bank's note issues was "revolution-ary". However, the amount of specie reserve fluctuated greatly because of business cycle and war finance, and the accumulation of specie depended upon the government aid, an indemnity from China, foreign investment, etc. This was a characteristic of the underdeveloped economy. The role of the Bank of Japan in industrialization is shown in its capacity to provide necessary capital, and its note issues formed the basis of such an ability.
- 社会経済史学会の論文
- 1972-07-30
著者
関連論文
- 日本銀行の発券制度と政府金融
- 志村嘉一著, 「日本資本市場分析」, 東京大学出版会、一九六九年刊、定価一八〇〇円
- 明治中期会社企業の構造 (明治期における会社企業の発達)
- 山口和雄編著 『日本産業金融史研究・製糸金融篇』, (一九六六年一〇月、東京大学出版会、定価四五〇〇円)
- 加藤俊彦, 大内力編著 『国立銀行の研究』, (勁草書房・一九六三年七月刊・三五二頁・一五〇〇円)
- 大同毛織株式會社史料室編 「糸ひとすじ」 : 大同毛織の歴史とその中における栗原ウメ
- 両大戦間における日本の企業金融--鉄鋼業とコンツェルン金融を中心に (〔経営史学会〕第12回大会特集号〔統一論題「企業金融の比較史的研究」〕)