銀行業の今昔

概要

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This paper contrasts British banking in the 1850's with Japanese banking through the 1970's, to see if there is any lesson for us regarding the recent disorder in the Japanese system of finance. George Rae's "Internal Management of a Country Bank," kept at Goldsmith Library, London, presents a classical view of banking. In the 1850's, the banking business was far more passive and defensive than we imagine today. Banks did not aggressively solicit deposits, and were careful when discounting notes and making advances, especially on loans collateralized by properties and securities. Modern bankers in almost all advanced economies, when exposed to deregulation of interest rates on deposits have not fully recognized their social responsibility when creating payment instruments that inflate the money supply. This ability to inflate the money supply has been multiplied through electronic payment systems. We must find a way to check modern bankers' business practices.
1992-12-20