1920年代における日本銀行の救済融資

概要

論文の詳細を見る
The purpose of this article is to analyze the activities of the Bank of Japan as lender of last resort (LLR) in the 1920s. During the crisis of 1920 and the banking upheaval of 1922, the Bank of Japan faced an outflow of specie as a result of the rapidly worsening balance of trade, and therefore limited its relief financing. However, after the great Kanto earthquake of 1923 it embarked on large-scale relief financing, with government backing, in order to prevent a financial disaster. As a result, the market stagnated from an excess of currency. Since there was the additional issue of a possible return to the gold standard, when the 1927 crash occurred the Bank of Japan made retrenchment its priority and carried out more relief financing, particularly for the larger banks. In short, the Bank of Japan's activities as LLR in this period were regulated by the logic of the return to the gold standard.
社会経済史学会の論文
2003-07-25