東京市外債発行交渉と憲政会内閣期の金本位復帰政策, 1924〜1927年

概要

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This article explores the foreign loan negotiations of the city of Tokyo in both Britain and America and reconsiders Japan's external financial policy in the mid-1920s in this context. After World War I, controls on the issuing of foreign loans in Britain, and the consequent convergence on America as a source of finance, made it difficult for foreign countries to raise loans abroad. The municipalities of Tokyo and Yokohama sought loans of fund reconstruction works after the Great Kanto Earthquake of 1923. But the high interest rate on new issues charged by both the British and U.S. markets, together with fear of the domestic public censure which this might produce, prevented the govornment from proceeding with the negotiations. The prolonging of the negotiations had an effect of Japan's financial policy, In September 1925, the Kenseikai government decided to raise the fallen exchange rate toward par and to reinforce overseas specie holdings, both in preparation for the return to the gold standard, The Tokyo loan negotiations were re-opened as an important potential source of specie. But the postponement of the negotiations in February 1926 interrupted the plans for a return to gold. This article therefore concludes that Japanese financial policy was affected not only by the internal political and economic situation, but also by conditions in international capital markets.
社会経済史学会の論文
2002-11-25