補償法口特融の回収・処理と日本銀行・大蔵省,1927〜1936年

概要

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The Bank of Japan (BOJ) made large amounts of capital available in the form of special compensatory loans as a relief measure during the 1927 financial crisis. At that time, the Ministry of Finance (MOF) decided on a policy of recovery and disposal to minimize losses, not really in order to protect depositors but so as to minimize fiscal spending and control the amount of government debt. However, the policy to return Japan to the gold standard made it necessary to recover the money as fast as possible. The BOJ tried to do this but was hindered by the government's policy of deflation, the economic crisis itself, and the need to rescue the central banks in Japan's colonies. When the economic crisis further endangered the financing of small and medium-sized enterprises, the MOF briefly considered fulfilling its commitment to compensate the BOJ for its losses. In fact, however, since the inflationary trend that began in 1934 made it easier to recover the loans, the MOF was able to postpone any moves to compensate the BOJ. As a result, the policy of recovery and disposal reflected the process of the shift from the gold standard to a managed currency system.
社会経済史学会の論文
2005-03-25