両大戦間期の日銀支店開設と地域 : 日銀松山支店を事例に
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概要
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The Bank of Japan (BOJ) established 26 branches from its foundation in 1882 to 1945. The purpose of this paper is to consider how the BOJ located these branches, and how these branches affected the local monetary economy in their districts. In this paper, I examine these problems through a case study of the Matsuyama branch office, established in Matsuyama, Ehime Prefecture in 1932. According to one popular theory, it is said that the BOJ played the role of industrial financier for strategic sectors in the era of the industrial revolution, and that in the inter-war period the BOJ faced financial instability and played the role of "Lender of Last Resort" (LLR) for the maintenance of orderly credit conditions. These functions of the BOJ were carried out by the local branches. These branches were, so to speak, the "channel of BOJ credit" in the local monetary economy. This paper carries out its analysis from two points of view, that of the local economy and that of the BOJ. They are both stakeholders in branch establishment. In Matsuyama in 1919 business leaders (bankers and industrialists) began to make representations to the BOJ and the Ministry of Finance against the background of credit requirements in the "WWI Boom". However, after WWI, a crisis occurred in 1920. With this as a turning point, and against the background of the financial instability of the 1920's, their requirements changed from industrial finance to need for an LLR. Further, the BOJ began to realize the necessity of having branches in certain areas. In 1927, the Imabari Shougyou Bank and other banks in Ehime were attacked in a bank run and were closed. The Gojyuni Bank, the top bank of Ehime Prefecture, helped these banks, but could not help the Imabari Shougyou Bank. The BOJ acted as LLR for this bank and the bank run settled down. The BOJ realized the urgent need for a Matsuyama branch, and it was established in 1932 as the first new branch after the 1927 financial crisis. Though the Matsuyama branch was established and began business with local banks, money markets in the early 1930's were loose and local banks had little need of the BOJ as LLR. A few years later the Matsuyama branch played the role of negotiator of bank consolidation in war time.
- 2007-07-30