大正バブル初期に於ける日銀の金融政策 (熊谷次郎教授退任記念号)

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In this paper we deal with the monetary policies the Bank of Japan(BOJ)took in June and August 1918 and its evaluation. The BOJ's new president, Inoue Junnosuke undertook the new monetary policy in June 1918. He began to discount trade bills and accommodation bills by the BOJ. He tried to create a bill market to check the money supply and to finance the industries money for restructuring. In the end, he designed to make the Japanese finance market the international clearing centre. He also introduced the stamp bill to finance a export bill in August 1918. The policy aimed to check the money supply by making the exchange bank sell the export bills to the commercial banks. The introduction of banker's acceptance, however, had little effect to the economy going into the bubble. For the Japanese banks of those days didn't accustomed themselves to accept bills so that the market decayed in two years. In addition, the United States lifted the gold export embargo and permitted the gold export, so that the money supply of Japan was expected to increase by the gold import. The introduction of banker's acceptance couldn't check the money supply through such channel. If the BOJ would stop the money increase, it would need to raise up the interest rate. But the BOJ couldn't do that because the finance minister Takahashi Korekiyo opposed to it fiercely. The BOJ was subject to the Finance Ministry. It took, therefore, no effective measure to the bubble ballooning.
2008-03-10

著者

望月和彦
桃山学院大学経済学部

大正バブル初期に於ける日銀の金融政策 (熊谷次郎教授退任記念号)

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