大正バブル膨張期の金融政策(坂昌樹准教授追悼号)

概要

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In this paper, we deal with public opinion about the policies for price stabilization and policy formation in the Hara Cabinet. In April and May 1919 the economic tide had changed to boom. Commodity and stock prices began to rise. Newspapers and journals claimed government and the Bank of Japan(BOJ)to take measures for price stabilization including a rise of discount rate. But the opinion was split between the cabinet and BOJ and there was also a split in opinion inside the cabinet and BOJ. Therefore, monetary policies in the summer of 1919 were inconsistent. As a result the government had no action to restrain speculations in commodity and stock market which gave rise to a huge bubble later. Hara and Seiyukai leaved commodity and stock prices rise in order to win the election of municipal councils.
2008-06-10