戦間期日本経済の「失われた十年」(I)

概要

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In this paper, we try to review the economic turbulence of Japan in 1920's through our perspective of 1990's. In both periods we have the same experience about the bubble economy. We have interested in the policies in the burst of bubbles. And those who charged with the policies of post-war era also engaged with policies of crisis of Showa era. We try to explore the events of Taisho era, in order to get lessons from the experiences in Taisho economic policies. For that purpose, we must analyze the Taisho bubble economy. By the WWI the Japanese economy made rapid economic development. It got huge trade surplus and gold which increases money supply in the gold standard system. The economy soared so much. The Japanese government took fiscal and monetary policies which encouraged industries and exports. When the WWI was over, many Japanese thought the economic boom was over too. But the economic boom wasn't over. After the war the Japanese economy experienced a boom more drastic than in the war. And the government sticked to the expansive policies in the boom despite the inflation. But the boom colllapsed in March 1920. That is the beginning of the stagnation which caused the financial turmoil in the Showa era.