戦間期日本経済の「失われた十年」(III)(中田信正教授退任記念号)
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In the height of bubble economy during and shortly after the WWI, many new companies were established. They lost their business chance by the burst of bubble. The business condition got worse quickly in the turmoil. So it was necessary to make "restructuring" the industry to scale down the capacity suitable to the diminishing demand. But the easy money policy by the BOJ brought the interim recovery of 1921 and made the restructuring of industry difficult. The executives of companies hesitated to restructuring because if they dared to restructure and cut dividends, they would be fired by the shareholders. Rather the exectives prefered to continue dividends regardless the profits. The unlawful dividends were common in those days. They were found in the banks. The Ministry of Finance tried to cut dividends of banks in vain. In banking sector the problem of bad loans got serious. The share of fixed lending increased. But the run of bank was avoided by the capital injection by the BOJ. Such policy contributed to the temporary remedy of the industry but prolonged the depression of the interwar period. In addition to the ban on gold export, this easy money policy made the price level of Japan comparatively high to other industrial countries. In order to restructure and recover the economy, it was necessary to take contractive measures including repeal of ban on gold export and return to gold standard. In order to restructure the economy, the Tomosaburo Kato Administration tried to change the economic policy to deflationary one. The Administration, however, was short-lived, so that his deflation policy wasn't enough to restructure the Japanese economy. And shortly after his death, the Japanese inflicted the fatal catastrophe, that is, the big earthquake in Kanto area in 1923.
- 桃山学院大学の論文
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