大正バブル期における経済政策の転換とその効果(II)

概要

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In spite of the policy change in October 1919, speculation was heated up and the bubble ballooned. The Bank of Japan (BOJ) raised the discount rate again to 8.03% in November. And the BOJ persuaded bankers not to lend money to speculators. But many newspapers and journals insisted that the BOJ's discount rate rise was not enough to calm the speculation fever and to check the price hike. On the other hand, some of them envisaged the boom to be continued. As we have seen it in the bubble, a euphoria prevailed in those days. Others claimed a price control to check the price hike because it seemed that the speculation and inflation could not be depressed by the normal economic policies. And Minister of Finance, Takahashi Korekiyo, welcomed establishment and a capital increase of companies because they increased production and contributed to economic development. He experienced same economic situation after the Russo-Japanese War. There was a boom of company establishment after the war which made foundation of the industrial development during the WWI. But that boom gave rise to a severe slump before the WWI. The bubble made by the WWI had also the same effect to the Japanese economy. (to be continued)
2009-06-10