大正バブル期における経済政策の転換とその効果(III)(一ノ瀬篤教授退任記念号)

概要

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The Bank of Japan(BOJ)changed its monetary policy since October 1919 and raised the discount rate twice since then. And the BOJ persuaded bankers not to lend money to speculators. As a result, prices of stocks and commodities fell temporarily at the end of the year. But the same time the government depressed the interest rate of the Treasure Bonds and the BOJ didn't permit the foreign exchange bank to raise the discount rate of the stamp bill. As a result, the money supply was soared to the record level in the end of 1919 through lending and discounting by the BOJ to banks. Banks borrowed money from the BOJ because the discount rate was so low that they make a handsom profit to lend money which was raised from the BOJ or public. On the other hand, the government planned to increase its expenditure in the budget of the next fiscal year. As a result, the Hara Cabinet failed to check the speculation and the price hike.
2010-02-25