幕末期,藩札は濫発されたのか : 藩札発行高推計に基づき,濫発論を再検討する

概要

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In the Edo period of Japan, most commercial transactions were settled by domain notes, a paper money named hansatsu in areas other than Edo, Osaka, and Kyoto. They were issued by feudal clans as a local means of payment with the permission of the Tokugawa shogunate, and partially backed by gold and silver coins as reserve. It is accepted that those domain notes were issued excessively in the end of the Edo period, resulting in inflation, although it has not yet become an established view. This paper aims at re-examining this hypothesis by estimating the outstanding amounts of domain notes from the 1830s through the Meiji Restoration and by taking the nature of the domain notes as a media of exchange. We find that the over-issue of the domain notes was not a cause of inflation but rather triggered by inflation as a result of an excessive issue of gold coins by the Tokugawa shogunate to finance their fiscal deficits.
同志社大学の論文