Financial Crises and the Central Bank: Lessons from Japan During the 1920s

Masato Shizume*

*この研究の対応する著者

研究成果: Chapter

3 被引用数 (Scopus)

抄録

In this chapter, we look at the conduct of prudential policy in Japan during the 1920s. A series of financial crises following a boom during World War I marked the turning point for the emergence of prudential policy in Japan. An economic backlash after the war created mounting bad loans. After the Great Kanto Earthquake in 1923, the Bank of Japan (BOJ) introduced a special treatment facility for the devastated area. The BOJ hoped to rescue solvent but illiquid financial institutions, but the facility was abused by banks that were already in financial distress, paving the way toward a financial crisis. Banking panic spread nationwide in the spring of 1927. In 1928, the authorities introduced new arrangements for prudential policy with mergers and acquisitions, new types of regulations, and dual inspection by the Ministry of Finance and the BOJ. These arrangements restored financial stability while imposing a new constraint on monetary policy.

本文言語English
ホスト出版物のタイトルStudies in Economic History
出版社Springer
ページ131-148
ページ数18
DOI
出版ステータスPublished - 2018

出版物シリーズ

名前Studies in Economic History
ISSN(印刷版)2364-1797
ISSN(電子版)2364-1800

ASJC Scopus subject areas

  • 履歴
  • 経済学、計量経済学および金融学(全般)

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