The historical evolution of monetary policy (Goals and instruments) in Japan: From the central bank of an emerging economy to the central bank of a mature economy

Masato Shizume*

*この研究の対応する著者

研究成果: Chapter

抄録

This chapter reviews monetary policy developments in Japan from the late nineteenth century to the early twenty-first century, focusing on its goals and instruments. The goals of monetary policy have been defined based on the goals of the nation as a whole. They have changed over time in accordance with changes in the goals of the nation. On the long road to an industrialized, developed country from the late nineteenth century through the 1970s, the ultimate goal of monetary policy was to provide money for development while maintaining financial and price stability. Once Japan had achieved industrialization and become a leading economic power, the primary goal shifted from development to stability. Instruments of monetary policy have also changed over time while being constrained by the availability of such instruments in the financial markets, even though the central bank kept pursuing policy innovations.

本文言語English
ホスト出版物のタイトルHandbook of the History of Money and Currency
出版社Springer Singapore
ページ923-952
ページ数30
ISBN(電子版)9789811305962
ISBN(印刷版)9789811305955
DOI
出版ステータスPublished - 2020 1 1

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)
  • ビジネス、管理および会計(全般)
  • 人文科学(全般)

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