Strong Money Demand in Financing War and Peace : The Cases of Wartime and Contemporary Japan. 1st ed

種類:

電子ブック

責任表示:

by Makoto Saito

出版情報:

Singapore : Springer Singapore : Imprint: Springer, 2021

著者名:

• Saito, Makoto.
• SpringerLink (Online service)

シリーズ名:

Advances in Japanese Business and Economics ; 28

ISBN:

9789811624469 [9811624461]    

注記:

Long-Run Observations (the 1890s to the 2010s) and an Alternative Theory of the Price Level -- Demand for BOJ Notes from Black Markets under Price Controls (1937 to 1949) -- On Wartime Money Finance in the Japanese Occupied Territories (1942 to 1945).
This book theoretically and empirically investigates the emergence of strong money demand in wartime Japan (1937–1945), its disappearance after the end of the war (1945–1949), and the reemergence of strong money demand in contemporary Japan (from 1995 to the present) in terms of the effects on fiscal activities and the price level. An augmented fiscal/monetary theory of the price level is constructed from a close examination of the strong money demand present in these periods. Then, profoundly puzzling phenomena such as mild deflation despite monetary expansion, low long-term interest rates despite fiscal unsustainability, and weak aggregate demand despite near-zero rates of interest, all of which are actually being observed in contemporary Japan, can now be interpreted in line with the above augmented theory. In the present, strong money demand at near-zero rates endows the Japanese government with maximum fiscal flexibility. However, if it disappeared for some reason, prices would surge to the quantity theo

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