| タイトル |
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en
An Exception that Proves the Rule: Japanese Monetary Policy under the Classical Gold Standard, 1897–1914
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| 作成者 |
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ja
髙木, 信二
en
Takagi, Shinji
ja-Kana
タカギ, シンジ
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| 主題 |
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Other
en
JEL classification: F33, F55, E42, E58
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Other
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classical gold standard
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Other
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rules of the game
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Other
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Japanese monetary policy
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Other
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Japan under the classical gold standard
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Other
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Bank of Japan discount rate policy
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| 内容注記 |
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Abstract
en
The paper explores Japanese monetary policy under the classical gold standard (1897–1914), while providing a succinct exposition of the distinguishing features of the Japanese gold standard regime. The paper, explaining how the Bank of Japan conducted monetary policy, finds that, as a general practice, (i) it used fiduciary issues to offset movements in monetary gold so as to stabilize the supply of currency; (ii) it moved the discount rate in the same direction as the government moved the extra issue tax rate; and (iii) it raised the discount rate in response to an increase in gold outflows. The rules-of-the-game-like behavior of discount rate policy, motivated by the central bank’s mandate to preserve gold convertibility, was robust and consistent, challenging the semi-consensual view that violations of the rules were frequent and pervasive under the classical gold standard.
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| 日付 |
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| 言語 |
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| 資源タイプ |
working paper |
| 出版タイプ |
NA |
| 資源識別子 |
URI
https://agi.repo.nii.ac.jp/records/2000096
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| 収録誌情報 |
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en
AGI Working Paper Series
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巻2024-11
開始ページ1
終了ページ28
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| ファイル |
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| コンテンツ更新日時 |
2025-06-27 |
