著者

佐藤 政則

出版者

社会経済史学会

雑誌

社会経済史学 (ISSN:00380113)

巻号頁・発行日

vol.50, no.5, pp.562-584,653-65, 1985

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In the 1890s, the Bank of Japan played an important role in providing funds to the silk industry, the cotton mill industry, the foreign trade sector, etc., and accelerated the growth of these important industries. With the establishment of the gold standard, however, such a positive lending policy became difficult. The purpose of this paper is to elucidate how the lending policy changed in 1900-1901 under the Japanese gold standard. Particularly, it focuses on the policy directed by Korekiyo Takahashi, who was the Vice-Governor of the Bank at that time, and clarifies the difference between his policy and monetary policy carried out under the classical gold standard by Governor Tatsuo Yamamoto. The main points of Takahashi's were as follows: (1) He tried to balance trade deficit not by an increase in the official discount rate, but by an export promotion. Therefore, he tried to strengthen the export industries through aiding customers of the Bank to provide them with funds. (2) In order to do this, he adopted a managerial technique of deposit bank, and attempted to change long-term and rigid loans of the Bank into short-term and liquid ones. He succeeded in it to a considerable extent, so that he made the turnover of funds of the Bank quicker. (3) Moreover, not only did he systematize that policy in the Bank, but he demanded that customers of the Bank, that is, major commercial banks, should follow it. Thus, the change in lending policy had an important influence on managerial technique of her customers, and promoted the reorganization of financial institutions.