Strong money demand in financing war and peace the cases of wartime and contemporary Japan / [electronic resource] :

• 作者： Saito, Makoto.
• 其他作者：
  • SpringerLink (Online service)
• 其他題名：
  • Advances in Japanese business and economics ;
• 出版： Singapore : Springer Singapore :Imprint: Springer
• 叢書名： Advances in Japanese business and economics,v.28
• 主題： Demand for money--Japan--History. , Japan--Economic conditions--History. , Japan--Economic policy. , Macroeconomics/Monetary Economics//Financial Economics. , Economic History. , Economy-wide Country Studies.
• ISBN： 9789811624469 (electronic bk.) 、 9789811624452 (paper)
• FIND@SFXID: CGU
• 資料類型: 電子書
• 內容註: 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)
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• 摘要註: 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 theory of money level, and fiscal sustainability would have to be restored. In the future, alternative currency units issued by private banks might carry out a purge of such strong demand for the yen.
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