Strong money demand in financing war and peace : the cases of wartime and contemporary Japan / Makoto Saito.
Saitō, Makoto, 1960-
2021
HG1272
Available Online

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Title Strong money demand in financing war and peace : the cases of wartime and contemporary Japan / Makoto Saito.
Author Saitō, Makoto, 1960-
ISBN 9789811624469 (electronic bk.)
9811624461 (electronic bk.)
9811624453
9789811624452
DOI https://doi.org/10.1007/978-981-16-2446-9
Imprint Singapore : Springer, 2021.
Language English
Description 1 online resource
Other Standard Identifiers 10.1007/978-981-16-2446-9 doi
Call Number HG1272
Dewey Decimal Classification 332.4/952
Summary 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.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Online resource; title from PDF title page (SpringerLink, viewed June 29, 2021).
Series Advances in Japanese business and economics ; v. 28. 2197-8859
Available in Other Form Print version: 9789811624452
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Record Appears in Online Resources > Ebooks
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On Wartime Money Finance in the Japanese Occupied Territories (1942 to 1945).

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