Strong money demand in financing war and peace : the cases of wartime and contemporary Japan / Makoto Saito.
2021
HG1272
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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
9811624461 (electronic bk.)
9811624453
9789811624452
Publication Details
Singapore : Springer, 2021.
Language
English
Description
1 online resource
Item Number
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.
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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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Table of Contents
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).
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).