Did Takahashi Korekiyo rescue Japan from the Great Depression?

• 成果类型: Article
• 署名作者: Yeungnam University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S002205070300175X
• 发表日期: 2003
• 页码: 127-144
• 关键词: economic-recovery; fiscal-policy; exchange-rate; Germany; 1930s

摘要

Takahashi Korekiyo is remembered as a wise finance minister saving Japan from the Great Depression. The contribution of his policy measures however remains to be rigorously measured, with proper control of other forces also driving the recovery. Structural vector autoregression analysis of previously unexploited monthly data confirms the pivotal role of Takahashi's debt-financed fiscal expansion. Monetizing the public debts, the Bank of Japan maintained a neutral stance. The recovery was aided by exchange-rate shocks generated during the transition from the gold standard to the. floating-exchange-rate regime and, to a smaller extent, by the world recovery.