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Strong money demand in financing war...

Japan

Strong money demand in financing war and peacethe cases of wartime and contemporary Japan /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Strong money demand in financing war and peaceby Makoto Saito.
Reminder of title:	the cases of wartime and contemporary Japan /
Author:	Saito, Makoto.
Published:	Singapore :Springer Singapore :2021.
Description:	xxiv, 204 p. :ill., digital ;24 cm.
Contained By:	Springer Nature eBook
Subject:	Demand for moneyHistory.Japan
Subject:	JapanCongresses.Economic policy1989-
Online resource:	https://doi.org/10.1007/978-981-16-2446-9
ISBN:	9789811624469$q(electronic bk.)

Strong money demand in financing war and peacethe cases of wartime and contemporary Japan /
Saito, Makoto.

Strong money demand in financing war and peacethe cases of wartime and contemporary Japan /[electronic resource] :by Makoto Saito. - Singapore :Springer Singapore :2021. - xxiv, 204 p. :ill., digital ;24 cm. - Advances in Japanese business and economics,v.282197-8859 ;. - Advances in Japanese business and economics ;2..

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)

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.

ISBN: 9789811624469$q(electronic bk.)

Standard No.: 10.1007/978-981-16-2446-9doiSubjects--Topical Terms:

897734
Demand for money
--History.--JapanSubjects--Geographical Terms:

381143
Japan
--Economic policy--1989- --Congresses.

LC Class. No.: HG1272

Dewey Class. No.: 332.4952

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520 $a 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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