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Books > History > History of specific subjects > Economic history
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Strong Money Demand in Financing War and Peace - The Cases of Wartime and Contemporary Japan (Paperback, 1st ed. 2021)
Loot Price: R3,249
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Strong Money Demand in Financing War and Peace - The Cases of Wartime and Contemporary Japan (Paperback, 1st ed. 2021)
Series: Advances in Japanese Business and Economics, 28
Expected to ship within 10 - 15 working days
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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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