Téléchargez le livre : Strong Money Demand in Financing War and Peace

Strong Money Demand in Financing War and Peace

The Cases of Wartime and Contemporary Japan de

Éditeur :

Springer


Collection :

Advances in Japanese Business and Economics

Paru le : 2021-06-17

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Description

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 wouldsurge 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.
Pages
204 pages
Collection
Advances in Japanese Business and Economics
Parution
2021-06-17
Marque
Springer
EAN papier
9789811624452
EAN PDF
9789811624469
Informations sur l'ebook
Nombre pages copiables
2
Nombre pages imprimables
20
Taille du fichier
5939 Ko
Prix
116,04 €
EAN EPUB
9789811624469
Informations sur l'ebook
Nombre pages copiables
2
Nombre pages imprimables
20
Taille du fichier
12216 Ko
Prix
116,04 €

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