| Project/Area Number |
18K01720
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07070:Economic history-related
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| Research Institution | Nagoya University (2019-2020)
Hitotsubashi University (2018) |
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Principal Investigator |
Saito Makoto 名古屋大学, 経済学研究科, 教授 (10273426)
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| Project Period (FY) |
2018-04-01 – 2021-03-31
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| Project Status |
Completed (Fiscal Year 2020)
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| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2020: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Keywords | 貨幣発行益 / 財政ファイナンス / 統制経済 / 中央銀行券と政府紙幣 / 闇市場 / 旺盛な貨幣需要 / ゼロ金利政策 / ゼロ金利環境 / 通貨発行益 |
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| Outline of Final Research Achievements |
This research project analyzes how the Japanese fiscal and monetary policies worked during the two periods, including the controlled economy in the years 1937-1949, and the current economy from mid-1995. In the former period, the public debt, massively issued in excess of forced private savings, was sustained by strong money demand from domestic black markets and the occupied territories. In the latter period, on the other hand, huge amounts of public bonds have been supported by strong demand for BOJ notes and reserves, driven by near-zero interest rates. Strong money demand from black markets and the occupied territories was lost immediately after the war, and a long-term equilibrium was recovered by price surges and fiscal discipline. This postwar experience is quite suggestive in predicting how the current fiscal and monetary policy will evolve in the near and far future.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究プロジェクトの学術的な意義は、日本経済が他の先進国経済に先行して直面した公的債務拡大、超低金利、そして、物価安定の状況について、戦中・終戦直後の日本経済の経験を含めて長期的な視点から分析することによって、こうした困難な財政金融政策の現在と将来の在り方を考察してきたことである。
また、その社会的な意義は、現在の変則的な日本の財政金融政策に対して、将来的な見通しを与えて、どのような政策対応を準備しなければならないかを明らかにしていることである。本プロジェクトの成果は、さまざまなメディアを通じてアウトリーチも行ってきた。
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