The Underwriting of Government Bonds and Transactions of Them by the BOJ Presenter : the Functions of Government Bonds Trading Market in Prewar Japan

2022 Fiscal Year Final Research Report

• Project/Area Number: 18K01741
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07070:Economic history-related
• Research Institution: Konan University
• Principal Investigator: EHIRO Akira 甲南大学, 経済学部, 教授 (70268514)
• Co-Investigator(Kenkyū-buntansha): 佐藤 政則 麗澤大学, 経済学部, 教授 (10192600)
• Project Period (FY): 2018-04-01 – 2023-03-31
• Keywords: 国債発行 / 国債流通 / 日銀引受 / 日銀売りオペ / 預金部 / 国債引受シンジケート / 国債転売 / 戦前期日本

Outline of Final Research Achievements

This study examined the total picture of government bond issuance underwritten by the Bank of Japan in prewar Japan in the 1930s-40s. In addition to analysis focused on the issuance market where government bonds were issued and underwritten, which a past study reclaimed, the trading market where government bonds were transacted would also be analyzed, and this study paid its attention to government bond transactions by government bond underwriting syndicate banks and the Finance Ministry Deposit Bureau, which were main buyers. Through this, this study clarified the mechanism and actual situation of the issuance, underwriting, and transactions of government bonds in prewar Japan, and the differences in the functions performed by the Ministry of Finance, the Bank of Japan, syndicate banks, and the Finance Ministry Deposit Bureau in government bond management.

Free Research Field

財政金融史

Academic Significance and Societal Importance of the Research Achievements

これまでの研究において開拓された国債の発行・引受が行われる発行市場中心の分析だけではなく、国債の売買・転売が行われる流通市場も分析対象に加えることにより、従来の国債管理史研究の欠落を埋めると同時に、国債残高が累増する状況下で金融緩和から金融引締めに転じる日銀の出口戦略が議論され、国債を保有している金融機関のリスク管理が問題となっている日本の現状に対し、重要な示唆と打開に向けた戦前期の歴史的事実を正確に提示し、戦後との連結を図ることが可能となった。