Japanese Colonial Investment and the Showa Depression

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K13757
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07070:Economic history-related
• Research Institution: University of Toyama
• Principal Investigator: Yajima Kei 富山大学, 学術研究部社会科学系, 准教授 (20707103)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 資本輸出 / 資本市場 / 植民地支配 / 昭和恐慌 / 朝鮮殖産銀行 / 経済政策 / 植民地投資 / 植民地貿易

Outline of Final Research Achievements

This study sought the causes of the aggravation of the Showa Depression during Japanese colonial rule, proceeding to elucidate the reality of capital exports from Japan to Korea. It was confirmed that financial institutions held about 50% of the bonds issued by the Chosen Industrial Bank, which was the main channel for capital exports from Japan to Korea, and up to about 10% of the Oriental Development Company’s bonds. The former was mainly engaged in agricultural finance and the latter in agriculture-related projects in Korea, so these capital exports were invested in agricultural production in Korea, leading to an increase in rice imports. However, during the Showa Depression, this led to the suppression of rice prices and an aggravation of the depression. I partially clarified the reality of capital exports that brought about the import of rice grains, thereby showing that a reason for the aggravation of the Showa agricultural crisis was Japan’s imperialist economic structure.

Free Research Field

経済史

Academic Significance and Societal Importance of the Research Achievements

本研究は，戦間期における日本ー朝鮮間の米穀貿易と資本輸出入に焦点を当て，とりわけ朝鮮殖産銀行と東洋拓殖㈱が発行した債券の保有者の特定を試みた。日本から朝鮮に向かう資本輸出の主要経路であったこれら債券についてはこれまで実証的には明らかではなく，また朝鮮殖産銀行と東拓は対日米穀移出増大のために調達した資金を朝鮮農業へ投じたことから，この資本輸出の実態を把握することにより日本の帝国経済構造を把握し，その構造の矛盾から昭和農業恐慌が深刻化した要因を検討することできる。この点において，本研究は，日本の帝国経済構造，及び昭和農業恐慌の研究の進展に資することが期待される。