Bank of Japan undertaking government bond issuance and the Syndicate Banks: Consideration of the Trinity with the Ministry of Finance, the Bank of Japan and the syndicate banks.

2015 Fiscal Year Final Research Report

• Project/Area Number: 25380441
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic history
• Research Institution: Reitaku University
• Principal Investigator: SATO Masanori 麗澤大学, 経済学部, 教授 (10192600)
• Co-Investigator(Kenkyū-buntansha): EHIRO Akira 甲南大学, 経済学部, 教授 (70268514) ; KAMIYAMA Tuneo 明治学院大学, 経済学部, 教授 (50221891)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Keywords: 日銀国債引受 / 高橋財政 / 国債引受シンジケート / 国債市場 / 高橋是清 / 井上準之助 / 深井英五 / 池田成彬

Outline of Final Research Achievements

This study examined the total picture of the Bank of Japan undertaking government bond issuance in Japan before World War II mainly on the 1930s. In addition to analysis from the Ministry of Finance (publication side) and the Bank of Japan (undertaking side) which a past study reclaimed, this study paid its attention to government bonds undertaking syndicate Banks which was a main buyer (purchase side). And performed consideration of these Trinity、syndicate banks and the Ministry of Finance and the Bank of Japan. Through this, this study clarified the basic structure of the government bonds buying and selling market by the Bank of Japan.

Free Research Field

日本金融史