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The Japanese Economy during the Interwar Period: Instability in the Financial System and the Impact of the World Depression

In: The Gold Standard Peripheries

Author

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  • Masato Shizume

Abstract

The Japanese economy faced chronic crises during the interwar period. Among the crises, the Showa Financial Crisis of 1927 and the Showa Depression of 1930–31 marked turning points. The Showa Financial Crisis of 1927 was the consequence of persistent financial instability because of incomplete restructuring in the business sector and postponements in the disposal of bad loans by financial institutions. The Showa Depression of 1930–31 was caused by the Great Depression, a worldwide economic collapse which had been intensified in Japan by the return to the gold standard at the old parity in January 1930.

Suggested Citation

  • Masato Shizume, 2012. "The Japanese Economy during the Interwar Period: Instability in the Financial System and the Impact of the World Depression," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Anders Ögren & Lars Fredrik Øksendal (ed.), The Gold Standard Peripheries, chapter 11, pages 211-228, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-36231-4_11
    DOI: 10.1057/9780230362314_11
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    Cited by:

    1. William B. English & Christopher J. Erceg & J. David López-Salido, 2017. "Money-Financed Fiscal Programs : A Cautionary Tale," Finance and Economics Discussion Series 2017-060, Board of Governors of the Federal Reserve System (U.S.).
    2. Masato Shizume, 2017. "A History of the Bank of Japan, 1882-2016," Working Papers 1719, Waseda University, Faculty of Political Science and Economics.
    3. Christie Swanepoel & Philip T. Fliers, 2021. "The fuel of unparalleled recovery: Monetary policy in South Africa between 1925 and 1936," Economic History of Developing Regions, Taylor & Francis Journals, vol. 36(2), pages 213-244, May.
    4. Hülsewig, Oliver & Steinbach, Armin, 2021. "Monetary financing and fiscal discipline," International Review of Law and Economics, Elsevier, vol. 68(C).
    5. Dwight H. Perkins & John P. Tang, 2015. "East Asian Industrial Pioneers: Japan, Korea and Taiwan," CEH Discussion Papers 041, Centre for Economic History, Research School of Economics, Australian National University.
    6. Matthew Baron & Emil Verner & Wei Xiong, 2021. "Banking Crises Without Panics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 136(1), pages 51-113.
    7. Jihad Dagher, 2018. "Regulatory Cycles: Revisiting the Political Economy of Financial Crises," IMF Working Papers 2018/008, International Monetary Fund.
    8. Masato Shizume, 2018. "Financial Crises and the Central Bank: Lessons from Japan During the 1920s," Studies in Economic History, in: Hugh Rockoff & Isao Suto (ed.), Coping with Financial Crises, chapter 0, pages 131-148, Springer.
    9. Pierre L. Siklos, 2022. "Did the great influenza of 1918–1920 trigger a reversal of the first era of globalization?," International Economics and Economic Policy, Springer, vol. 19(3), pages 459-490, July.
    10. Shibamoto, Masahiko & Shizume, Masato, 2014. "Exchange rate adjustment, monetary policy and fiscal stimulus in Japan's escape from the Great Depression," Explorations in Economic History, Elsevier, vol. 53(C), pages 1-18.

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