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Did Takahashi Korekiyo Rescue Japan from the Great Depression?

Published online by Cambridge University Press:  11 March 2003

Myung Soo Cha
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Abstract

Takahashi Korekiyo is remembered as a wise finance minister saving Japan from the Great Depression. The contribution of his policy measures however remains to be rigorously measured, with proper control of other forces also driving the recovery. Structural vector autoregression analysis of previously unexploited monthly data confirms the pivotal role of Takahashi's debt-financed fiscal expansion. Monetizing the public debts, the Bank of Japan maintained a neutral stance. The recovery was aided by exchange-rate shocks generated during the transition from the gold standard to the floating-exchange-rate regime and, to a smaller extent, by the world recovery.

Type
ARTICLES
Information
The Journal of Economic History , Volume 63 , Issue 1 , March 2003 , pp. 127 - 144
Copyright
© 2003 The Economic History Association

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