Pub Date : 2020-02-15DOI: 10.7591/9781501746925-005
Steven J. Ericson
{"title":"3. Austerity and Expansion: The Matsukata Reform, 1881–1885","authors":"Steven J. Ericson","doi":"10.7591/9781501746925-005","DOIUrl":"https://doi.org/10.7591/9781501746925-005","url":null,"abstract":"","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117168838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/9781501746925-009
Steven J. Ericson
{"title":"Conclusion: The Matsukata Reform as “Expansionary Austerity”","authors":"Steven J. Ericson","doi":"10.7591/9781501746925-009","DOIUrl":"https://doi.org/10.7591/9781501746925-009","url":null,"abstract":"","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126366205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/cornell/9781501746918.003.0006
Steven J. Ericson
This chapter shows how, like other aspects of the Matsukata financial reform that veered from classical financial orthodoxy, the Bank of Japan (BoJ) turned out to be hardly orthodox in its structure or operations. The BoJ, established in October 1882, was pivotal to Matsukata's effort to stabilize and modernize public finance. It separated currency management from the state's fiscal machine but keeping it under tight government supervision. Instead of choosing the Bank of England model with its high degree of independence from the government, Matsukata drew on the model of the Belgian central bank because it involved greater state control. Once established, the BoJ moved in an even more statist direction, assuming the task of financing industrial firms and adopting flexible German-style note issue under close government supervision rather than the orthodox Bank of England approach.
{"title":"Founding a Central bank","authors":"Steven J. Ericson","doi":"10.7591/cornell/9781501746918.003.0006","DOIUrl":"https://doi.org/10.7591/cornell/9781501746918.003.0006","url":null,"abstract":"This chapter shows how, like other aspects of the Matsukata financial reform that veered from classical financial orthodoxy, the Bank of Japan (BoJ) turned out to be hardly orthodox in its structure or operations. The BoJ, established in October 1882, was pivotal to Matsukata's effort to stabilize and modernize public finance. It separated currency management from the state's fiscal machine but keeping it under tight government supervision. Instead of choosing the Bank of England model with its high degree of independence from the government, Matsukata drew on the model of the Belgian central bank because it involved greater state control. Once established, the BoJ moved in an even more statist direction, assuming the task of financing industrial firms and adopting flexible German-style note issue under close government supervision rather than the orthodox Bank of England approach.","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128203014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/9781501746925-004
Steven J. Ericson
{"title":"2. Orthodox Finance and “The Dictates of Practical Expediency”: Influences on Matsukata","authors":"Steven J. Ericson","doi":"10.7591/9781501746925-004","DOIUrl":"https://doi.org/10.7591/9781501746925-004","url":null,"abstract":"","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130461781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/9781501746925-003
Steven J. Ericson
This chapter examines the transition from the expansionary policies of Ōkuma Shigenobu to the contractionary ones of Sano Tsunetami as background to the Matsukata reform, which in large measure ended up combining his predecessors' approaches. It shows the critical difference between the Ōkuma and Matsukata approaches to financial policy. Ōkuma sought to engineer a rapid currency reform using the proceeds from overseas bond issuance while applying the savings from austerity to continue the expansionary economic policies he had pursued as finance minister. The adoption of his new foreign-borrowing scheme in the summer of 1881 signaled a softening of official commitment to fiscal retrenchment. Matsukata intended to continue the Sano initiatives with the exception of borrowing abroad and founding a British-style central bank. Yet in practice he would diverge from much of the Sano austerity program in ways that differed from both classical and neoliberal orthodoxy.
{"title":"From “Ōkuma Finance” to “Matsukata Finance,” 1873–1881","authors":"Steven J. Ericson","doi":"10.7591/9781501746925-003","DOIUrl":"https://doi.org/10.7591/9781501746925-003","url":null,"abstract":"This chapter examines the transition from the expansionary policies of Ōkuma Shigenobu to the contractionary ones of Sano Tsunetami as background to the Matsukata reform, which in large measure ended up combining his predecessors' approaches. It shows the critical difference between the Ōkuma and Matsukata approaches to financial policy. Ōkuma sought to engineer a rapid currency reform using the proceeds from overseas bond issuance while applying the savings from austerity to continue the expansionary economic policies he had pursued as finance minister. The adoption of his new foreign-borrowing scheme in the summer of 1881 signaled a softening of official commitment to fiscal retrenchment. Matsukata intended to continue the Sano initiatives with the exception of borrowing abroad and founding a British-style central bank. Yet in practice he would diverge from much of the Sano austerity program in ways that differed from both classical and neoliberal orthodoxy.","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115504679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/9781501746925-007
Steven J. Ericson
{"title":"5. Founding a Central Bank","authors":"Steven J. Ericson","doi":"10.7591/9781501746925-007","DOIUrl":"https://doi.org/10.7591/9781501746925-007","url":null,"abstract":"","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123349814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/cornell/9781501746918.003.0005
Steven J. Ericson
This chapter shows how the Matsukata reform brought about a shift in industrial policy. This indicated a move away from direct state intervention in the economy and toward the creation of a favorable institutional setting for the growth of private enterprise. Yet, for all of Matsukata's free enterprise rhetoric—“the Government should never attempt to compete with the people in pursuing lines of industry or commerce”—he deviated from classical economic liberalism by increasing industrial spending in fiscal 1881–1885 compared to the previous four years and by maintaining fairly heavy state involvement in the economy. Likewise, his industrial policy contrasts with the emphasis of neoliberal IMF orthodoxy on privatization insofar as the Meiji government sold off hardly any of its enterprises until late in the Matsukata financial reform. Although, the paucity of sales until mid-1884 was a function more of the shortage of buyers than of Matsukata's lack of commitment to supporting private initiative.
{"title":"Spending in a time of “Retrenchment”","authors":"Steven J. Ericson","doi":"10.7591/cornell/9781501746918.003.0005","DOIUrl":"https://doi.org/10.7591/cornell/9781501746918.003.0005","url":null,"abstract":"This chapter shows how the Matsukata reform brought about a shift in industrial policy. This indicated a move away from direct state intervention in the economy and toward the creation of a favorable institutional setting for the growth of private enterprise. Yet, for all of Matsukata's free enterprise rhetoric—“the Government should never attempt to compete with the people in pursuing lines of industry or commerce”—he deviated from classical economic liberalism by increasing industrial spending in fiscal 1881–1885 compared to the previous four years and by maintaining fairly heavy state involvement in the economy. Likewise, his industrial policy contrasts with the emphasis of neoliberal IMF orthodoxy on privatization insofar as the Meiji government sold off hardly any of its enterprises until late in the Matsukata financial reform. Although, the paucity of sales until mid-1884 was a function more of the shortage of buyers than of Matsukata's lack of commitment to supporting private initiative.","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"21 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120872034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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