JaLCDOI 10.18926/OER/52268
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol.II , Book 3, Free Trade and Steel, 1850-1886 (1st ed., 1932), Outline, Chap. 4
FullText URL oer_045_4_085_106.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 2014-03-11
Volume volume45
Issue issue4
Start Page 85
End Page 106
ISSN 0386-3069
language 日本語
Copyright Holders Copyright © 2014 岡山大学経済学会
File Version publisher
NAID 120005398235
JaLCDOI 10.18926/OER/52738
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol.II, Book 3, Free Trade and Steel, 1850-1886 (1st ed., 1932), Outline, Chap. 5, Chap. 6
FullText URL oer_046_1_123_147.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 2014-07-04
Volume volume46
Issue issue1
Start Page 123
End Page 147
ISSN 0386-3069
language 日本語
Copyright Holders Copyright © 2014 岡山大学経済学会
File Version publisher
NAID 120005457104
JaLCDOI 10.18926/OER/53189
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol.II , Book 3, Free Trade and Steel, 1850-1886 (1st ed., 1932), Outline, Chap. 7
FullText URL oer_046_3_061_075.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 2015-03-06
Volume volume46
Issue issue3
Start Page 61
End Page 75
ISSN 0386-3069
Related Url http://www.e.okayama-u.ac.jp/gakkai/
language 日本語
Copyright Holders Copyright © 2015 岡山大学経済学会
File Version publisher
NAID 120005567870
JaLCDOI 10.18926/OER/53553
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. , Book 3, Free Trade and Steel, 1850-1886 (1st ed., 1932), Outline, Chap. 8, Chap. 9
FullText URL oer_047_1_081_111.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 2015-07-02
Volume volume47
Issue issue1
Start Page 81
End Page 111
ISSN 0386-3069
language 日本語
Copyright Holders Copyright © 2015 岡山大学経済学会
File Version publisher
NAID 120005627389
JaLCDOI 10.18926/OER/41688
Title Alternative Comparing the Three Credit Squeezes after the Shift to the Floating Exchange Rate System - A Rough Sketch -
FullText URL oer_027_3_137_148.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 1995-12-12
Volume volume27
Issue issue3
Start Page 137
End Page 148
ISSN 0386-3069
language 日本語
File Version publisher
NAID 120002709386
JaLCDOI 10.18926/OER/54154
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. Ⅱ, Book 3, Free Trade and Steel, 1850-1886( 1st ed., 1932), Outline, Chap. 10
FullText URL oer_047_2_255_274.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 2016-02-23
Volume volume47
Issue issue2
Start Page 255
End Page 274
ISSN 0386-3069
language 日本語
Copyright Holders Copyright © 2016 岡山大学経済学会
File Version publisher
NAID 120005740494
JaLCDOI 10.18926/OER/54708
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. , Book 3, Free Trade and Steel, 1850-1886 (1st ed., 1932), Outline, Chap. 12
FullText URL oer_048_2_067_090.pdf
Author Ichinose, Atsushi|
Publication Title Okayama Economic Review
Published Date 2016-11-10
Volume volume48
Issue issue2
Start Page 67
End Page 90
ISSN 0386-3069
language 日本語
Copyright Holders Copyright © 2016 岡山大学経済学会
File Version publisher
JaLCDOI 10.18926/OER/56085
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. 3, Machines and National Rivalries(1887-1914), with an Epilogue(1914-1929), Outline, Chap.5
FullText URL oer_050_1_071_090.pdf
Author Ichinose, Atsushi|
Publication Title Okayama Economic Review
Published Date 2018-07-02
Volume volume50
Issue issue1
Start Page 71
End Page 90
ISSN 2433-4146
language 日本語
Copyright Holders Copyright © 2018 岡山大学経済学会
File Version publisher
JaLCDOI 10.18926/OER/55678
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. 3, Machines and National Rivalries ( 1887-1914), with an Epilogue (1914-1929), Outline, Chap. 4
FullText URL oer_049_2_083_107.pdf
Author Ichinose, Atsushi|
Publication Title Okayama Economic Review
Published Date 2018-02-26
Volume volume49
Issue issue2
Start Page 83
End Page 107
ISSN 2433-4146
language 日本語
Copyright Holders Copyright © 2018 岡山大学経済学会
File Version publisher
NAID 120006398877
JaLCDOI 10.18926/OER/56912
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. 3, Machines and National Rivalries (1887-1914), with an Epilogue (1914-1929), Outline, Chap.8
FullText URL oer_051_1_059_083.pdf
Author Ichinose, Atsushi|
Publication Title Okayama Economic Review
Published Date 2019-07-16
Volume volume51
Issue issue1
Start Page 59
End Page 83
ISSN 2433-4146
language 日本語
Copyright Holders Copyright © 2019 岡山大学経済学会
File Version publisher
JaLCDOI 10.18926/OER/55233
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. 3, Machines and National Rivalries(1887-1914), with an Epilogue(1914-1929), Outline, Chap.3
FullText URL oer_049_1_091_115.pdf
Author Ichinose, Atsushi|
Publication Title Okayama Economic Review
Published Date 2017-07-03
Volume volume49
Issue issue1
Start Page 91
End Page 115
ISSN 2433-4146
language 日本語
Copyright Holders Copyright © 2017 岡山大学経済学会
File Version publisher
NAID 120006313609
JaLCDOI 10.18926/OER/54904
Title Alternative J. H. Clapham, An Economic History of Modern Britain, vol. 3, Machines and National Rivalries(1887-1914), with an Epilogue(1914-1929), Outline, Chap.1, Chap.2
FullText URL oer_048_097_132.pdf
Author Ichinose, Atsushi|
Publication Title Okayama Economic Review
Published Date 2017-03-06
Volume volume48
Issue issue3
Start Page 97
End Page 132
ISSN 0386-3069
language 日本語
Copyright Holders Copyright © 2016 岡山大学経済学会
File Version publisher
JaLCDOI 10.18926/OER/41649
Title Alternative The Credit Squeeze of 1973 after the Oil Crisis
FullText URL oer_028_4_103_127.pdf
Author Ichinose, Atsushi|
Abstract Following another paper of mine* devoted to the analysis of the credit sqeeze in 1973 before the Oil Crisis, this paper deals with the developement of the sqeeze after the Oil Crisis. The main purpose is to compare the analysis of this paper with that of The Hundred Years of the Bank of Japan, vol. 6 (1986). Main concluding remarks are as follows. 1 The recession after the Oil Crisis is mainly due to both the shrinkage of real-term consumption as the natural result of rapid inflation and the decline of willingness to invest. The latter, the decline of investment, is due to the anxiety about the high-cost of oil and the difficulty to secure it. The Hundred Years does not mention the above. 2 The Hundred Years discusses only little about the effect of the reversed exchange control policy upon the improvement of overall balance of payments, whereas this paper attaches great importance to the mixed effect of reversed exchange control since Nov. 1973 and the raising of the Bank Rate by 2% in Dec. 1973. 3 As to the reason why the 9% Bank Rate had been maintained until April 1975, this paper infers, with a few indirect evidences, that it was necessary for the Bank, particularly, to retain, for some time, short- term foreign capital in the hands of foreign exchange banks to tide over the foreign currency reserves crisis since the fourth quarter of 1973. With regards to this question, The Hundred Years stresses only the significance of maintaining 9% to bring rapid inflation to a close. It does not mention the relation between the keeping of 9% and the international movement of money capital. *Atsushi Ichinose, The Credit Squeeze of 1973 before the Oil Crisis, Shikoku Gakuin Shakaikagaku Nenshi (Journal of Social Science), No 6,1996
Publication Title 岡山大学経済学会雑誌
Published Date 1997-03-10
Volume volume28
Issue issue4
Start Page 103
End Page 127
ISSN 0386-3069
language 日本語
File Version publisher
NAID 110000129853
JaLCDOI 10.18926/OER/40490
Title Alternative CH Associates, A History of the Bureau of the Public Debt, 1940−1990 : with historical highlights from 1789−1939
FullText URL oer_037_1_131_148.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 2005-06-10
Volume volume37
Issue issue1
Start Page 131
End Page 148
ISSN 0386-3069
Related Url http://www.e.okayama-u.ac.jp/gakkai/
language 日本語
File Version publisher
NAID 120002514602
JaLCDOI 10.18926/OER/41497
FullText URL oer_031_3_001_033.pdf
Author Ichinose, Atsushi|
Abstract There will be no great opposition, among Japanese people, to the assertion that the problem of non-performing debt was the most important inducement to the present serious depression in Japan. The non-performing debt problem was brought about by the huge swell of the bubble in the later 1980's and its collapse after entering 1990's. As for the causes ofthe bubble formation several useful books were published rather intensively during 1992-93. But in February 1994, Mr. Mieno, the then Governor of the Bank of Japan, stated at a lecturing speech that the causes of the bubble had not been clarified yet. He enumerated some problems to be solved, for example why bubbles took place almost simultaneously over the world, and why such tremendous rise of asset prices occurred. Basically this reflection seems to be right. Relevant researches, which were published mostly during 1992-1993, if we dare to simplify, pointed out two factors as the important causes of the bubble: various financial de-regulations and long-lasted cheap money policy which was closely concerned with the so-called "international cooperation of economic policy" in 1986-87. This paper is not against these arguments at all. However it calls attentions to the fact that preceding researches have overlooked an important problem to be solved: that is to say, the problem of the correlation between the rapid appreciation of yen and the soaring up of asset prices. The paper tries to analyze the simultaneous development of yen appreciation and asset inflation. Consequently it points out that the key factor was the massive inflow of foreign short-term capital. In other words, banks took in huge short-term money from abroad and lent it to firms as impact loan, which is presumably a peculiar Japanese financial instrument. Firms converted borrowed dollar into yen and invested it in asset markets. In the case of stocks, Tokkin & Fan-tora, deposited with trust banks, played an important role as the intermediary. Thus the prices of assets rose steeply. The banks' huge taking-in of foreign short-term money resulted in a strong selling pressure on US dollar in the exchange market. Thus the dollar fell and the yen rose. A pioneering work along this line is S. Nakao (1991). Unfortunately he confines his interest to the relation between the activities of banks and the appreciation of yen, putting the codevelopment of yen appreciation and the asset inflation out of his argument. In addition, preceding researches, which stress the financial deregulations as the most important cause of the bubble, tend only to enumerate various de-regulations. And they seem to have been unsuccessful in clarifying what part of the deregulations was crucial. This paper deems the abolitions of regulations on impact loan and on yenten as crucial. It was these de-regulations that played by far the most important roles in the formation ofthe bubble. Finally, the reader will see some concluding remarks at the end of the paper. The main concern of the paper lies, however, in the field of fact verification. What to learn or derive from verified facts belongs rather to a role of politicians and high officials.
Publication Title 岡山大学経済学会雑誌
Published Date 1999-12-10
Volume volume31
Issue issue3
Start Page 1
End Page 33
ISSN 0386-3069
language 英語
File Version publisher
NAID 120002695977
JaLCDOI 10.18926/OER/41531
Title Alternative The Rise of Share Prices in the Early Stage of Bubble Formation : 1983-85
FullText URL oer_030_1_063_082.pdf
Author Ichinose, Atsushi|
Abstract Though a common view holds that bubbles bagan their formation from 1986, we cannot easily agree. Share prices, at least, began to contain bubbles from 1984. Though share prices during 1983-85 stayed within changes of so-called fundamentals, current profit of companies, which is one of the two fundamentals, contained profit from that very rise of share prices. Explaining bubbles through the concept of "fundamentals" will inevitably go around in circles. We should rather pay attention to the fact that at the end of 1984, the ratio of the total sum of shares to GNP, listed on all the stock exchanges, valued at current market prices, amounted to 56.1% which is an unprecedented high figure. The bubbles in share prices owed greatly to the positive absorption of overseas short-term fund by foreign exchange banks from 1984. They took advantage of the abolition, in 1984, of so-called yen-ten regulation, which had long restricted, to a degree, the banks' conversion of dollars, taken in from overseas financial centers, into yen. After the abolition some parts of the converted money were vigorously invested into domestic stock market. Greater part of the money taken in was appropriated to their own external investment, and the rest to security investment, particularly in shares. Consequently, share prices were raised. It is not that big banks were excluded from financing to big firms but that they remained doing so, transforming themselves into by far the biggest undertaker of so-called equity finance. The above mechanism evolves extensively throughout the stages offull-scale bubbles.
Publication Title 岡山大学経済学会雑誌
Published Date 1998-06-10
Volume volume30
Issue issue1
Start Page 63
End Page 82
ISSN 0386-3069
language 日本語
File Version publisher
NAID 110000129920
JaLCDOI 10.18926/OER/41540
Title Alternative Relation between Overseas Short-term Fund Taken in by Banks and Stock Market during Full-scale Bubble Stage
FullText URL oer_030_2_129_141.pdf
Author Ichinose, Atsushi|
Publication Title 岡山大学経済学会雑誌
Published Date 1998-09-10
Volume volume30
Issue issue2
Start Page 129
End Page 141
ISSN 0386-3069
language 日本語
File Version publisher
NAID 110000129939
JaLCDOI 10.18926/OER/41598
Title Alternative Representative Arguments on the Formation of Bubbles : Pigeonholing the Points at Issue - The Period of Bubbles (1) -
FullText URL oer_029_3_031_055.pdf
Author Ichinose, Atsushi|
Abstract The aim of this paper is to compare and examine the following three books focusing our attention on the process of the formation of bubbles: Giichi Miyazaki, The Compound Depression, 1992: Yukio Noguchi, Economics of Bubbles, 1992: Yoshio Suzuki, Monetary Policy in Japan, 1993. Miyazaki deems the first phase of bubble formation to be 1983-87 and the second to be 1988-89. His subjective intention is to explain bubbles through deregulation of finance. Yet objectively, his analysis emphasizes firstly, the Bank's intervention (increase of money supply) after the Plaza agreement, and secondly, MOF's preferential treatments on taxation to firms. His biggest problem is the ambiguity in his basis of the above phase-division, which affects his wlole discussion. Noguchi regards the latter half of 1980's as the bubble period. He points out, first of all, the prosperity of so-called equity finance and zaiteku (technology of finance) as formative factors. Secondly, above all, he refers to the prolonged cheap money. Nevertheless he isn't successful in explaining why bubbles began to swell from the year 1986. Suzuki deems the years 1988-89 to be the bubble period. He argues that it is the long-maintainded cheap money policy, which later proved to be an over-reaction to the Black Monday in Oct. 1987, that brought about bubbles. His arguments are clear, but seem to part from the reality. He excludes the years 1986-87 from the bubble period, as to neglect the extravagant inflow of short-term foreign money and the Bank's intervention above. To conclude, it is very important to clarify to the utmost extent when bubbles began to swell. This prescribes one's analysis of bubbles. We regard 1983-85 as the early phase of formation and 1986-89 as that of fuller-scale. Furthermore the possibility of watered fundamentals as well as the exorbitant short-term capital inflow during 1986-87 (and its relation to bubbles) should not be overlooked.
Publication Title 岡山大学経済学会雑誌
Published Date 1997-12-10
Volume volume29
Issue issue3
Start Page 31
End Page 55
ISSN 0386-3069
language 日本語
File Version publisher
NAID 110000129903