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External Equilibrium and Internal Convertibility: Financial Policy in Meiji Japan

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  • Patrick, Hugh T.

Abstract

Taking as a frame of reference the relationship between equilibrium in the balance of payments and domestic economic growth, the objective of this paper is to examine the role of central banking in financial policy in Japan in the latter part of the nineteenth century. Certain of the financial problems which Japan then faced are those which perplex many underdeveloped countries today. They may be considered in terms of three highly interrelated problem areas: government expenditures and revenues; the monetary system; and the balance of payments.

Suggested Citation

  • Patrick, Hugh T., 1965. "External Equilibrium and Internal Convertibility: Financial Policy in Meiji Japan," The Journal of Economic History, Cambridge University Press, vol. 25(2), pages 187-213, June.
    • Handle: RePEc:cup:jechis:v:25:y:1965:i:02:p:187-213_05
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    Cited by:

    1. Masaki Nakabayashi, 2008. "Speed of the price and efficiency of the concession the treaty port market in Japan fs industrialization," Discussion Papers in Economics and Business 08-14, Osaka University, Graduate School of Economics.
    2. Dwyer Jr., Gerald P. & Samartín, Margarita, 2009. "Why do banks promise to pay par on demand?," Journal of Financial Stability, Elsevier, vol. 5(2), pages 147-169, June.
    3. Bordo, Michael D., 1986. "Explorations in monetary history: A survey of the literature," Explorations in Economic History, Elsevier, vol. 23(4), pages 339-415, October.
    4. Masaki Nakabayashi, 2014. "Imposed Efficiency of Treaty Ports: Japanese Industrialization and Western Imperialist Institutions," Review of Development Economics, Wiley Blackwell, vol. 18(2), pages 254-271, May.
    5. Ilgaz Arikan & Asli M. Arikan & Oded Shenkar, 2022. "Revisiting emerging market multinational enterprise views: The Goldilocks story restated," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(4), pages 781-802, June.
    6. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093.
    7. Masaki Nakabayashi, 2008. "Rise of the Japanese fiscal state," Discussion Papers in Economics and Business 08-12, Osaka University, Graduate School of Economics.

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