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Japan's return to gold: Turning points in the value of the yen during the 1920s

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  • Grossman, Richard S.
  • Imai, Masami

Abstract

We identify turning points in the value of the yen during the 1920s to determine which factors were perceived by market participants as affecting Japan's probability of returning to the gold standard. The 1920s were marked by military expansionism, political turmoil, and other dramatic political and institutional events. We conclude that changes of power between the Kenseikai and Seiyukai parties and worsening diplomatic relations with China were primarily responsible for turning points in the value of the yen. The democracy movement and the associated expansion of suffrage seem not to have been viewed as important by contemporaries.

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File URL: http://www.sciencedirect.com/science/article/pii/S0014-4983(09)00003-5
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Article provided by Elsevier in its journal Explorations in Economic History.

Volume (Year): 46 (2009)
Issue (Month): 3 (July)
Pages: 314-323

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Handle: RePEc:eee:exehis:v:46:y:2009:i:3:p:314-323
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622830

Keywords: Gold standard Political economy Japan;

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Cited by:

  1. Olga Christodoulaki & Haeran Cho & Piotr Fryzlewicz, 2011. "A Reflection of History: Fluctuations in Greek Sovereign Risk between 1914 and 1929," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 50, Hellenic Observatory, LSE.
  2. Olga Christodoulaki & Haeran Cho & Piotr Fryzlewicz, 2011. "A reflection of history: fluctuations in Greek sovereign risk between 1914 and 1929," LSE Research Online Documents on Economics 38378, London School of Economics and Political Science, LSE Library.
  3. Jean-Pascal Bassino & Thomas Lagoarde-Segot, 2013. "Trading patterns at the Tokyo Stock Exchange, 1931-1940," CEH Discussion Papers 012, Centre for Economic History, Research School of Economics, Australian National University.

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