Early monetary policies of the Tokugawa shogunate and merchants' coping strategies: 1695-1736

Atsuko Suzuki ()
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Atsuko Suzuki: Graduate School of Economics, Osaka University

No 21-15, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: The Tokugawa monetary system was a new experience in Japanese history, and the Genroku debasement, which was necessitated by the exhaustion of gold and silver resources, was a new experiment for both the shogunate and merchants, the representatives of the townspeople. For the same reason, the shogunate had no choice but to implement a monetary policy "nominalistically, " but the merchants responded "metallistically." This was because the merchants valued money as bullion. The conflict between the shogunate and merchants played an important role in invigorating the Tokugawa economy. This study describes the historical economic situation.

Keywords: commodity money; early modern Japan; fixed and floating exchange rates; Edo and Osaka; nominalistic and metallistic (search for similar items in EconPapers)
JEL-codes: D46 E31 K42 N15 Z13 (search for similar items in EconPapers)
Pages: 24pages
Date: 2021-11
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac, nep-mon and nep-pay
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