Did Money or Loans Play a More Important Role in the Showa Depression? (in Japanese)

Yutaka Harada

Economic Analysis, 2005, vol. 177, 3-21

Abstract: Much research has concluded that Japan's deteriorated banking sector had an adverse affect on the Great Depression. In Japan, however, only few empirical studies have been made on this important subject. This paper estimates the effects of money and loans on production by using a vector auto regression model, among other analytical tools. The model is estimated by using monthly data from 1922-36. The estimation results show that price and money significantly affect production (in some cases money does not significantly affect production), but that the effect of loans is strictly limited.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:esj:esriea:177a

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