Interbank organization and central banking: Beyond M. Itoh’s contribution to the theory of credit and crisis

Hideaki Tanaka

Japanese Economy, 2024, vol. 50, issue 2, 207-228

Abstract: This study identifies the characteristics and contributions of Makoto Itoh’s theory of credit and crisis by focusing on two studies on the formation process of Capital and the “Long Depression” at the end of the 19th century. Itoh significantly advanced our understanding of the spatial and multilayered structure of the market and credit system, along with uneven development at the end of prosperity and the difficulty of capital to cope with excessive fixed capital. This study further examines the remaining issues in Itoh’s theory, focusing on interbank organization and central bank formation, and explores directions for the further expansion of theoretical research. It is crucial to enhance our comprehension of settlement relationships in the commercial center and the logic of vertical and horizontal organizing among banks.

Date: 2024
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DOI: 10.1080/2329194X.2024.2397343

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