@article{oai:stars.repo.nii.ac.jp:00000108,
 author = {望月, 和彦 and MOCHIZUKI, Kazuhiko},
 issue = {4},
 journal = {桃山学院大学経済経営論集, St. Andrew's University economic and business review},
 month = {Mar},
 note = {After the crash on April14th, symptoms for the expansion of economic slump were seen in the business and ordinary life. Deals on credit dwindled and merchants sold and bought by cash. Inventories increased quickly and storehouses were filled with imported goods. In ports there were many ships with imported goods waiting for unloading. Weavers in local areas were also suffered from the price fall of textiles and evaporated demand for their products. They restricted their production by cartels and many workers were lay-offed. Price falls were seen in many goods. Some textile wholesale shops sold in bargain to consumers directly. In May people saw the price fall wider spreading. In mass media there were many policy proposals for the economic turmoil. Among them some are very curious for us from the present viewpoint. The Keynesian macro economic theory was not known yet in those days. As a financial policy many media advocated a rise of interest rate of BOJ. It was popular that in time of financial panic the central bank had to lend money to the city banks unlimitedly at higher interest rate as Walter Bagehot claimed. Some claimed the policy mix of high interest rate and public expenditure. Such policy mix also seems curious for us. Others opposed against the government intervention to the economy. But they said so not because they trusted the market mechanism as M. Friedman and F. Hayek did but because they didn't know effective economic policies. Many media held the prospect that the economic slump was temporary and would recover soon because the short supply was worldwide and would continue for long time so that the exports would increase in short time. They were afraid of bubble coming again. They didn't think the deflation seriously. But the Japanese economy was trapped in slump for more than 10 years. (To be continued)},
 pages = {185--227},
 title = {金融機関の破綻と市場機能の崩壊(III) : 不況の波及とマスコミの論調},
 volume = {55},
 year = {2014},
 yomi = {モチヅキ, カズヒコ}
}