@article{oai:stars.repo.nii.ac.jp:00000382,
 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 = {The panic in the stock market began on15th March1920. But there was some symptoms of it. For instance, the price of silk was peaked out in January, and the texile industry faced a severe excess supply in February. The commodities were piled up in the warehouse as well as the distribution inventory. But nobody expected the panic to come soon. At last farmers who held the rice and waited for the price rise of it began to sell their rice because the quality of rice got worse and they needed money to buy fertiliser for plowing. But they could not borrow money from banks which suffered from lack of liquidity so that they sold stocks for money. The fall of stock and commodity prices began tranquilly prior to the panic. And once the panic took place in the stock market then it spread out commodity markets because they had a close linkage. People at speculation needed money for a security by the great fall of the market. The money demand soared and the BOJ lended money to the banks in large scale, but the BOJ failed to calm the panic. And redeeming the government bond hardly contributed to ease the money market. Retrospectively, the panic of the markets was a herald of the general depression for decades.},
 pages = {117--140},
 title = {バブルの絶頂と崩壊},
 volume = {53},
 year = {2012},
 yomi = {モチヅキ, カズヒコ}
}