@article{oai:stars.repo.nii.ac.jp:00000080,
 author = {望月, 和彦 and MOCHIZUKI, Kazuhiko},
 issue = {3},
 journal = {桃山学院大学経済経営論集, St. Andrew's University economic and business review},
 month = {Feb},
 note = {After the bankruptcy of Masuda Bill Broker Bank the stock markets were closed for 5 days. Meanwhile stock traders tried to clear their future deals and the Bank of Japan (BOJ) announced to lend them money for clearance through commercial banks. But such policy had little effect. On 13th April the Tokyo stock market was reopened. But on the next day stock prices fell sharply and people were in panic so that stock markets were closed again and continued to be closed until 10th May. The cause of stock crash was the failure of clearance so that there remained huge sell orders in future markets. The commodity markets were closed also intermittently. The markets lost the financial function by the closure. The government ordered the BOJ to lend money to the foreign exchange banks which raise funds through the call market so that the call market became tight. That was considered to be the cause of the market crash. By the supply of money from the BOJ the foreign exchange banks ceased to absorb money from the call market and call rates were lowered. The BOJ also lent money to the stock traders through banks. Traders tried to clear the future deals seriously this time and they made a syndicate to finance from banks. They succeeded to clear the deals and the stock markets were reopened on 10th May. In textile industry faced with sudden excess supply, the association of textile traders requested the government to alleviate the regulation to the exports of textile. They also requested cotton spinning companies to make a cartel to restrict production of cotton yarn. The cotton spinning companies began to restrict production in May. The Hara cabinet thought the closure of markets to be temporary and didn't take bold and thorough measures to response to the crisis. Then the crisis spilled over to the national economy as a whole.(To be continued)},
 pages = {169--212},
 title = {金融機関の破綻と市場機能の崩壊(II) : 4月14日の暴落とその善後策},
 volume = {55},
 year = {2014},
 yomi = {モチヅキ, カズヒコ}
}