@article{oai:stars.repo.nii.ac.jp:00008793,
 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 = {“Taisho Bubble” began to swell after the conclusion of Treaty of
Versailles. And the bubble collapsed in March 1920. The burst of bubble
caused panics in stock markets and commodity markets so that the
markets often closed in April and May. After reopening the markets
stagnated by the credit crunch and trade deficits and stumbled again when
Nanajushi-Bank went bankrupt. In those days the Japanese trade deficits
aggravated by revaluation of Yen through devaluation of silver so that the
Japanese exports to the silver standard countries like India and China
stagnated.
The burst of bubble damaged to the performance of many firms so that
they shrinked devidends. The fall of price of raw silk decreased the income
of farms so that they were forced to sell their rice to pay the cost of
producing raw silk. The price of rice in kind and future market fell down
further. The price of cotton yarn fell because the devaluation of silver
depressid exports of cotton yarn to China and India. In May it was clear
that the world economy went to depression.
The prospect to recover the markets was mean. The price fall in stock
and commodity markets didn’t stop. In commodity market future prices
were lower than spot prices. Traders expected further price down in
future. Nobody knows where the bottom price is. And the people feared a
panic would come again.
(to be continued)},
 pages = {43--99},
 title = {政府の救済策と市場動揺の収束（Ⅰ）},
 volume = {58},
 year = {2017},
 yomi = {モチヅキ, カズヒコ}
}