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Early monetary policies of the Tokugawa shogunate and merchants' coping strategies: 1695-1736

Author

Listed:
  • Atsuko Suzuki

    (Graduate School of Economics, Osaka University)

Abstract
The Tokugawa monetary system was a new experience in Japanese history, and the Genroku debasement, which was necessitated by the exhaustion of gold and silver resources, was a new experiment for both the shogunate and merchants, the representatives of the townspeople. For the same reason, the shogunate had no choice but to implement a monetary policy "nominalistically, " but the merchants responded "metallistically." This was because the merchants valued money as bullion. The conflict between the shogunate and merchants played an important role in invigorating the Tokugawa economy. This study describes the historical economic situation.

Suggested Citation

  • Atsuko Suzuki, 2021. "Early monetary policies of the Tokugawa shogunate and merchants' coping strategies: 1695-1736," Discussion Papers in Economics and Business 21-15, Osaka University, Graduate School of Economics.
    • Handle: RePEc:osk:wpaper:2115
    as

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    File URL: http://www2.econ.osaka-u.ac.jp/econ_society/dp/2115.pdf
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    References listed on IDEAS

    as
    1. von Glahn,Richard, 2016. "The Economic History of China," Cambridge Books, Cambridge University Press, number 9781107030565, September.
    2. von Glahn,Richard, 2016. "The Economic History of China," Cambridge Books, Cambridge University Press, number 9781107615700, September.
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    More about this item

    Keywords

    commodity money; early modern Japan; fixed and floating exchange rates; Edo and Osaka; nominalistic and metallistic;
    All these keywords.

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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