Updated on 2022/10/01

写真a

 
SHIZUME, Masato
 
Affiliation
Faculty of Political Science and Economics, School of Political Science and Economics
Job title
Professor

Concurrent Post

  • Faculty of Social Sciences   School of Social Sciences

  • Faculty of Political Science and Economics   Graduate School of Economics

Degree

  • Kobe University   Doctor of Economics

Professional Memberships

  •  
     
     

    Japan Institute of public Finance

  •  
     
     

    Japanese Economic Association

  •  
     
     

    Japan Society of Monetary Economics

  •  
     
     

    Socio-Economic History Society (Japan)

  •  
     
     

    Economic History Association

  •  
     
     

    Economic History Society

▼display all

 

Research Areas

  • Economic history   Japanese economic history

  • Public economics and labor economics   economic policy

  • Economic history   history of money and finance

Research Interests

  • history of economic policy

  • Japanese economic history

  • monetary history

  • financial history

  • economic history

Papers

  • The Applicability of Modern Monetary Theory from a Historical Perspective

    Masato Shizume

    Review of Monetary and Financial Studies   44   115 - 129  2021.12  [Refereed]

  • What We Learn from History of Pandemics? Lessons from the Late 19th through the Early 20th Century in Japan

    Masato Shizume

    The Economic Review   72 ( 3 ) 209 - 227  2021.07

  • Financial Stabilization in Meiji Japan: The Impact of the Matsukata Reform by Steven J. Ericson (Review)

    Masato Shizume

    The Journal of Japanese Studies   47 ( 2 ) 552 - 556  2021.07

  • Shibusawa Eiichi and national banks: A financial infrastructure which supported the economic development of modern Japan

    Shizume, Masato

    Capital Markets Monthly   429   48 - 59  2021.05  [Invited]

  • A thought on pandemics from the viewpoint of socio-economic analyses: focusing on effects on the labor markets

    Masato Shizume

    The Japanese Journal of Labour Studies   63 ( 4 ) 15 - 19  2021.04

    Authorship:Last author

  • Book review: Hirayama, Kenichi, The financial markets before and during WWII: from the viewpoint of current JGB and stock markets to resemble those in the 1940s

    Masato Shizume

    Review of Monetary and Financial Studies   43   119 - 121  2021.03  [Invited]

    Authorship:Last author

  • Book review: Fukao K., Nakamura N., and Nakabayashi M. eds., Nihon Keizai no Rekishi (The History of Japanese Economy)

    Masato Shizume

    The Journal of Political Economy and Economic History   246   61 - 64  2020.01  [Invited]

  • Strategic Central Bank Communication: Discourse Analysis of the Bank of Japan's Monthly Report

    Kohei Kawamura, Yohei Kobashi, Masato Shizume, Kozo Ueda

    Journal of Economic Dynamics and Control    2019.01  [Refereed]

    DOI

  • A Historical Perspective on Empirical Studies of Money: A Critical Review for the Renewal of Parmanent Exhibition of the Currency Museum

    Masato Shizume

    Report of the Renewal of Parmanent Exhibition of the Currency Museum    2017.03

  • "Bank of Japan’s Monetary Policy in the 1980s: A View Perceived from Archived and Other Materials"

    Masanao Itoh, Ryoji Koike, Masato Shizume

    Monetary and Economic Studies   33   97 - 199  2015.11

  • Finance for everyday people in modern Japan : the case of a pawnbroker in Shiba ward in Tokyo(Finance for everyday people in modern Japan: the case of a pawnbroker in Shiba ward in Tokyo,PANEL DISCUSSION: 82nd annual conference)

    IOKU Shigehiko, SHIZUME Masato

    Socio-economic history : shakai-keizai-shigaku   80 ( 3 ) 291 - 296  2014.11  [Refereed]

     View Summary

    In the field of modern Japanese financial history there are few publications on the organs of finance for everyday people, such as pawnbrokers, although there are many works on the activities of the Bank of Japan, city banks, and regional banks. Previous studies on pawnbrokers focus mainly on those located in the countryside or downtown (shitamachi) Tokyo. Most of the authors argue that the pawnbrokers charged exorbitantly high interest rates to poor people who were in straitened circumstances. To explore the reality of pawnbrokers' activities, we conducted a statistical analysis of pawnbrokers in the city of Tokyo, and a case study of a pawnbroker (Shop "T") in Shiba ward in the under-explored, near-central part of Tokyo. In our study, we used the pawn books and customers lists of 1915, 1925 and 1935. Our analysis reveals that the pawning reflected local people's lifestyle, and its change over time as their ways of living became more Westernized and they had more leisure time. Contrary to what previous works have argued, we find that pawnbrokers played an indispensable role in the daily lives of ordinary consumers by providing them with ready liquidity in small amounts in the short term by using real material objects for security.

    CiNii

  • Exchange rate adjustment, monetary policy and fiscal stimulus in Japan's escape from the Great Depression

    Masahiko Shibamoto, Masato Shizume

    EXPLORATIONS IN ECONOMIC HISTORY   53 ( 1 ) 1 - 18  2014.07  [Refereed]

     View Summary

    A veteran finance minister, Takahashi Korekiyo, brought an early recovery for Japan from the Great Depression of the 1930s by prescribing a combination of expansionary fiscal, exchange rate, and monetary policies. To explore the comprehensive transmission mechanism of Takahashi's macroeconomic policy package, including the expectation channel, we construct a structural vector auto-regression (S-VAR) model with three state variables (output, price, and the inflation expectations) and three policy variables (fiscal balance, exchange rate, and money stock). Our analysis reveals that the exchange rate adjustment undertaken as an independent policy tool had the strongest effect, and that changes in people's expectations played a significant role for escaping from the Great Depression. During the second half of 1931, in particular, speculation on Japan's departure from the gold standard and the inflation that was likely to follow reversed the existing expectations: instead of expecting deflation, people began to expect inflation, months ahead of the actual departure from the gold standard. As a whole, the choice of the level of the exchange rate was crucial for changing people's expectations as well as promoting exports. (C) 2014 Elsevier Inc. All rights reserved.

    DOI

  • 「幕末維新期の商品流通と貨幣の使用実態について—東讃岐地方の事例から—」

    加藤慶一郎, 鎮目雅人

    『社会経済史学』   79 ( 4 ) 81 - 97  2014.02  [Refereed]

  • 書評 金井雄一著『ポンドの譲位 : ユーロダラーの発展とシティの復活』

    鎮目 雅人

    西洋史学 = The studies in Western history   ( 256 ) 359 - 361  2014

    CiNii

  • Flow of goods and circulation of money during the late Edo and the early Meiji period : evidence from the eastern Sanuki region

    KATO Keiichiro, SHIZUME Masato

    Socio-economic history : shakai-keizai-shigaku   79 ( 4 ) 545 - 561  2014

     View Summary

    This paper explores the transition of the circulation of money during the late Edo and the early Meiji period (1860s-1870s). We focus on the transition from paper money in monme (an old unit of account inherited from the Edo period) issued by feudal lords to that in yen issued by the central government as a means of exchange. To this end, we look into individual transactions appearing in accounting books of a merchant in the eastern part of Sanuki (now Kagawa prefecture). We find that, when the central government introduced the yen as the new unit of account in 1871, people in the eastern Sanuki mainly used paper money in monme issued by the feudal lord. Between 1871 and 1876, people seemingly used various types of monies such as the old monme-denominated paper money, copper coin, and the new yen-denominated paper money at the same time. In the fall of 1876, the new yen-denominated paper money suddenly prevailed in the region. Our methodology may be applicable to explore the use of money in other regions.

    CiNii

  • Sustainability of public debt: evidence from Japan before the Second World War

    Masato Shizume

    ECONOMIC HISTORY REVIEW   64 ( 4 ) 1113 - 1143  2011.11  [Refereed]

     View Summary

    Japan defaulted on its public debt after the Second World War. This article addresses the question of how Japan lost its ability to sustain its public debt. We explore the sustainability of public debt in Japan before the War. We conduct statistical tests for the relationship between public debt and primary fiscal balance, and find that Japanese public debt was sustainable until 1931, and unsustainable in and after 1932. Narrative modes of analysis indicate that Japan lost its fiscal discipline because of the military's effective veto over budgetary processes and because of the absence of pressure for sound fiscal policy from international financial markets.

    DOI

  • 「両大戦間期日本における物価変動予想の形成—商品先物価格データを用いた分析—」

    鎮目雅人

    『社会経済史学』   77 ( 1 ) 25 - 47  2011.05  [Refereed]

     View Summary

    Many economic historians have studied macroeconomic policies during interwar Japan. Recent developments in the Japanese economy, such as long-term deflation and stagnation of economic growth, shed new light on the Japanese experience between the two world wars, and some researchers have started to apply new methods of economics and econometrics to the earlier period. This paper explores the formulation of expectations in price fluctuations in Japan during the interwar period. To this end, the paper employs quantitative analysis using commodity futures price data and narrative analysis of views expressed by market participants in business magazines at that time. This paper reveals that market participants in Japan paid great attention to differences in commodity prices between Japan and overseas markets when they formulated expectations in future price fluctuations. At the same time, they paid little attention to domestic factors such as monetary and fiscal policies as primary determinants of future price movements. This result implies that the market participants regarded the Japanese economy as a small and open economy within a fixed exchange rate system, not as a closed economy or a small and open economy within a flexible exchange rate system.

    DOI CiNii

  • The World Depression and Economic Policy : Lessons from Interwar Japan as A Small, Open Economy

    SHIZUME Masato

    The annual bulletin of the Institute for Economic Studies   ( 23 ) 73 - 92  2010.04

    CiNii

  • Why Did Countries Adopt the Gold Standard? Lessons from Japan

    Kris James Mitchener, Masato Shizume, Marc D. Weidenmier

    JOURNAL OF ECONOMIC HISTORY   70 ( 1 ) 27 - 56  2010.03  [Refereed]

     View Summary

    Why did policymakers adopt the gold standard? We first examine the political economy of Japan's adoption of the gold standard in 1897 by exploring the ex ante motives of policymakers as well as how the legislative decision to adopt gold won approval. We then show that joining the gold standard did not reduce Japanese interest rates or lead to a domestic investment boom. However, we find that membership in the gold standard increased Japan's exports by lowering transactions costs. Joining gold allowed Japan to tap into its growing share of global trade that was centered on the gold standard.

  • "Economic Developments and Monetary policy Responses in Interwar Japan: Evaluation Based on the Taylor Rule"

    Masato Shizume

    Monetary and Economic Studies   20 ( 3 ) 77 - 116  2002.10

▼display all

Books and Other Publications

  • The Japanese Economy During the Great Depression: The Emergence of Macroeconomic Policy in A Small and Open Economy, 1931–1936

    Masato Shizume( Part: Sole author)

    Springer  2021.09

  • The dynamism of integration and diversification of money

    Masato Shizume( Part: Contributor)

    2021.02

  • The Emergence and Developments of Credit Money: Evidence from the Pre-Modern Period to the Present

    Masato Shizume( Part: Edit)

    Keio University Press  2020

  • Handbook of the History of Money and Currency

    Battilossi, Stefano, Youssef Cassis, Kazuhiko Yago( Part: Contributor)

    Springer  2018.07 ISBN: 9789811006227

  • Sveriges Riksbank 350 Years: A Central Bank in a World of Central Banks

    Tor Jacobson, Daniel Waldenström, Rodney Edvinsson( Part: Contributor)

    Cambridge University Press  2018.05 ISBN: 9781107193109

  • Coping with Financial Panics: Some Lessons from Financial History

    Isao Suto, Hugh Rockoff( Part: Contributor)

    Springer Studies in Economic History  2018 ISBN: 9789811061950

  • The Turning Point of Fiscal and Monetary Policy: Building A Sustainable System is Crucial

    Masato Shizume( Part: Sole author)

    Nikkei Shinbun  2017.03

  • The 75th Anniversary of the Attack on Pearl Harbor: A Doomsday Approach toward A Strong Army

    Masato Shizume( Part: Sole author)

    Asahi Shinbun  2016.12

  • The Gold Standard Peripheries: Monetary Policy, Adjustment and Flexibility in a Global Setting

    Anders &Ouml, gren and Lars Fredrik &Oslash, ksendal, editors

    Palgrave Macmillan  2012 ISBN: 9781403948724

  • 世界恐慌と経済政策—「開放小国」日本の経験と現代

    鎮目雅人

    日本経済新聞出版社  2009.06 ISBN: 9784532133702

▼display all

Misc

  • On the emergence of the modern monetary system: the case of Japan

    MASATO SHIZUME

    Hougaku Seminar   67 ( 10 ) 4 - 9  2022.10  [Invited]

    Authorship:Lead author

  • Issuing a domainal note brought modern money

    Masato Shizume

    Economist Weekly     34 - 35  2021.03  [Invited]

    Authorship:Last author

  • Money, now and then

    Masato Shizume

    the Keizai Seminar     48 - 52  2019.10  [Invited]

  • The Origin of Central Banking

    Masato Shizume

    Nichigin   56   22 - 25  2018.12  [Invited]

  • A History of Silver

    Masato Shizume

    Tokyo International Coin Convention   27   20 - 29  2016.04  [Invited]

Research Projects

  • A historical investigation of financial intermediation in Japan: Unit cost of financial intermediation and bank liquidity creation

    Project Year :

    2020.04
    -
    2024.03
     

  • Multiplex paymeny systems and the evolution of central banking

    Project Year :

    2019.04
    -
    2023.03
     

  • Empirical approach to the emergence and evolution of credy money

    Project Year :

    2018.04
    -
    2022.03
     

  • Empirical approach to the emergence and evolution of credit and money

    Grants-in-Aid for Scientific Research

    Project Year :

    2018.04
    -
    2022.03
     

  • The Contribution of the Multiple-Payment System on the Economic Development : The Modern Banking History Revised

    Project Year :

    2016.04
    -
    2019.03
     

     View Summary

    Most of the previous studies emphasize that the development of the modern banking backed by the central banking system have been able to promote to improve efficiency in the several kinds of payment systems. Mainly, in the cases of European countries and Japan, these previous studies have been accepted. However, in the cases of Asian and African regions, the payment systems have not been always able to be improved efficiency in various economic and commercial transactions by the introduction of modern banking backed by the central banking system. Therefore, this project tried to show the nature of the payment system not only in the regions of Asia and Africa but also in European countries and Japan, and refined the functions of the payment systems from the viewpoint of the informal payment system. Informal systems mean the local and regional payment system based on the traditional culture and customs. In conclusion, we can find the crucial functions of the informal payments

  • Money and credit in the pre-modern and transitionary period

    Grants-in-Aid for Scientific Research

    Project Year :

    2015.04
    -
    2019.03
     

     View Summary

    We conducted extensive research on the mechanism of emergence and development of money in a society. To the goal, we primarily focused on the Japanese monetary history through the 16-19th century, and employed an comparative approach across countries. We have revealed that, in the pre-modern period (up to the late 19th century), the mechanism of providing money through credit (inside money) was vital for the development of monetary economy, and that during the transition to the modern system, the society faced difficulties in transforming the existing system of the provision of credit to the modern one. Members published books and journal articles and presented results of analyses in numerous academic conferences

  • 前近代および近代移行期における貨幣と信用

    Grants-in-Aid for Scientific Research

    Project Year :

    2015.04
    -
    2019.03
     

     View Summary

    We conducted extensive research on the mechanism of emergence and development of money in a society. To the goal, we primarily focused on the Japanese monetary history through the 16-19th century, and employed an comparative approach across countries. We have revealed that, in the pre-modern period (up to the late 19th century), the mechanism of providing money through credit (inside money) was vital for the development of monetary economy, and that during the transition to the modern system, the society faced difficulties in transforming the existing system of the provision of credit to the modern one. Members published books and journal articles and presented results of analyses in numerous academic conferences

  • Efficiency of the securities and commodities markets and the formulation of expectation during interwar period in Japan

  • On the Transformation of the Monetary System in Japan : Evolution of the Modern Payment System in the Global Context

     View Summary

    On the methodology of this project, we adopted an approach of comparative analysis focusing on not the dissimilarities but the similarity in payment across different regions and periods. Similarities here refer to diversity of the currency, multi-layered structure of the currency or separation between the measure of payment and the unit of account. As for the empirical research, we could find that there was a separation between measure of payment and unit of account in the early modern Japan based on the documents of a local merchant. In other regions such as Western Asia, Western Europe and China, we confirmed that the same phenomenon occurred during their pre-modern or modern period

▼display all

Specific Research

  • 近代的な通貨発行システムの成立と動揺の背景

    2014  

     View Summary

    1.近代移行期の通貨・金融システムの国際比較研究の一環として、中央銀行設立前における日米のNational Banking(国立銀行制度)に関する研究を靎見誠良氏(法政大学)と共同で進め、9月にLundUniversity(Sweden)で開催された国際会議において研究成果を報告するとともに、欧州、南米、アジア等について同様の事例研究を行っている研究者との意見交換を行った。2.近代的な通貨・金融システムの動揺とこれに対する政策対応の研究を進め、大恐慌期の日本におけるデフレへの対応について、柴本昌彦氏(神戸大学)との共同研究の成果を6月に同志社大学で開催された日本経済学会において報告したほか、10月に西南学院大学で開催された同学会において共同研究者と意見交換を行った。

 

Syllabus

▼display all

 

Committee Memberships

  • 2018.01
    -
     

    Explorations in Economic History  Member of Editorial Board

  • 2016.06
    -
     

    Japan Society of Monetary Economics  Executive Director

  • 2015
    -
     

    Socio-Economic History Society (Japan)  Executive Director

  • 2011
    -
     

    Socio-Economic History Society (Japan)  Member of Editorial Board, Socio-Economic History