The development of the Japanese Ministry of Finance Savings Deposit Fund management system for local re-allocation during the interwar period : a case study of the 1927 Nagano Prefecture relief loans for severe frost damage

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  • 戦間期における大蔵省預金部地方資金制度の展開 : 1927年長野県における霜害救済融資の事例から
  • 戦同期における大蔵省預金部地方資金制度の展開 : 1927年長野県における霜害救済融資の事例から
  • セン ドウキ ニ オケル オオクラショウ ヨキンブ チホウ シキン セイド ノ テンカイ : 1927ネン ナガノケン ニ オケル ソウガイ キュウサイ ユウシ ノ ジレイ カラ

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The Japanese economy went through extreme difficulties in the interwar period. As rural areas in particular were gravely affected, the Ministry of Finance Savings Deposit Fund (MoF-SDF) and its financial network tried to aid local businesses in crisis times. The 1927 relief loan by MoF-SDF was a benchmark cases for developing the financial network's core mission. Operation of the MoF-SDF (which largely consisted of Postal Savings Deposits) was in the hands of the Ministry of Finance. Basic operation rules for local re-allocation of MoF-SDF were first determined in 1909. After that, strong bonds were developed between MoF-SDF, Japan Kangyo Bank, Agro-industrial local banks and cooperatives. This financial network was already established before the interwar period. The re-allocation system which was mainly aimed at supporting recovery from natural disasters, also promoted local economic development. In 1925, MoF-SDF was legally reformed, but the reform did not fundamentally alter the re-allocation management system. When severe and wide frost damage occurred in Nagano prefecture during the Japanese Financial Crisis in 1927, MoF-SDF tooke the lead in supplying a huge relief loan. This loan contributed to the development of the financial network, increasing its socio-economic power in rural society.

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