Dynamism of the monetary economy in Tokugawa Japan : Kumamoto han as an example

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  • 近世貨幣経済のダイナミズム : 熊本藩領を事例として
  • キンセイ カヘイ ケイザイ ノ ダイナミズム : クマモトハンリョウ オ ジレイ ト シテ

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Abstract

In recent years many researchers have developed a new approach to the 'economic history of money'. This new approach to understanding pre-modern Japanese economic development is based on observation of changes in money circulation. This paper focuses on the Kumamoto han (feudal domain), which was part of an economic zone based on silver circulation. However, merchants and farmers used copper for daily transactions. The han government fixed the exchange rate between copper coins and silver, which was used in the domain's finances and for trade outside the domain. As a result, this inhibited circulation of silver-denominated paper notes issued by the han. In response to a nationwide shortage of copper coins, a note called the zeniazukari (copper note denominated in silver) began to be used spontaneously in this area from the mid-18th century. The han government also started to supply similar notes at the end of 18th century. The government carefully regulated the supply of the note; although the notes were issued on a zeni (copper) basis, they were circulated as though they were han (silver) notes. Because of the han's careful management, the notes maintained their value, and continued to circulate until the early Meiji period.

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