Plans for increasing rice production in colonial Korea : financing of the Chosen Industrial Bank

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  • 戦間期朝鮮における「産米増殖計画」と朝鮮殖産銀行
  • セン カンキ チョウセン ニ オケル 「 サンマイ ゾウショク ケイカク 」 ト チョウセン ショクサン ギンコウ

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Abstract

This study examines how the Chosen Industrial Bank (CIB) financed the agricultural sector in colonial Korea and raised funds in the capital market in Japan during the interwar period, as well as reexamining the influence of the Deposit Department of the Ministry of Finance supplying low-interest loans to the CIB. The CIB, which was established following the merger of six industrial banks, provided a large proportion of the finance available in Korea at that time. Based on bonds issues, it supplied a number of long-term unsecured loans to the agricultural sector, notably to irrigation associations working under the plans of the Government-General of Korea for increasing rice production. Following the revision of this project in 1926, it was decided that the Deposit Department would supply low-interest loans to the CIB in order to finance agricultural organizations. However, the CIB actually rolled over loans to irrigation associations under the worsened conditions of the Great Depression, thereby preventing its loans from defaulting. This action was a huge relief to the CIB and investors in CIB bonds, which included zaibatsu financial institutions and regional banks, insurance companies, and individuals.

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