Geldpolitik als Grundlage der wirtschaftlichen Entwicklung in Japan
This article throws some light on the post-war development of the Japanese economy using new approaches in monetary theory. In the framework of this theory, the Bank of Japan is integrated into the model as a market participant. The article provides a historical survey of the interaction between monetary policy and the financial system on the one side and economic development on the other side. It also discusses the responses of both monetary policy and the financial system to changing market conditions. In the 1950’s and 1960’s, monetary policy and the structure of the financial system were directed toward spurring investment and economic growth. Beginning in the mid 1970’s, we observe the development of a monetary policy that tried to stabilize the monetary frame of an industrialized economy.