An ‘ideal bank of issue’: the Banque Nationale de Belgique as a model for the Bank of Japan

摘要: At a time when Japan’s economic achievements are widely acknowledged and acclaimed, the question of reasons for this success has been extensively investigated.1 After all, is not an obvious matter: it always international forerunner. Early in its period modern growth, was brutally confronted with far superior political, cultural organisation expansionist Western powers. Yet rose rapidly from crippled state development. Roughly fifty years after being forced into internationalisation, defeated both China (1894‐95) Russia (1904‐5), by eve World War I, had gained status first rank power. Financially, developed doubtful debtor nation creditworthy state. How made possible? Most commonly, Japan specialists point to rich experiment foreign institutional ideological models. In field finance, instance, policy makers looked Belgium founding Japanese central bank. Traditionally, banking historians refer Matsukata’s stay Paris (March December 1878), during which French minister Leon Say, discouraged Matsukata studying Banque de France (Matsukata’s original intention), but instead praised recently established Nationale Belgique (BNB). The latter ‘is very recent date’, he quoted as having said, ‘and unrivalled comes orderly arrangement perfect organisation.2 Impressed Say’s statement, left Kato m Wataru, his aide, behind Brussels, charged him task history BNB, well organisation. three-year Belgium, returned Japan, played role considerable importance discussions on establishment Later, appointed head department newly founded Bank (BOJ).