Money on the road to empire: Japan's adoption of gold monometallism, 1873–971

摘要: In the macro-economic literature, Japan has at several times been treated as a canonical example of why countries joined gold standard. On one hand, country linked to argument that there exists relationship between standard and lowered borrowing costs; on other it discussed motivated by desire expand its trade with countries. This article argues against both strands in for third interpretation. It demonstrates specificities Japan's reveal concern ‘original sin’, or impossibility raising foreign loans own currency, explains were grave costs adoption.