@article{ART001831416},
author={CHO MYUNG KEUN},
title={A Study on the Process of the Bank of Joseon's Organization in 1920's},
journal={The Review of Korean History},
issn={1225-133X},
year={2013},
number={112},
pages={323-362}
TY - JOUR
AU - CHO MYUNG KEUN
TI - A Study on the Process of the Bank of Joseon's Organization in 1920's
JO - The Review of Korean History
PY - 2013
VL - null
IS - 112
PB - The Historical Society Of Korea
SP - 323
EP - 362
SN - 1225-133X
AB - During the economic boom caused by the First World War, the Bank of Joseon carried out overbearing bank loans. This loans, however, could not be recovered under the economic depression in rebound after the war.
The problem of these uncollectible loans were first discussed at the general meeting of the stockholders in the first half of 1922. The main reason that the stockholders in Dalian brought up this problem was strongly related to continuous failures of the Bank of Joseon's expansion toward Manchuria, such as the failure in changing Dalian Commodity Exchange's trading unit into the gold standard. In other word, it implied their anger toward the failure that created overwhelming economic damage to the Japanese in Manchuria.
Although the Bank of Joseon set up their own plan to mend the damage, it was hardly realizable since they calculated bonds too low. Furthermore, that fact that the ones who had to take the responsibility maintained their posts only showed their irresponsible respond to the situation.
In the end, the Japansed government was tasked with the organization of the Bank of Joseon. When they launched organization of the bank in 1924, Shoda Gazue(勝田主計), who was a main figure in the Bank of Joseon's expansion toward Manchuria, did not hold anyone responsible but only decided fund support to the bank from the government. In 1925 however, a new plan of organization was drawn up which held the Bank of Joseon responsible by reducing the half of the capital, implementing non dividend, and reducing workforce. Still, a continuous recession in the Japanese financial world delayed the organization's completion until the Bank of Japan's special loan from 1927 to 1928.
This process of the organization signifies the true nature of the Bank of Joseon. While it was a central bank holding the responsibility to release bailout during financial crisis, the Bank of Joseon, in reality, was supported by other banks' fund. This paradox illustrated an issuing bank in a colony's usual characteristic as a personal financial institution. Even if commonly the bank was understood as a central bank, this organization proved that it was inappropriate to carry out the role.
KW - the Bank of Joseon;the organization of the Bank of Joseon;a lender of last resort;Japanese Ministry of Finance;the Bank of Japan
DO -
UR -
ER -
CHO MYUNG KEUN. (2013). A Study on the Process of the Bank of Joseon's Organization in 1920's. The Review of Korean History, 112, 323-362.
CHO MYUNG KEUN. 2013, "A Study on the Process of the Bank of Joseon's Organization in 1920's", The Review of Korean History, no.112, pp.323-362.
CHO MYUNG KEUN "A Study on the Process of the Bank of Joseon's Organization in 1920's" The Review of Korean History 112 pp.323-362 (2013) : 323.
CHO MYUNG KEUN. A Study on the Process of the Bank of Joseon's Organization in 1920's. 2013; 112 : 323-362.
CHO MYUNG KEUN. "A Study on the Process of the Bank of Joseon's Organization in 1920's" The Review of Korean History no.112(2013) : 323-362.
CHO MYUNG KEUN. A Study on the Process of the Bank of Joseon's Organization in 1920's. The Review of Korean History, 112, 323-362.
CHO MYUNG KEUN. A Study on the Process of the Bank of Joseon's Organization in 1920's. The Review of Korean History. 2013; 112 323-362.
CHO MYUNG KEUN. A Study on the Process of the Bank of Joseon's Organization in 1920's. 2013; 112 : 323-362.
CHO MYUNG KEUN. "A Study on the Process of the Bank of Joseon's Organization in 1920's" The Review of Korean History no.112(2013) : 323-362.
