Grant amount：\2730000 （ Direct Cost: \2100000 、 Indirect Cost：\630000 ）

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Grant amount：\2080000 （ Direct Cost: \1600000 、 Indirect Cost：\480000 ）

The object of this research is to study the mechanism of the spontaneous process of the central banking functions at the dawn of U. S. A., as the point against free banking theory. In this research, I have been able to clear that the original banking system like the form of FRB was made in Indiana State, and that the vicissitudes of this banking system was the process to obtain the prudence of money and financial order regionally.

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Grant amount：\2080000 （ Direct Cost: \1900000 、 Indirect Cost：\180000 ）

We examine the origins of the Federal Reserve System in terms of both the transformation of the monetary regime and society's need for a credible lender of last resort. The United States, the country with the largest single share of global gold reserves, established a central bank in 1913. The Federal Reserve System, in conjunction with provisions of the gold standard still in operation, was responsible for the global shift. Other countries, concerned about the stability of their gold reserves, had an incentive to minimize interest-rate differentials vis-a-vis the United States. America having emerged as a large player in international financial markets, other countries were compelled to adopt their behavior to changes in the monetary regime in the United States.
The Suffolk Bank System showed how banks in a trading area may develop a credit system and a uniform currency that is centered on a major institution. By 1825, country notes passed through the Suffolk System at par. Consequently, New England was blessed with a uniform currency. The Suffolk System was the predecessor to the modern practice of requiring reserve deposits of member banks in the Federal Reserve System. In addition to making a market for a nearly uniform currency, the Suffolk Bank was the principal holder of the region's reserve and provided overdraft privileges for members with deficient balances. The relative mildness of New England's depression following the Panic of 1837 owed something to the Suffolk Bank's "central bank-like" lending.

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Grant amount：\3300000 （ Direct Cost: \3300000 ）

Our study analyzes the change of international monetary -financial system through the integration of regional standpoint and historical standpoint. Then it searches for the ideal international monetary-financial system under the economic globalization.
From the regional standpoint our study separates into three parts : America, Europe and Asia. From the historical standpoint it surveys the formation ; change and collapse of gold standard system in America and Europe (England and Germany). In Asia it surveys both Chinese monetary-financial systems in the present time and in the period between World War I and II.
First academic feature is that our study deals with the gold standard system in different ways from the other studies. Our study is more historical and comparative than others. It analyses relatively the gold standard in England and discusses its universality and peculiarity. Moreover our study especially deals with the monetary-financial relationship between of England and India. Second academic feature is that our study more vividly discusses the reform of Chinese currency (RMB). Our historical study will assist you to understand deeply the essence of the present state of things.

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Grant amount：\1100000 （ Direct Cost: \1100000 ）

平成16年度の研究計画は、フリーバンキング論の批判的検討、ならびに資料収集に基づく実態分析という前年度の研究実績を踏まえ、アメリカ中央銀行システムの制度的な源流としての「サフォーク・システム」の意義を開拓・確認したうえで、議論を総括することにあった。今年度の研究成果は以下の通りの内容である。
すなわち、これまでフリーバンキング論(中央銀行の不要論)を擁護する有力なアメリカでの歴史的事例とされてきた「サフォーク・システム」は、「フリーバンキングによる発券銀行間の自由な競争形態」ではなく「民間銀行による中央銀行的な機能の内生的な体得過程」にあったことが資料解析や当時の財務諸表分析を通じて立証された。加えて、アメリカ中央銀行制度(現在の連邦準備制度(FedないしFRB))の成立に向けた「サフォーク・システム」の影響が2点確認された。第1点は、国法銀行制度の下での国法銀行券の額面兌換制度の構築において「サフォーク・システム」が有力な参照モデルにされた点である。第2点は州境を超えて飛び交う地域外小切手を額面通りに集中決済するシステムの構築に「サフォーク・システム」の経験が活かされたという点である。この両点の明示によって、これまで同時期のニューヨーク州の自由銀行制度が主たるルーツであったとされたアメリカ中央銀行制度の淵源について、「サフォーク・システム」というこれまで照射されなかった新たな角度からの可能性を展開することができ、またそれによって、アメリカ金融制度論における従来の通説に対する疑問と新しい学問領域の開拓とを投げかけることができた。この研究実績は、今後のアメリカ・フリーバンキング論の飛躍的な進展を大いに予感させうるものとして総括されうる。

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