本稿では戦時体制下における地方銀行経営の変容が,基本的に戦後の経営の在り方との断絶性が強いことを論じた。両羽銀行は地元のほか,主に首都圏方面での貸出増加により危機からの脱却を図った。太平洋戦争期になると,国債消化に伴う資本金利益率の低下を,純資産による銀行合同により補った。その際,大蔵省が利害調停者として重要な役割を果たした。また,被買収銀行も(1)昭和恐慌期に既に経営が行き詰り救済を受けていた類型,(2)両大戦間期の危機からの脱却が不十分なまま,国債消化に伴う低収益に襲われた類型,(3)通説通り国債消化による低収益に苦しんでいた類型,に分類される。貸出については「時局産業」向けであることそのものに安全性の根拠を求めて,貸出審査を省略した。経営組織面でも貸出,為替関係部門は縮小し,預金関係部門が増大した。このような組織変化は,銀行合同を通じて規模拡大が見られた点では戦後のそれに連続する面があるものの,それ以外の面では断絶性が濃厚であった。

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The financial crises of the interwar period left the Japanese banking system with a heavy burden of non-performing loans (NPLs). However, the problem was largely resolved during the period of the wartime economy. the main object of this paper is to clarify the role of the regulatory agency in managing the crises, by focusing mainly on the inspection of banks carried out the Ministry of Finance (MOF). The first section of the paper examines three components of the bank examination system: the budget provided, the nature of the staff, and the actual procedures followed. The second section is an analysis of the policy and functioning of the system based on the historical records of zaibatsu banks and dominant regional banks. The third section investigates Ryo'u Bank as a concrete example of the role of the inspection process in accelerating the disposal of NPLs. In conclusion, it is clear that the MOF inspection system included both mechanisms that accelerated the disposal of NPLs and improved prudential techniques that were incentive compatible. The financial problems were overcome through a combination of three factors: the overall economic recovery, the endeavors of bank managers, and the inspection system, which improved the risk management capabilities of bank managers.

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This article is an attempt to analyze the relationship between the Bank of Japan's open-market operations and regional banks. To that end, I offer a critique of the academic perspective that suggests a 'peacetime logic in financial policy' in the open-market operations of BOJ during World War II. In addition, the article emphasizes the point that BOJ was forced to accept a role subordinate to that of the financial operations of the military government. During the war, BOJ deemed the selling of government bonds as the optimal policy for enabling the government to efficiently procure funds sufficient to cover its war expenditure. In order to prevent the collapse of the total war system, BOJ actively implemented this policy from the time of Japan's invasive war on China. When it became impossible for city banks to buy bonds from BOJ from 1940, BOJ looked to regional banks as the most important substitute buyer of the bonds. As a result, BOJ's decision to leave regional banks intact as a group lingered. However, in 1944 it also became impossible for regional banks to buy the bonds. This is one of the important reasons for the collapse of the comprehensive war system in Japan.

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