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Asset Accumulation in Rural Households during the Post-Showa Depression Reconstruction: A Panel Data Analysis

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  • Motoi Kusadokoro
  • Takeshi Maru
  • Masanori Takashima

Abstract

This paper investigates asset accumulation in Japanese farm households during reconstruction following the Showa Depression. After the Showa Depression, farm households emphasized accumulation of cash and quasi-money rather than productive assets. The accumulation of cash and quasi-money is consistent with the buffer stock hypothesis. Evidence regarding accumulation of livestock, which is sometimes used as the buffer stock in modern developing countries, is not conclusive. The presence of well-developed financial institutions in prewar Japan may have allowed farm households to smooth consumption via cash and quasi-money.

Suggested Citation

  • Motoi Kusadokoro & Takeshi Maru & Masanori Takashima, 2016. "Asset Accumulation in Rural Households during the Post-Showa Depression Reconstruction: A Panel Data Analysis," Asian Economic Journal, East Asian Economic Association, vol. 30(2), pages 221-246, June.
    • Handle: RePEc:bla:asiaec:v:30:y:2016:i:2:p:221-246
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    File URL: http://hdl.handle.net/10.1111/asej.12091
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    References listed on IDEAS

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    Cited by:

    1. Yutaka Arimoto & Yoshihiro Sakane, 2021. "Agricultural development in industrialising Japan, 1880–1940," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 61(3), pages 290-317, November.

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