The role of the merchant coalition in pre-modern Japanese economic development: an historical institutional analysis
AbstractThis paper examines the economic role of the merchant coalition (kabu nakama) in Japan during the the eighteenth and the first half of the nineteenth century in Japan. During this period public sector enforcement of contracts was imperfect. Kabu nakama substituted for the public sector, using a multilateral punishment strategy. When the government (Bakufu) prohibited kabu nakama in 1841, the growth rate of the real money supply contracted, efficiency of price arbitrage declined, and the inflation rate increased.
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Bibliographic InfoArticle provided by Elsevier in its journal Explorations in Economic History.
Volume (Year): 42 (2005)
Issue (Month): 2 (April)
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Web page: http://www.elsevier.com/locate/inca/622830
Other versions of this item:
- Tetsuji Okazaki, 2004. "The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis," CIRJE F-Series CIRJE-F-284, CIRJE, Faculty of Economics, University of Tokyo.
- Tetsuji Okazaki, 2001. "The Role of the Merchant Coalition in Premodern Japanese Economic Development: An Historical Institutional Analysis," CIRJE F-Series CIRJE-F-116, CIRJE, Faculty of Economics, University of Tokyo.
- Tetsuji Okazaki, 2004. "The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis," CIRJE F-Series CIRJE-F-268, CIRJE, Faculty of Economics, University of Tokyo.
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