The institutional aspects of the Dojima rice exchange market in Tokugawa era: The role of governance mechanism
AbstractThis paper examines the institutional aspects of the Dojima rice exchange market. Especially, the role of governance mechanism was focused on. It is well known that the Dojima rice exchange market was established in 1730 in Osaka, and closed in 1869 due to the collapse of Tokugawa Shogunate. In addition, it had already been shown that there existed the institution of trades in Dojima. However, the most signifficant question: How did it evolve, and how did it assure the "safe" and "smooth" trades, remains to be unanswered. To answer the question, this paper focuses on three points; that is i) property right, ii) freedom of contracts, iii) liquidity of the market. Through the empirical analyses, it was shown that the futures trades in Dojima rice exchange maket had been evolved, exactly for the purpose of satisfying these three points.
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Bibliographic InfoPaper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 07-44-Rev.
Length: 36 pages
Date of creation: Dec 2007
Date of revision: Feb 2008
Japanese Economic History; The Dojima Rice Exchange Market; The futures Trades;
Other versions of this item:
- Yasuo Takatsuki, 2007. "The institutional aspects of the Dojima rice exchange market in Tokugawa era: The role of governance mechanism," Discussion Papers in Economics and Business 07-44, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
- N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
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