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Speed of the price and efficiency of the concession the treaty port market in Japanfs industrialization

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  • Masaki Nakabayashi

    ()
    (Graduate School of Economics, Osaka University)

Abstract

Even after modern economic growth began in the Western world, the international market, which consists of a number of national and regional markets, has been more or less inefficient with respect to information. To calm this inefficiency, economic institutions have taken important roles. In addition, players in a society whose institutions are superior have earned information rent in the international market. The treaty port in Japan that was imposed by Western powers worked as such an efficient institution, and a Japanese export industry took advantage of it at the beginning of Japanfs industrialization. This designed market provided useful information with the export industry in the inland, as, say, stock markets do with various industries in modern economic societies.

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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0814.pdf
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Bibliographic Info

Paper 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 08-14.

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Length: 34 pages
Date of creation: Mar 2008
Date of revision:
Handle: RePEc:osk:wpaper:0814

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Web page: http://www.econ.osaka-u.ac.jp/
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Keywords: institutions; efficient market; exchange rate and prices; treaty port; development.;

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  1. Mendels, Franklin F., 1972. "Proto-industrialization: The First Phase of the Industrialization Process," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 32(01), pages 241-261, March.
  2. Patrick, Hugh T., 1965. "External Equilibrium and Internal Convertibility: Financial Policy in Meiji Japan," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 25(02), pages 187-213, June.
  3. James A. Robinson & Daron Acemoglu, 2000. "Political Losers as a Barrier to Economic Development," American Economic Review, American Economic Association, American Economic Association, vol. 90(2), pages 126-130, May.
  4. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 114(1), pages 83-116, February.
  5. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, American Finance Association, vol. 25(2), pages 383-417, May.
  6. Huber, J Richard, 1971. "Effect on Prices of Japan's Entry into World Commerce after 1858," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 79(3), pages 614-28, May-June.
  7. Fumio Hayashi & Edward C. Prescott, 2008. "The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 116(4), pages 573-632, 08.
  8. Daniel M. Bernhofen & John C. Brown, 2005. "An Empirical Assessment of the Comparative Advantage Gains from Trade: Evidence from Japan," American Economic Review, American Economic Association, American Economic Association, vol. 95(1), pages 208-225, March.
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