Risk, Transaction Costs, and Geographic Distribution of Share Tenancy: A Case of Pre-War Japan
AbstractThis paper investigates determinants of geographic distribution of share tenancy and analyzes its efficiency implications in pre-war Iwate prefecture, Japan. The distribution of share tenancy was attributable to risk represented by yield variability, which in turn was affected by seasonal winds called Yamase and topographic features. That risk raised transaction costs of adopting a fixed-rent tenancy associated with the common custom of rent reduction in Japan that mitigated the problem of risksharing. Estimation results suggest that risk, wealth, and strength of community ties were the main determinants of contract choice.
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Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-322.
Length: 37 pages
Date of creation: Mar 2005
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Other versions of this item:
- Yutaka Arimoto & Tetsuji Okazaki & Masaki Nakabayashi, 2005. "Risk, Transaction Costs, and Geographic Distribution of Share Tenancy: A Case of Pre-War Japan," CARF F-Series CARF-F-024, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- Yutaka Arimoto & Tetsuji Okazaki & Masaki Nakabayashi, 2008. "Agrarian Land Tenancy in Prewar Japan: Contract Choice and Implications on Productivity," CIRJE F-Series CIRJE-F-549, CIRJE, Faculty of Economics, University of Tokyo.
- NEP-ALL-2005-03-06 (All new papers)
- NEP-HIS-2005-03-06 (Business, Economic & Financial History)
- NEP-SEA-2005-03-06 (South East Asia)
- NEP-URE-2005-03-06 (Urban & Real Estate Economics)
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