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'Money markets and trade’ defining provincial financial agents in England and Japan

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  • Ishizu, Mina

Abstract

The paper aims to offer an introduction to provincial financial agents as the key components in provincial-metropolitan integration of money markets. It establishes that PFAs engaged in de facto banking and played an important role in local money markets. Both in England and in Tokugawa Japan, they were responsible for making decisions whether or not to establish a connection with financial agents in the commercial centres. The paper also considers some of the financial services facilitated by the existence of financial connections between metropolitan and provincial financial agents. In both countries, remittances and (particularly in England) investment were important financial activities facilitated by such connections, while bill-rediscounting appears to have been relevant only in the English case. On the other hand, in Japan domain-related business activity forged financial links with the commercial centres, links in which provincial financial agents played a major role. Also the expansion of inter-domainal private trade may have further stimulated the inter-regional financial linkages in the late Tokugawa period.

Suggested Citation

  • Ishizu, Mina, 2020. "'Money markets and trade’ defining provincial financial agents in England and Japan," Economic History Working Papers 103159, London School of Economics and Political Science, Department of Economic History.
    • Handle: RePEc:ehl:wpaper:103159
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    File URL: http://eprints.lse.ac.uk/103159/
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    References listed on IDEAS

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    More about this item

    Keywords

    financial agents; provincial towns; inter-regional financial linkages; early industrialisation;
    All these keywords.

    JEL classification:

    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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