IDEAS home Printed from
   My bibliography  Save this paper

The institutional aspects of the Dojima rice exchange market in Tokugawa era: The role of governance mechanism


  • Yasuo Takatsuki

    () (Graduate School of Economics, Tokyo University)


This 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.

Suggested Citation

  • 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-Rev, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP), revised Feb 2008.
  • Handle: RePEc:osk:wpaper:0744r

    Download full text from publisher

    File URL:
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    1. Patrick Vanhoudt, 2000. "An assessment of the macroeconomic determinants of inequality," Applied Economics, Taylor & Francis Journals, vol. 32(7), pages 877-883.
    2. Nissanke, Machiko & Thorbecke, Erik, 2006. "Channels and policy debate in the globalization-inequality-poverty nexus," World Development, Elsevier, vol. 34(8), pages 1338-1360, August.
    3. Almas Heshmati, 2006. "Conditional and unconditional inequality and growth relationships," Applied Economics Letters, Taylor & Francis Journals, vol. 13(14), pages 925-931.
    4. Deininger, Klaus & Squire, Lyn, 1998. "New ways of looking at old issues: inequality and growth," Journal of Development Economics, Elsevier, vol. 57(2), pages 259-287.
    5. Williamson, Jeffrey G, 1997. "Globalization and Inequality, Past and Present," World Bank Research Observer, World Bank Group, vol. 12(2), pages 117-135, August.
    6. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    7. David Dollar, 2005. "Globalization, Poverty, and Inequality since 1980," World Bank Research Observer, World Bank Group, vol. 20(2), pages 145-175.
    8. Feenstra, Robert C. & Hanson, Gordon H., 1997. "Foreign direct investment and relative wages: Evidence from Mexico's maquiladoras," Journal of International Economics, Elsevier, vol. 42(3-4), pages 371-393, May.
    9. Beyer, Harald & Rojas, Patricio & Vergara, Rodrigo, 1999. "Trade liberalization and wage inequality," Journal of Development Economics, Elsevier, vol. 59(1), pages 103-123, June.
    10. Deaton, Angus & Paxson, Christina, 1994. "Intertemporal Choice and Inequality," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 437-467, June.
    11. Kang Park, 1998. "Distribution and growth: cross-country evidence," Applied Economics, Taylor & Francis Journals, vol. 30(7), pages 943-949.
    12. Blejer, Mario I & Guerrero, Isabel, 1990. "The Impact of Macroeconomic Policies on Income Distribution: An Empirical Study of the Philippines," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 414-423, August.
    13. Fukushige, Mototsugu, 1996. "Annual redistribution and lifetime redistribution," Economics Letters, Elsevier, vol. 52(3), pages 269-273, September.
    14. A. Gelan & G. N. Price, 2003. "African economies and the Kuznets curve: an exploratory investigation," Applied Economics Letters, Taylor & Francis Journals, vol. 10(12), pages 747-751.
    15. Jong-Eun Lee, 2006. "Does globalization matter to income distribution in Asia?," Applied Economics Letters, Taylor & Francis Journals, vol. 13(13), pages 851-855.
    16. Changkyu Choi, 2006. "Does foreign direct investment affect domestic income inequality?," Applied Economics Letters, Taylor & Francis Journals, vol. 13(12), pages 811-814.
    17. Fields, Gary S & Yoo, Gyeongjoon, 2000. "Falling Labor Income Inequality in Korea's Economic Growth: Patterns and Underlying Causes," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(2), pages 139-159, June.
    18. Papanek, Gustav F. & Kyn, Oldrich, 1986. "The effect on income distribution of development, the growth rate and economic strategy," Journal of Development Economics, Elsevier, vol. 23(1), pages 55-65, September.
    19. Shujie Yao, 2006. "On economic growth, FDI and exports in China," Applied Economics, Taylor & Francis Journals, vol. 38(3), pages 339-351.
    20. Fukushige, Mototsugu, 1989. "A new approach to the economic inequality based upon the permanent income hypothesis," Economics Letters, Elsevier, vol. 29(2), pages 183-187.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Japanese Economic History; The Dojima Rice Exchange Market; The futures Trades;

    JEL classification:

    • 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

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:osk:wpaper:0744r. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Atsuko SUZUKI). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.