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

Author

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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 Japan fs 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.

Suggested Citation

  • Masaki Nakabayashi, 2008. "Speed of the price and efficiency of the concession the treaty port market in Japan fs industrialization," Discussion Papers in Economics and Business 08-14, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  • Handle: RePEc:osk:wpaper:0814
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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0814.pdf
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    References listed on IDEAS

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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, vol. 32(01), pages 241-261, March.
    2. 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, vol. 116(4), pages 573-632, August.
    3. 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, Oxford University Press, vol. 114(1), pages 83-116.
    4. Patrick, Hugh T., 1965. "External Equilibrium and Internal Convertibility: Financial Policy in Meiji Japan," The Journal of Economic History, Cambridge University Press, vol. 25(02), pages 187-213, June.
    5. Huber, J Richard, 1971. "Effect on Prices of Japan's Entry into World Commerce after 1858," Journal of Political Economy, University of Chicago Press, vol. 79(3), pages 614-628, May-June.
    6. 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, vol. 95(1), pages 208-225, March.
    7. James A. Robinson & Daron Acemoglu, 2000. "Political Losers as a Barrier to Economic Development," American Economic Review, American Economic Association, vol. 90(2), pages 126-130, May.
    8. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    institutions; efficient market; exchange rate and prices; treaty port; development.;

    JEL classification:

    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • N75 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Asia including Middle East
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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