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The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis

  • Tetsuji Okazaki

    (Faculty of Economics, The University of Tokyo)

This paper examines the economic role of the merchant coalition (kabu nakama) in Japan during the the eighteenth and the first half of the nineteenth century in Japan. During this period public sector enforcement of contracts was imperfect. Kabu nakama substituted for the public sector, using a multilateral punishment strategy. When the government (Bakufu) prohibited kabu nakama in 1841, the growth rate of the real money supply contracted, efficiency of price arbitrage declined, and the inflation rate increased.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2004/2004cf284.pdf
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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-284.

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Length: 29 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:tky:fseres:2004cf284
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  1. Greif, Avner, 1989. "Reputation and Coalitions in Medieval Trade: Evidence on the Maghribi Traders," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 857-882, December.
  2. Yamamura, Kozo, 1973. "Toward a Reexamination of the Economic History of Tokugawa Japan, 1600–1867," The Journal of Economic History, Cambridge University Press, vol. 33(03), pages 509-546, September.
  3. Duffy, William J. & Yamamura, Kozo, 1971. "Monetization and integration of markets in Tokugawa Japan: A spectral analysis," Explorations in Economic History, Elsevier, vol. 8(4), pages 395-423.
  4. Hanley, Susan B., 1983. "A High Standard of Living in Nineteenth-Century Japan: Fact or Fantasy?," The Journal of Economic History, Cambridge University Press, vol. 43(01), pages 183-192, March.
  5. Masahiko Aoki, 2001. "Toward a Comparative Institutional Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011875, June.
  6. Greif, Avner, 1994. "Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 912-50, October.
  7. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-48, June.
  8. Ohkura, Takehiko & Shimbo, Hiroshi, 1978. "The Tokugawa monetary policy in the eighteenth and nineteenth centuries," Explorations in Economic History, Elsevier, vol. 15(1), pages 101-124, January.
  9. "Wakita, Shigeru", 1996. "Rational Expectations in the Rice Futures Market of Osaka, in the 18th Century," Economic Review, Hitotsubashi University, vol. 47(3), pages 238-247, July.
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