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Empirical analysis of the futures market during Edo period

Research Project

Project/Area Number 12630102
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionKobe University

Principal Investigator

HAMORI Shigeyuki  Graduate School of Economics, Professor, 経済学研究科, 教授 (60189628)

Project Period (FY) 2000 – 2002
Project Status Completed (Fiscal Year 2002)
Budget Amount *help
¥700,000 (Direct Cost: ¥700,000)
Fiscal Year 2002: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 2001: ¥100,000 (Direct Cost: ¥100,000)
Fiscal Year 2000: ¥100,000 (Direct Cost: ¥100,000)
Keywordsfutures market / market efficiency / Dojima rice exchange
Research Abstract

During the Edo period (1603-1867), Japan's market economy was as advanced as in the West at that time. The monetary economy expanded remarkably within the framework of the rice standard system, and the Dojima rice market at Osaka established during this period was said to have been the world's first, well organized futures market. Osaka had been long known as the "Kitchen of the Country" for its robust mercantile activities, ant it was also bustling with the rapidly growing business of money changing in the areas of finance and exchange. Credit institutions became firmly established, and the merchants of the day exhibited a great flair at their vocation by creating what could be called a prototype market economy. In a sense, the model for today's Japanese economy can be said to have originated in the Edo period. Futures transactions were contrived at the beginning of the Kyoho era (1716-1736) with the purpose of hedging price fluctuation risks. In the year 1730, the 8^<th> Shogun Tokug … More awa Yoshimune authorized futures transactions for rice, marketing the birth of the world's first futures exchange, the Dojima rice exchange, in Dojima, Osaka. This development was a spontaneous response to needs dictated by the economic environment at that time. Brokers at the exchange carried out both rice spot trading and rice futures trading. On payment of a margin in a specified quantity of silver, they were able to trade amounts 100 times their margin on the day of trading. The opportunities to speculate and hedge in the futures trading market attracted the merchants, whose favor fueled a remarkable expansion in the exchange. Eventually, the Dojima rice exchange of the Edo period became the world's fastest-developing commodity exchange with a futures trading system, clearly attesting to the resourcefulness of the Osaka merchants of the day. This projects empirically analyzed the futures market at the Dojima rice exchange and found some similarities between the Dojima rice exchange and the current securities futures market. Less

Report

(4 results)
  • 2002 Annual Research Report   Final Research Report Summary
  • 2001 Annual Research Report
  • 2000 Annual Research Report
  • Research Products

    (6 results)

All Other

All Publications (6 results)

  • [Publications] Hamori Shigeyuki: "An empirical analysis of the efficiency of the Osaka rice market during Japan's Tokugawa era"Journal of Futures Markets. 21. 861-874 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Hamori Shigeyuki: "Origin of the futures market interactions between spot and futures at the Dojima rice exchange"Discussion Paper. No 0302. 1-16 (2003)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Hamori Shigeyuki: "An empirical analysis of the efficiency of the Osaka rice market during Japan's Tokugawa era"Journal of Futures Markets. vol. 21. 861-874 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Hamori Shigeyuki: "Origin of the futures market: interactions between spot and futures at the Dojima rice exchange"Discussion Paper. No. 0302. 1-16

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shigeyuki Hamori: "Origin of Futures Market"Working Paper (Kobe University). (近刊). (2003)

    • Related Report
      2002 Annual Research Report
  • [Publications] 羽森茂之: "An Empirical Analysis of the Efficiency of the Osaka Rice Market during Tokugawa Era"Journal of Futures Markets. Vol.21. 861-874 (2001)

    • Related Report
      2001 Annual Research Report

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Published: 2000-04-01   Modified: 2016-04-21  

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