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Comparative Analysis of Land Real Estate Market and Financial Market in Edo and Tokyo: Long-term Time-series Analysis of Mortgage Interest Rate and Return on Assets

Research Project

Project/Area Number 16K03778
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Economic history
Research InstitutionKyushu University

Principal Investigator

WASHIZAKI SHUNTARO  九州大学, 経済学研究院, 准教授 (50306867)

Project Period (FY) 2016-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2016: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Keywords近世 / 江戸 / 利子率 / 土地 / 不動産 / 金融 / 市場 / 抵当 / 大阪 / 米価 / 金利 / 土地市場 / 不動産経営 / 都市 / 家質 / 町屋敷 / 築地 / 中津藩 / 日本経済史 / 近世・近代 / 江戸・東京 / 土地不動産
Outline of Final Research Achievements

The purpose of this research is to make the time series data of the land mortgage rate by using the real estate materials in Edo city left by the Tokugawa Shogunate as a material, and to clarify the significance of the land market and the financial market in the early modern city.
As a result, first, in the case of Tsukiji district taken up as an example, most of the lands were frequently sold and some were sold one turn every 7 to 8 years. Second, the buying and selling price of land fluctuated significantly in time series in line with macroeconomic fluctuations. Thirdly, the system for purchasing land and securing it at the same time was often used. Fourth, in the financial markets of Edo, it could be concluded that the mechanism of price and interest rate rising was working during the economic upswing. Therefore, it is inferred that there was another financial market in Edo that did not have a ruling relationship with Osaka.

Academic Significance and Societal Importance of the Research Achievements

江戸の土地市場には多様な投資資金が誘導され,かつ抵当市場との連動による売買市場が活性化されていた。また,今日の証券化のように,小口資金を呼び込む仕組みを欠いていた点で,近世の資金市場としての限界は生じていたが,自己資金準備率を軽減させる制度を汎用させることで,町屋敷の需要を喚起する一助にもなっていた。土地の流動性もけっして低くはなかったが,広域的な地方居住者が江戸の土地市場に参入したわけではなく,土地市場の空間的な限界が大きく立ちはだかっていた点で,同じ要素市場であっても,労働市場とは全く異なっていた。このように,現代日本の土地不動産取引の基礎は,徳川時代に形成されていたと判断できる。

Report

(4 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (9 results)

All 2018 2017 2016 Other

All Journal Article (3 results) (of which Open Access: 2 results,  Acknowledgement Compliant: 1 results) Presentation (4 results) (of which Int'l Joint Research: 2 results) Book (1 results) Remarks (1 results)

  • [Journal Article] 江戸における米価と不動産抵当金利の時系列推計分析 ―八王子米価と築地・鉄砲洲地区家質利子率―2018

    • Author(s)
      鷲崎俊太郎
    • Journal Title

      経済学研究

      Volume: 第85巻第4号 Pages: 41-57

    • NAID

      120006549139

    • Related Report
      2018 Annual Research Report
    • Open Access
  • [Journal Article] 中津藩士・岡見家一族の江戸町屋敷購入 ―築地上柳原町の事例―2017

    • Author(s)
      鷲崎俊太郎
    • Journal Title

      福澤手帖

      Volume: 172 Pages: 10-16

    • Related Report
      2016 Research-status Report
  • [Journal Article] 江戸の土地資産市場と不動産抵当金融 ―築地・鉄砲洲地区における町屋敷売買と家質の事例―2016

    • Author(s)
      鷲崎俊太郎
    • Journal Title

      経済学研究

      Volume: 83-2.3 Pages: 31-60

    • Related Report
      2016 Research-status Report
    • Open Access / Acknowledgement Compliant
  • [Presentation] "A Reanalysis of Estimated Interest Rate in Early Modern Japan: Loans for Domain Lords in Osaka"2018

    • Author(s)
      Shuntaro WASHIZAKI
    • Organizer
      The 6th Asian Historical Economics Conference
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] "An Analysis of Estimated Interest Rates in Early Modern Japan: Loans to Domain Lords in Osaka and Land Mortgage Finance in Edo"2018

    • Author(s)
      Shuntaro WASHIZAKI
    • Organizer
      43rd Annual Meeting of the Social Science History Association
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 江戸の土地不動産における収益率と利回りの時系列分析 ―賃貸・売買・抵当市場において―2017

    • Author(s)
      鷲崎俊太郎
    • Organizer
      第60回歴史地理学会大会
    • Related Report
      2017 Research-status Report
  • [Presentation] 江戸と大阪の推計利子率分析 ―土地抵当金融と大名貸金融―2017

    • Author(s)
      鷲崎俊太郎
    • Organizer
      社会経済史学会東北部会・第17回経営史学会東北ワークショップ(共催)
    • Related Report
      2017 Research-status Report
  • [Book] 岩波講座日本経済の歴史 22017

    • Author(s)
      深尾京司・中村尚史・中林真幸編
    • Total Pages
      306
    • Publisher
      岩波書店
    • ISBN
      9784000114028
    • Related Report
      2017 Research-status Report
  • [Remarks] 江戸における米価と不動産抵当金利の時系列推計分析 : 八王子米価と築地・鉄砲洲地区家質利子率

    • URL

      http://hdl.handle.net/2324/2186191

    • Related Report
      2018 Annual Research Report

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Published: 2016-04-21   Modified: 2020-03-30  

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