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
| Project/Area Number |
16K03778
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic history
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| Research Institution | Kyushu University |
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Principal Investigator |
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| Project Period (FY) |
2016-04-01 – 2019-03-31
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| Project Status |
Completed (Fiscal Year 2018)
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| 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)
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| 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 |
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| 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.
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| 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。
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Report
(4 results)
Research Products
(9 results)
