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Governance in the financial market: Evidence from early modern financial markets in Japan

Research Project

Project/Area Number 23530408
Research Category

Grant-in-Aid for Scientific Research (C)

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

Principal Investigator

TAKATSUKI Yasuo  神戸大学, 経済経営研究所, 准教授 (70583798)

Co-Investigator(Kenkyū-buntansha) NAKABAYASHI Masaki  東京大学, 社会科学研究所, 准教授 (60302676)
YUKI Takenobu  秀明大学, 総合経営学部, 講師 (80613679)
Project Period (FY) 2011 – 2013
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2011: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Keywords経済史 / 経営史 / 日本史 / 国際研究者交流
Research Abstract

Japanese relationship banking system has its origin in the 18th century Osaka. Osaka was under jurisdiction of the shogunate court, whose protection of property right encouraged development of financial sector. The core business of financiers was financing feudal lords. Basically, there were two channels. One was the short term bond market that was under jurisdiction of the shogunate court. The other one was peer-to-peer lending from a financier to a feudal lord.
Roughly the first one can be said to be a historical origin of modern arms-length style of financial market and the second one of relational banking. As feudal lords were independent from the shogunate jurisdiction, financiers' claim was not necessarily under protection by the shogunate. Thus financiers built long-term relationship with client lords and contracted exclusive sale of tax rice of them. This scheme substantially decreased feudal lords' incentives of cheating financiers, accordingly risk of default.

Report

(4 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (34 results)

All 2014 2013 2012 2011

All Journal Article (13 results) (of which Peer Reviewed: 1 results) Presentation (16 results) (of which Invited: 1 results) Book (5 results)

  • [Journal Article] 近世中後期大坂金融市場における「館入」商人の機能2014

    • Author(s)
      高槻泰郎
    • Journal Title

      日本史研究

      Volume: 第619号 Pages: 91-107

    • Related Report
      2013 Final Research Report
  • [Journal Article] 近世中後期大坂金融市場における「館入」商人の機能2014

    • Author(s)
      高槻泰郎
    • Journal Title

      『日本史研究』

      Volume: 第619号 Pages: 91-107

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 近世日本の相場指南書―大坂米市場を素材として―2013

    • Author(s)
      高槻泰郎
    • Journal Title

      国民経済雑誌

      Volume: 第208巻第5号 Pages: 65-79

    • NAID

      110009634374

    • Related Report
      2013 Final Research Report
  • [Journal Article] 近世日本の相場指南書―大坂米市場を素材として―2013

    • Author(s)
      高槻泰郎
    • Journal Title

      『国民経済雑誌』

      Volume: 第208巻第5号 Pages: 65-79

    • NAID

      110009634374

    • Related Report
      2013 Annual Research Report
  • [Journal Article] Honesty, diligence, and skill: Risk sharing and specialization in the Kiryu silk weaving cluster, Japan.2013

    • Author(s)
      Masaki Nakabayashi
    • Journal Title

      ISS Discussion Paper Series

      Volume: F-166 Pages: 1-26

    • Related Report
      2013 Annual Research Report
  • [Journal Article] 資本市場と企業統治―近代日本の綿紡績企業における成長戦略―2012

    • Author(s)
      結城武延
    • Journal Title

      社会経済史学

      Volume: 第78巻第3号 Pages: 71-88

    • NAID

      110009554488

    • Related Report
      2013 Final Research Report 2012 Research-status Report
  • [Journal Article] 江戸幕府米価浮揚策の研究―文化三年大坂買米を中心に―2012

    • Author(s)
      高槻泰郎
    • Journal Title

      三井文庫論叢

      Volume: 第46号 Pages: 75-130

    • NAID

      40019709135

    • Related Report
      2013 Final Research Report 2012 Research-status Report
  • [Journal Article] 近世大坂米市場を支えた人々2012

    • Author(s)
      高槻泰郎
    • Journal Title

      日経研月報

      Volume: 第415号 Pages: 26-31

    • Related Report
      2013 Final Research Report 2012 Research-status Report
  • [Journal Article] 米方年行司に関する一考察―史料紹介を中心に―2012

    • Author(s)
      高槻泰郎
    • Journal Title

      松山大学論集

      Volume: 第24巻第4-2号 Pages: 572-596

    • Related Report
      2013 Final Research Report 2012 Research-status Report
  • [Journal Article] 幕藩領主と大坂金融市場2012

    • Author(s)
      高槻泰郎
    • Journal Title

      歴史学研究

      Volume: 第897号 Pages: 68-77

    • Related Report
      2013 Final Research Report 2012 Research-status Report
  • [Journal Article] Imposed Efficiency of the Treaty Port : Japanese Industrialization and Western Imperialist Institutions2012

    • Author(s)
      Masaki Nakabayashi
    • Journal Title

      ISS Discussion Paper Series, Institute of Social Science

      Pages: 142-142

    • Related Report
      2013 Final Research Report
  • [Journal Article] Imposed Efficiency of the Treaty Port: Japanese Industrialization and Western Imperialist Institutions2012

    • Author(s)
      Masaki Nakabayashi
    • Journal Title

      ISS Discussion Paper Series, Institute of Social Science, The University of Tokyo

      Volume: F-142 Pages: 1-31

    • Related Report
      2011 Research-status Report
  • [Journal Article] 企業統治における株主総会の役割―大阪紡績会社の事例―2011

    • Author(s)
      結城武延
    • Journal Title

      経営史学

      Volume: 第46巻第3号 Pages: 56-77

    • NAID

      130004688650

    • Related Report
      2013 Final Research Report 2011 Research-status Report
  • [Presentation] 近世中後期大坂金融市場における「館入」商人の機能2013

    • Author(s)
      高槻泰郎
    • Organizer
      日本史研究会大会
    • Place of Presentation
      京都産業大学
    • Year and Date
      2013-10-12
    • Related Report
      2013 Annual Research Report 2013 Final Research Report
  • [Presentation] Informational Efficiency Under the Shogunate Governance: Concentration and Integration of the Rice Market in Tokugawa Japan2013

    • Author(s)
      高槻泰郎
    • Organizer
      7th World Congress of Cliometrics
    • Place of Presentation
      The University of Hawaii(アメリカ合衆国)
    • Related Report
      2013 Annual Research Report
  • [Presentation] Peasant ownership and risk sharing: Transformation from the community-based system to the tenancy-based system2013

    • Author(s)
      Masaki Nakabayashi
    • Organizer
      ロシア・東欧比較近代化国際会議
    • Place of Presentation
      ヘルシンキ大学、ロシア・東欧研究所(フィンランド共和国ヘルシンキ)
    • Related Report
      2013 Annual Research Report
    • Invited
  • [Presentation] 企業家・広岡家の近世・近代―大同生命所蔵文書の紹介―2012

    • Author(s)
      高槻泰郎・結城武延
    • Organizer
      企業家研究フォーラム2012年第10回年次大会
    • Place of Presentation
      大阪大学中ノ島センター
    • Year and Date
      2012-07-07
    • Related Report
      2013 Final Research Report 2012 Research-status Report
  • [Presentation] 幕藩領主と大坂金融市場2012

    • Author(s)
      高槻泰郎
    • Organizer
      2012年度歴史学研究会大会・近世史部会
    • Place of Presentation
      東京外国語大学
    • Year and Date
      2012-05-27
    • Related Report
      2013 Final Research Report
  • [Presentation] 幕藩領主と大坂金融市場2012

    • Author(s)
      高槻泰郎
    • Organizer
      2012年度歴史学研究会大会
    • Place of Presentation
      東京外国語大学
    • Related Report
      2012 Research-status Report
  • [Presentation] Impressed efficiency of the treaty port: Japanese industrialization andWestern imperialist instituions2012

    • Author(s)
      中林真幸
    • Organizer
      The Rimini Conference in Economics & Finance
    • Place of Presentation
      カナダ、トロント大学
    • Related Report
      2012 Research-status Report
  • [Presentation] Property and risk: Peasants in the rise of modern Japanese state2012

    • Author(s)
      中林真幸
    • Organizer
      The 16th World Economic History Congress
    • Place of Presentation
      南アフリカ共和国、シュテレンボッシュ大学
    • Related Report
      2012 Research-status Report
  • [Presentation] School, market, and firm: Emergence of the Japanese internal labor market2012

    • Author(s)
      Masaki Nakabayashi
    • Organizer
      第38回アメリカ東部経済学会年次大会
    • Place of Presentation
      Boston Park Plaza (アメリカ合衆国)
    • Related Report
      2011 Research-status Report
  • [Presentation] Schooling, employer learning, and internal labor market effects: Wage dynamics and human capital investment in the Japanese steel industry, 1930-19602012

    • Author(s)
      Masaki Nakabayashi
    • Organizer
      第64回アメリカ労働/労使関係学会年次大会
    • Place of Presentation
      The Palmer House Hilton (アメリカ合衆国)
    • Related Report
      2011 Research-status Report
  • [Presentation] Imposed efficiency in the treaty port : Japanese industrialization and western imperialist institutions2011

    • Author(s)
      Masaki Nakabayashi
    • Organizer
      「グローバル化の経済史」国際会議
    • Place of Presentation
      ルーベンカトリック大学(ベルギー王国)
    • Year and Date
      2011-10-20
    • Related Report
      2013 Final Research Report
  • [Presentation] Informational Efficiency under the Shogunate Governance: Concentration and Integration of the Rice Market in Tokugawa Japan2011

    • Author(s)
      Yasuo Takatsuki
    • Organizer
      The 9th Joint Symposium between RIEB/Department of Economics, Kobe University and Hanyang Economic Research Institute/College of Economics and Finance, Hanyang University on Economics and the Society
    • Place of Presentation
      Hanyang University(大韓民国)
    • Related Report
      2011 Research-status Report
  • [Presentation] The Preliminary Consideration of Market Micro-structure of the Dojima Rice Futures Market2011

    • Author(s)
      Yasuo Takatsuki
    • Organizer
      The Second International Conference "High-frequency Data Analysis in Financial Markets"
    • Place of Presentation
      Osaka University Nakanoshima center
    • Related Report
      2011 Research-status Report
  • [Presentation] 近世大坂米市場の成立過程に関する一考察-相対取引から先物取引-2011

    • Author(s)
      高槻泰郎
    • Organizer
      市場史研究会第55回大会
    • Place of Presentation
      富士大学
    • Related Report
      2011 Research-status Report
  • [Presentation] Schooling, employers' learning, and internal labor market bias: Wage dynamics and human capital investment in the Japanese steel industry, 1930-1960s2011

    • Author(s)
      Masaki Nakabayashi
    • Organizer
      第81回アメリカ南部経済学会
    • Place of Presentation
      The Washington Marriott Wardman Park (アメリカ合衆国)
    • Related Report
      2011 Research-status Report
  • [Presentation] Imposed efficiency in the treaty port:Japanese industrialization and western imperialist institutions2011

    • Author(s)
      Masaki Nakabayashi
    • Organizer
      「グローバル化の経済史」国際会議
    • Place of Presentation
      ルーベンカトリック大学 (ベルギー王国)
    • Related Report
      2011 Research-status Report
  • [Book] 中林真幸編『日本経済の長い近代化―統治と市場、そして組織 1600-1970―』、第1章「財市場と証券市場の共進化―近世期地方米市場と土地市場の動態―」2013

    • Author(s)
      高槻泰郎
    • Total Pages
      32
    • Publisher
      名古屋大学出版会
    • Related Report
      2012 Research-status Report
  • [Book] 中林真幸編『日本経済の長い近代化―統治と市場、そして組織 1600-1970』、第5章「企業統治の成立―合理的な資本市場と紡績業の発展」2013

    • Author(s)
      結城武延
    • Total Pages
      30
    • Publisher
      名古屋大学出版会
    • Related Report
      2012 Research-status Report
  • [Book] 中林真幸編『日本経済の長い近代化―統治と市場、そして組織 1600-1970』、第6章「企業内の資源配分―紡績企業の中間管理職」2013

    • Author(s)
      結城武延
    • Total Pages
      27
    • Publisher
      名古屋大学出版会
    • Related Report
      2012 Research-status Report
  • [Book] 近世米市場の形成と展開―幕府司法と堂島米会所の発展―2012

    • Author(s)
      高槻泰郎
    • Publisher
      名古屋大学出版会
    • Related Report
      2013 Final Research Report 2011 Research-status Report
  • [Book] Bartolome, Yun-Casalilla, Patrick K. O'Brien ed, "The Rise of Fiscal States:A Global History, 1500-1914", の内、The rise of a Japanese fiscal state、を執筆2012

    • Author(s)
      中林真幸
    • Total Pages
      32
    • Publisher
      Cambridge University Press 2012
    • Related Report
      2012 Research-status Report

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Published: 2011-08-05   Modified: 2019-07-29  

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