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Monetary Policy of Tokugawa Shogunate: Empirical and Theoretical Analysis based on Historical Evidence

Research Project

Project/Area Number 25285100
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypePartial Multi-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionOsaka University of Economics

Principal Investigator

TAKAHASHI Wataru  大阪経済大学, 経済学部, 教授 (70327675)

Co-Investigator(Kenkyū-buntansha) 上東 貴志  神戸大学, 計算社会科学研究センター, 教授 (30324908)
宮本 又郎  大阪大学, 経済学研究科(研究院), 教授 (50030672)
高槻 泰郎  神戸大学, 経済経営研究所, 准教授 (70583798)
柴本 昌彦  神戸大学, 計算社会科学研究センター, 准教授 (80457118)
Co-Investigator(Renkei-kenkyūsha) MURA Kazuaki  公益財団法人三井文庫, 社会経済史研究室, 主任研究員 (70563534)
Research Collaborator KINARI Yusuke  
Project Period (FY) 2013-04-01 – 2018-03-31
Project Status Completed (Fiscal Year 2017)
Budget Amount *help
¥16,510,000 (Direct Cost: ¥12,700,000、Indirect Cost: ¥3,810,000)
Fiscal Year 2017: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2016: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2015: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2014: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2013: ¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Keywords経済史 / 経営史 / 日本史 / 金融史 / 金融・ファイナンス / 金融論 / 金融政策 / 時系列分析 / 近世日本
Outline of Final Research Achievements

One of the achievement of this research project is to find the “learning process” of the Shogunate through implementing economic policy. Through the Tokugawa period (1603-1867), the Shogunate often intervened the market to keep the rice price stable, based on his absolute authority. We find three phases of the market interventions during the period from the mid-18th to the early 19th century. First, the Shogunate conducted the large-sized intervention in the way ignoring the market participants, but had to abandon it. Second, in the wake of this failure, the Shogunate conducted small-sized interventions in the way just following the arguments of the market participants, which were not so effective. Finally, the Shogunate achieved the policy goal by the commitment with large-sized interventions as one of the communication tools to convey his intention to the market participants.

Report

(6 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Annual Research Report
  • 2015 Annual Research Report
  • 2014 Annual Research Report
  • 2013 Annual Research Report
  • Research Products

    (62 results)

All 2018 2017 2016 2015 2014 2013 Other

All Journal Article (16 results) (of which Peer Reviewed: 2 results,  Open Access: 1 results,  Acknowledgement Compliant: 2 results) Presentation (34 results) (of which Int'l Joint Research: 5 results,  Invited: 7 results) Book (12 results)

  • [Journal Article] 金納御手伝普請をめぐる熊本藩の対幕府交渉記録―天明八年「御用金一件」について―2018

    • Author(s)
      高槻泰郎
    • Journal Title

      永青文庫研究

      Volume: 1 Pages: 55-74

    • NAID

      120006531178

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 第三者検証で日銀は独立性を取り戻せ(出口の迷路:金融政策を問う⑭)2018

    • Author(s)
      高橋亘
    • Journal Title

      週刊エコノミスト

      Volume: 96 Pages: 70-71

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 廣岡家文書と大同生命文書―大坂豪商・加島屋(廣岡家)の概容―2017

    • Author(s)
      廣岡家研究会(高槻泰郎、村和明、宮本又郎、酒井一輔、小林延人、結城武延、倉林重幸、芹口真結子)
    • Journal Title

      三井文庫論叢

      Volume: 51 Pages: 303-394

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 三都をまたにかけた対幕府交渉2017

    • Author(s)
      高槻泰郎
    • Journal Title

      三井文庫論叢

      Volume: 50 Pages: 148-149

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 近世日本における相場情報の通信技術2017

    • Author(s)
      高槻泰郎
    • Journal Title

      電子情報通信学会 会誌

      Volume: 100 Pages: 987-991

    • NAID

      120006631012

    • Related Report
      2017 Annual Research Report
  • [Journal Article] Identifying Unconventional Monetary Policy Shocks2017

    • Author(s)
      Kiyotaka Nakashima, Masahiko Shibamoto and Koji Takahashi
    • Journal Title

      RIEB Discussion Paper Series

      Volume: No. DP201705 Pages: 1-46

    • Related Report
      2016 Annual Research Report
  • [Journal Article] NHK朝ドラ「あさが来た」に学ぶ大阪の企業家精神ー広岡浅子と五代友厚ー2016

    • Author(s)
      宮本又郎
    • Journal Title

      『大阪国際サイエンスクラブ会報』247 summer2016

      Volume: 247 Pages: 1-5

    • Related Report
      2016 Annual Research Report
  • [Journal Article] Source of Underestimation of the Monetary Policy Effect: Re-examination of the Policy Effectiveness in Japan's 1990s2016

    • Author(s)
      Shibamoto, Masahiko
    • Journal Title

      The Manchester School

      Volume: Vol.84 Pages: 795-810

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Empirical Assessment of the Impact of Monetary Policy Communication on the Financial Market2016

    • Author(s)
      SHIBAMOTO, Masahiko
    • Journal Title

      RIEB Discussion Paper Series

      Volume: No.DP2016-19 Pages: 1-42

    • Related Report
      2016 Annual Research Report
    • Open Access
  • [Journal Article] 相場師に利用された相場表 自天保元年至明治三十四年定期米高低表2016

    • Author(s)
      藤尾隆志・高槻泰郎
    • Journal Title

      大阪春秋

      Volume: 161 Pages: 108-111

    • NAID

      40021813319

    • Related Report
      2015 Annual Research Report
  • [Journal Article] 近世大坂米価の再検討―「米年度」概念の提起―2016

    • Author(s)
      高槻泰郎
    • Journal Title

      経済史研究

      Volume: 19 Pages: 25-39

    • NAID

      110010006808

    • Related Report
      2015 Annual Research Report
    • Acknowledgement Compliant
  • [Journal Article] 江戸時代の物価統計2015

    • Author(s)
      高槻泰郎
    • Journal Title

      ESTRELA

      Volume: 255 Pages: 2-7

    • NAID

      40020506783

    • Related Report
      2015 Annual Research Report
    • Acknowledgement Compliant
  • [Journal Article] 上方商家の家訓2014

    • Author(s)
      宮本又郎
    • Journal Title

      大阪商業大学商業史博物館紀要

      Volume: 15 Pages: 2-32

    • Related Report
      2014 Annual 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: 619 Pages: 91-107

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Macroeconomic Policy with Financial Market Stability: A Case Study of the Early 19th Century in Japan2014

    • Author(s)
      Masahiko SHIBAMOTO and Yasuo TAKATSUKI
    • Journal Title

      RIEB Discussion Paper Series

      Volume: No.2014-16 Pages: 1-19

    • Related Report
      2013 Annual 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: 208 Pages: 65-79

    • NAID

      110009634374

    • Related Report
      2013 Annual Research Report
  • [Presentation] 近世日本の気候変動と中央市場(高槻泰郎との共同研究)2018

    • Author(s)
      柴本昌彦
    • Organizer
      第6回人文学オープンデータ共同利用センターセミナ―
    • Related Report
      2017 Annual Research Report
  • [Presentation] Abenomics and the Bank of Japan2018

    • Author(s)
      高橋亘
    • Organizer
      Austraria-Japan Research Centre (AJRC) Seminar
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 日本の金融部門の転換:市場経済化の視点 高度成長期から失われた20年まで2017

    • Author(s)
      高橋亘
    • Organizer
      泡沫経済的中日比較与金融体系安全国際研討会
    • Place of Presentation
      天津理工大学(中国天津市)
    • Year and Date
      2017-03-21
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 低金利下における金融政策効果2017

    • Author(s)
      柴本昌彦
    • Organizer
      応用マクロ・金融ワークショップ
    • Place of Presentation
      神戸大学(兵庫県神戸市)
    • Year and Date
      2017-03-05
    • Related Report
      2016 Annual Research Report
  • [Presentation] Identifying Unconventional Monetary Policy Shocks2017

    • Author(s)
      中島清貴、柴本昌彦、高橋耕史
    • Organizer
      経済学部ファカルティセミナー
    • Place of Presentation
      甲南大学(兵庫県神戸市)
    • Year and Date
      2017-02-24
    • Related Report
      2016 Annual Research Report
  • [Presentation] Identifying Unconventional Monetary Policy Shocks2017

    • Author(s)
      中島清貴、柴本昌彦、高橋耕史
    • Organizer
      マクロ金融ワークショップ
    • Place of Presentation
      一橋大学(東京都国立市)
    • Year and Date
      2017-01-24
    • Related Report
      2016 Annual Research Report
  • [Presentation] Central Bank Independence under the changing environment2017

    • Author(s)
      高橋亘
    • Organizer
      Europe and Japan : Monetary policies in the age of uncertainty: The 5th Bruegel - Graduate School of Economics, Kobe University conference
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] アベノミクスの問題2017

    • Author(s)
      高橋亘
    • Organizer
      アベノミクス再考:グローバル日本の金融・財政政策
    • Related Report
      2017 Annual Research Report
    • Invited
  • [Presentation] 福井藩の財政窮乏と大坂の大名貸商人2017

    • Author(s)
      高槻泰郎
    • Organizer
      福井県神戸大学校友会
    • Related Report
      2017 Annual Research Report
    • Invited
  • [Presentation] 江戸時代大坂の金融業ネットワーク―大名の資金調達を素材に―2017

    • Author(s)
      高槻泰郎
    • Organizer
      金融学会2017年秋季大会
    • Related Report
      2017 Annual Research Report
  • [Presentation] 近世日本の市場経済と「制度」2017

    • Author(s)
      高槻泰郎
    • Organizer
      法制史学会東京部会第267回例会
    • Related Report
      2017 Annual Research Report
  • [Presentation] 近世日本の中央市場と気候変動(柴本昌彦との共同研究)2017

    • Author(s)
      高槻泰郎
    • Organizer
      社会経済史学会第86回全国大会
    • Related Report
      2017 Annual Research Report
  • [Presentation] 大坂豪商の加島屋久右衛門と尼崎の廣岡九兵衛2017

    • Author(s)
      高槻泰郎
    • Organizer
      尼崎郷土史研究会平成29年度第1回歴史講演会
    • Related Report
      2017 Annual Research Report
    • Invited
  • [Presentation] 近世日本における領主金融―大坂金融市場を中心に―2016

    • Author(s)
      高槻泰郎
    • Organizer
      神戸大学金融研究会
    • Place of Presentation
      神戸大学(兵庫県神戸市)
    • Year and Date
      2016-12-10
    • Related Report
      2016 Annual Research Report
  • [Presentation] 江戸時代経済に関するマクロ時系列分析2016

    • Author(s)
      柴本昌彦
    • Organizer
      RoMacS Workshop 2016
    • Place of Presentation
      広島大学(広島県広島市)
    • Year and Date
      2016-12-02
    • Related Report
      2016 Annual Research Report
  • [Presentation] Monetary Policy under a Low Interest Rate: Japan's Experience2016

    • Author(s)
      Masahiko Shibamoto
    • Organizer
      Financial and real interdependencies volatility, inequalities and economic policies
    • Place of Presentation
      マルセイユ(フランス)
    • Year and Date
      2016-11-22
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Communication with market participants for macroeconomic policy: Empirical assessment using data in early modern Japan2016

    • Author(s)
      高槻泰郎、柴本昌彦
    • Organizer
      金融学会歴史部会
    • Place of Presentation
      同志社大学(京都府京都市)
    • Year and Date
      2016-11-12
    • Related Report
      2016 Annual Research Report
  • [Presentation] Identifying Unconventional Monetary Policy Shocks2016

    • Author(s)
      中島清貴、柴本昌彦、高橋耕史
    • Organizer
      日本経済学会2016年度秋季大会
    • Place of Presentation
      早稲田大学(東京都新宿区)
    • Year and Date
      2016-09-10
    • Related Report
      2016 Annual Research Report
  • [Presentation] 広岡浅子と五代友厚ー「あさが来た」に学ぶ企業家精神ー2016

    • Author(s)
      宮本又郎
    • Organizer
      多国籍企業学会年次大会
    • Place of Presentation
      広島市立大学(広島県広島市)
    • Year and Date
      2016-07-09
    • Related Report
      2016 Annual Research Report
    • Invited
  • [Presentation] 近世日本の商秩序―大坂金融市場を素材として―2016

    • Author(s)
      高槻泰郎
    • Organizer
      法制史学会シンポジウム
    • Place of Presentation
      東京大学(東京都文京区)
    • Year and Date
      2016-06-11
    • Related Report
      2016 Annual Research Report
  • [Presentation] リレーションシップバンキングの源流に学ぶ―江戸時代大坂両替商の融資戦略2016

    • Author(s)
      高槻泰郎
    • Organizer
      日本経済研究センターセミナー
    • Place of Presentation
      日本経済研究センター(大阪市中央区)
    • Year and Date
      2016-01-27
    • Related Report
      2015 Annual Research Report
    • Invited
  • [Presentation] The State and Economic Development in Early Modern Japan and China: Continuity and Discontinuity2015

    • Author(s)
      高槻泰郎
    • Organizer
      World Economic History Congress in Kyoto
    • Place of Presentation
      京都国際会館(京都市左京区)
    • Year and Date
      2015-08-05
    • Related Report
      2015 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 大名金融市場の展開―大坂米市場を中心に―2015

    • Author(s)
      高槻泰郎
    • Organizer
      『岩波講座 日本経済の歴史』春季研究会議
    • Place of Presentation
      一橋大学佐野書院(東京都国立市)
    • Year and Date
      2015-03-23
    • Related Report
      2014 Annual Research Report
  • [Presentation] The Microstructure of the First Organized Futures Market: The Dojima Security Exchange from 1730 to 18692015

    • Author(s)
      高槻泰郎
    • Organizer
      Workshop on "Mathematical Finance and Related Issues"
    • Place of Presentation
      大阪大学中之島センター(大阪府大阪市)
    • Year and Date
      2015-03-16
    • Related Report
      2014 Annual Research Report
    • Invited
  • [Presentation] Property Rights Protection in 18th century Japan Revisited; The Case of Rice Backed Security Exchange Market2015

    • Author(s)
      Takatsuki, Yasuo
    • Organizer
      Revisit Market and Institutions in Early Modern East Asia: Beyond both of Exceptionalism and Generalization
    • Place of Presentation
      Harvard-Yenching Institute(United States of America)
    • Year and Date
      2015-03-06
    • Related Report
      2014 Annual Research Report
  • [Presentation] Communication with Market Participants for Macroeconomic Policy: Empirical Assessment using Data in Early Modern Japan2015

    • Author(s)
      柴本昌彦
    • Organizer
      日本銀行金融研究会
    • Place of Presentation
      日本銀行金融研究所(東京都中央区)
    • Year and Date
      2015-01-26
    • Related Report
      2014 Annual Research Report
  • [Presentation] Communication with Market Participants for Macroeconomic Policy: Empirical Assessment using Data in Early Modern Japan2015

    • Author(s)
      高槻泰郎
    • Organizer
      現政研セミナー
    • Place of Presentation
      早稲田大学早稲田キャンパス(東京都新宿区)
    • Year and Date
      2015-01-19
    • Related Report
      2014 Annual Research Report
  • [Presentation] 近世の市場経済をめぐって2015

    • Author(s)
      宮本又郎
    • Organizer
      「日本経済の歴史」研究会
    • Place of Presentation
      東京大学社会科学研究所(東京都文京区)
    • Year and Date
      2015-01-16
    • Related Report
      2014 Annual Research Report
  • [Presentation] Communication with Market Participants for Macroeconomic Policy: Empirical Assessment using Data in Early Modern Japan2014

    • Author(s)
      高槻泰郎
    • Organizer
      Policy Modeling Workshop
    • Place of Presentation
      政策研究大学院大学(東京都港区)
    • Year and Date
      2014-12-13
    • Related Report
      2014 Annual Research Report
  • [Presentation] Macroeconomic Policy with Financial Market Stability: The Case of Japan's Early 19th Century2014

    • Author(s)
      高槻泰郎
    • Organizer
      小樽商科大学土曜研究会(経済学研究会)
    • Place of Presentation
      小樽商科大学(北海道小樽市)
    • Year and Date
      2014-07-18
    • Related Report
      2014 Annual Research Report
  • [Presentation] Macroeconomic Policy with Financial Market Stability: The Case of Japan's Early 19th Century (joint work with Masahiko Shibamoto)2014

    • Author(s)
      高槻泰郎
    • Organizer
      日本経済学会2014年度春季大会
    • Place of Presentation
      同志社大学(京都府京都市)
    • Year and Date
      2014-06-14
    • Related Report
      2014 Annual Research Report
  • [Presentation] Macroeconomic Policy with Financial Market Stability: The Case of Japan's Early 19th Century2014

    • Author(s)
      高槻泰郎
    • Organizer
      The Osaka Workshop on Economics of Institutions and Organizations
    • Place of Presentation
      大阪大学大学院経済学研究科(大阪府豊中市)
    • Year and Date
      2014-05-09
    • Related Report
      2014 Annual Research Report
  • [Presentation] 近世中後期大坂金融市場における「館入」商人の機能

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

    • Author(s)
      Yasuo Takatsuki
    • Organizer
      7th World Congress of Cliometrics
    • Place of Presentation
      The University of Hawaii
    • Related Report
      2013 Annual Research Report
  • [Book] 『岩波講座 日本経済の歴史 第2巻 近世 16世紀末から19世紀後半』2017

    • Author(s)
      深尾京司、中村尚史、中林真幸、寺西重郎、宮本又郎、阿部武司、坂根嘉弘、川口大司、高槻泰郎、柴本昌彦 他
    • Total Pages
      306
    • Publisher
      岩波書店
    • ISBN
      9784000114028
    • Related Report
      2017 Annual Research Report
  • [Book] Ethical Capitalism: Shibusawa Eiichi and Business Leadership in Global Perzpective2017

    • Author(s)
      Miyamoto Matao, Patrick Fridenson, Kikkawa Takeo and others
    • Total Pages
      215
    • Publisher
      University of Toronto Press
    • Related Report
      2016 Annual Research Report
  • [Book] 大坂蔵屋敷 天下の台所はここから始まる2017

    • Author(s)
      谷直樹、高槻泰郎
    • Total Pages
      80
    • Publisher
      大阪市立住まいのミュージアム
    • Related Report
      2016 Annual Research Report
  • [Book] 大坂蔵屋敷2016

    • Author(s)
      宮本又郎、谷直樹、高槻泰郎ほか
    • Total Pages
      80
    • Publisher
      大阪市立住まいのミュージアム
    • Related Report
      2016 Annual Research Report
  • [Book] 渋沢栄一2016

    • Author(s)
      宮本又郎、桑原功一
    • Total Pages
      398
    • Publisher
      PHP研究所
    • Related Report
      2016 Annual Research Report
  • [Book] 幕藩制国家の政治構造2016

    • Author(s)
      藤田覚、高槻泰郎
    • Total Pages
      332
    • Publisher
      吉川弘文館
    • Related Report
      2016 Annual Research Report
  • [Book] 江戸時代近江の商いと暮らし―湖国の歴史資料を読む―2016

    • Author(s)
      青柳周一、東幸代、岩﨑奈緒子、母利美和、高槻泰郎
    • Total Pages
      318
    • Publisher
      サンライズ出版
    • Related Report
      2016 Annual Research Report
  • [Book] 安部経済学と中日経済関係2016

    • Author(s)
      柴本昌彦
    • Total Pages
      331
    • Publisher
      人民出版社
    • Related Report
      2016 Annual Research Report
  • [Book] 経営史学の50年2015

    • Author(s)
      経営史学会編(橘川武郎、鈴木良隆、中林真幸、谷本雅之、中村尚史、伊丹敬之、板垣博、宮本又郎、 高槻泰郎、上村雅洋、鈴木邦夫、佐々木聡、市原博、榎一江、沢井実、宮島英昭、今泉飛鳥、他)
    • Total Pages
      412
    • Publisher
      日本経済評論社
    • Related Report
      2014 Annual Research Report
  • [Book] 日本近世の領国地域社会―熊本藩政の成立・改革・展開―2015

    • Author(s)
      稲葉継陽、今村直樹、吉村豊雄、高槻泰郎、松﨑範子、籠橋俊光、小関悠一郎、白石烈、三澤純、藪田貫
    • Total Pages
      307
    • Publisher
      吉川弘文館
    • Related Report
      2014 Annual Research Report
  • [Book] 工業化と企業家精神2015

    • Author(s)
      岡部桂史、奥田太郎、宮本又郎
    • Total Pages
      97
    • Publisher
      南山学会
    • Related Report
      2014 Annual Research Report
  • [Book] 企業家学のすすめ2014

    • Author(s)
      宮本又郎、加護野忠男、企業家研究フォーラム編著
    • Total Pages
      525
    • Publisher
      有斐閣
    • Related Report
      2014 Annual Research Report

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Published: 2013-05-21   Modified: 2019-07-29  

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