Study on continuity and innovativeness of financial institutions in Japan

2017 Fiscal Year Final Research Report

• Project/Area Number: 15K03569
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic history
• Research Institution: The University of Tokyo
• Principal Investigator: Kasuya Makoto 東京大学, 大学院経済学研究科(経済学部), 教授 (40211841)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: 両替商 / 銀行 / 連続性 / 国際業務 / 大阪

Outline of Final Research Achievements

There were about 200 ryogae-sho (exchange house) in Osaka in the first half of the 19th century. It is implicitly thought that their business was stable because they had a cartel (nakama) and faced less intense competition than in the modern era. Case studies on the Houses of Konoike and Mitsui, which began their business in the 17th century have contributed to build up this this image. In reality, however, new entrance to and exit from this business were common. Out of 164 ryogae-sho in Osaka in 1867 one-third of them began their business after 1850 and only one-fifth of them had started their business in the 18th century or earlier. Their average or median time of existence was not so long.
On the other hand, out of 54 banks that were established in Osaka by 1897, presidents of 18 banks were former ryogae-sho or their descendants. There few banks that had long tradition from ryogae-sho in the Edo era and many banks that were newly established in the Meiji era.

Free Research Field

日本経営史