2020 Fiscal Year Final Research Report
Quantitative analysis on integration and price formation of Tokyo and Osaka stock markets before the Second World War
| Project/Area Number |
18K01734
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Review Section |
Basic Section 07070:Economic history-related
|
|---|
| Research Institution | Waseda University |
|---|
Principal Investigator |
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
野田 顕彦 京都産業大学, 経済学部, 准教授 (80610112)
前田 廉孝 慶應義塾大学, 文学部(三田), 准教授 (90708398)
|
|---|
| Project Period (FY) |
2018-04-01 – 2021-03-31
|
| Keywords | 日本経済史 / 計量ファイナンス / 時変計量経済モデル / 東京株式取引所 / 大阪株式取引所 / 情報効率性 / 営業報告書 / 朝鮮 |
|---|
| Outline of Final Research Achievements |
We analyze trade in the Japanese empire conducted on exchanges with a focus on stock exchanges through data on trading before the Second World War and draw three conclusions. First, market efficiency in stock futures markets varied over time from 1878 to 1943. Second, an asymmetric structure between the Tokyo Stock Exchange, which dealt mainly in long-term trading, and the Osaka Stock Exchange, which dealt mainly in short-term trading, was formed from the 1920s. Third, rice futures trading in Korea was enlarged after the late 1930s due to the strengthening of the metropole’s controlled economy.
|
| Free Research Field |
近代日本経済史
|
| Academic Significance and Societal Importance of the Research Achievements |
近代日本経済で取引所は中枢的な社会資本たる役割を果たし，なかでも株式取引所は明治中期以降における株式会社制度の普及で重要性を増した。しかし，既往研究は企業による資金調達活動と地方資産家による投資活動の分析に傾注し，双方を媒介した取引所の機能に関する研究は進展してこなかった。そこで，本研究は取引データから株式取引所を中心に取引所における取引の実態を定量的に分析し，取引所取引の変容を指摘した点に意義を有する。
|
