Determinant Analysis of Interest Rates in Early Modern Financial Markets: Samurai Lending and House Pawn Lending in Edo and Osaka

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K01780
• 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: Kyushu University
• Principal Investigator: WASHIZAKI Shuntaro 九州大学, 経済学研究院, 准教授 (50306867)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 近世 / 江戸 / 金融 / 札差 / 利子率 / 武家貸 / 土地市場 / 家質

Outline of Final Research Achievements

This study estimates interest rates on loans to samurai in Edo in the latter half of the early modern period and compares them with previously estimated interest rates.
Until now, the only known long-term changes in interest rates in early modern cities were the land mortgage interest rate in Edo and the daimyo loan interest rate in Osaka. However, by considering the changes in the interest rate on loans to samurai in Edo, it became possible to compare the interest rates of different social statuses in Edo and find out the differences between the interest rates in Edo and Osaka for samurai loans.
As a result, the interest rate for samurai at the end of the Edo period was kept low due to legal protection. Therefore, it is possible that the management of moneylenders was extremely tight. Furthermore, it became clear that the time-series changes in interest rates differed more due to social status rather than regional differences.

Free Research Field

日本経済史

Academic Significance and Societal Importance of the Research Achievements

近世・近代の土地市場・不動産経営に対しては，マスコミや一般的な読者層も関心を寄せている。本研究の期間中，とくに日本経済新聞からは「住宅ローンの起源」というテーマで2021年12月に取材の依頼を受けた。この模様は，2022年4月4日付の『日本経済新聞』夕刊に，「なるほど！ルーツ調査隊 住宅ローン，天下太平の世に誕生」という記事に紹介された。また，2022年4月から同年9月の6か月間においては，三菱経済研究所発行の『経済の進路』第721～726号に連載コラム「千思万考 築地から見える都市経済史」を執筆し，築地を事例として江戸の土地売買市場や土地抵当市場を，一般読者向けに解説した。