2013 Fiscal Year Final Research Report
Governance in the financial market: Evidence from early modern financial markets in Japan
| Project/Area Number |
23530408
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic history
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| Research Institution | Kobe University |
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Principal Investigator |
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| 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)
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| Project Period (FY) |
2011 – 2013
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| Keywords | 経済史 / 経営史 / 日本史 |
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| 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.
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Research Products
(14 results)
