2017 Fiscal Year Final Research Report
Monetary Policy of Tokugawa Shogunate: Empirical and Theoretical Analysis based on Historical Evidence
| Project/Area Number |
25285100
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Partial Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Osaka University of Economics |
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Principal Investigator |
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| 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)
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| 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)
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| Research Collaborator |
KINARI Yusuke
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| Project Period (FY) |
2013-04-01 – 2018-03-31
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| Keywords | 経済史 / 経営史 / 日本史 / 金融史 / 金融・ファイナンス |
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| 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.
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| Free Research Field |
金融・ファイナンス、財政・公共経済
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