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26946 results in Economic history

Page 233 of 1348

  • FHR volume 23 issue 3 Cover and Back matter

  • Journal:
    Financial History Review / Volume 23 / Issue 3 / December 2016
    Published online by Cambridge University Press:
    16 February 2017, pp. b1-b3
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  • Market efficiency and government interventions in prewar Japanese rice futures markets

  • Mikio Ito, Kiyotaka Maeda, Akihiko Noda
  • Journal:
    Financial History Review / Volume 23 / Issue 3 / December 2016
    Published online by Cambridge University Press:
    16 February 2017, pp. 325-346

  • This study analyzes how the colonial rice trade in prewar Japan affected its rice market, considering several government interventions in the two rice futures exchanges in Tokyo and Osaka. We explore the interventions in the futures markets using two procedures. First, we measure the joint degree of efficiency in the markets using a time-varying vector autoregression model. Second, we examine historical events that possibly affected the markets and focus on one event at a time. The degree of efficiency varies over time within our sample period (1881-1932). The observation, together with historical analysis, leads to the following conclusions: (1) the two major markets in Tokyo and Osaka were nearly efficient; (2) government interventions involving the delivery of imported rice from Taiwan and Korea often reduced futures market efficiency; finally, (3) this relationship continued as long as the quality difference between imported and domestic rice existed. The government interventions that promoted domestic distributions of the colonial goods resulted in confusion in the commodity markets, and decreased efficiency of the markets in the metropole.

  • FHR volume 23 issue 3 Cover and Front matter

  • Journal:
    Financial History Review / Volume 23 / Issue 3 / December 2016
    Published online by Cambridge University Press:
    16 February 2017, pp. f1-f3
    • Article
      • You have access
    • PDF
    • Export citation

Page 233 of 1348