Eciency of the Dojima rice futures market in Tokugawa-period Japan
نویسنده
چکیده
Co-integration analysis is applied to historical data (1760±1864) from the worldÕs ®rst well-established futures market, in rice at Dojima (in Osaka, Japan). The market shows a strong seasonal character. The summer market was strongly characterized by producersÕ hedging behavior, and may be called a ``commodity-oriented futures market''. On the other hand, the spring and autumn markets in the middle of Tokugawa era were ``®nancial'' markets, characterized by the unbiasedness hypothesis from the theory of rational expectations. Ó 2001 Elsevier Science B.V. All rights reserved. JEL classi®cation: G13; N25
منابع مشابه
Early Modern Japan
Early Modern Social and Economic History of Japan: The Tokugawa Legacy Post war historians of Japanese socio-economic history argued extensively in favor of a Japanese version of the Whig perspective on history in which practically everything in the Tokugawa early modern leads to the modern age of Japan as an indigenous and stable evolution. Many of us in the field who are dealing with the Toku...
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