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Volume 74 (2008)
- Issue 6 Pages 535-
- Issue 5 Pages 425-
- Issue 4 Pages 325-
- Issue 3 Pages 219-
- Issue 2 Pages 109-
- Issue 1 Pages 3-
Volume 74, Issue 4
Displaying 1-11 of 11 articles from this issue
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Yasuo TAKATSUKIArticle type: Article
2008 Volume 74 Issue 4 Pages 325-344
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSIn the Tokugawa period (1603-1868), market trade grew explosively, and local markets were integrated effectively into a national market. This is the common view shared among historians. Then, the important question is how did these markets perform. According to neoclassical economics, sufficient development of market trade could lead to a Pareto-efficient allocation of resources. While it is not easy to evaluate the Pareto-efficiency of the real economy directly, an important condition needs to be met for market trade to deliver efficient resource allocation: That is informational efficiency. Informational efficiency is about how much, how fast, and how accurately available information is incorporated into the prices. This concept of market efficiency enables us to evaluate the performance of the markets existing in the real economy. To test informational efficiency, we need first to construct highly frequent price indices from original historical documents, because existing rice price indices are not frequent enough. Relying on newly constructed daily price indices, this paper shows that the Dojima rice market in Osaka had achieved informational efficiency during the period from 1798 to 1864.View full abstractDownload PDF (1928K) -
Asuka IMAIZUMIArticle type: Article
2008 Volume 74 Issue 4 Pages 345-367
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSThis article, a historical study in urban industry and industrial clustering, aims to substantiate the effects of the 1923 Great Kanto Earthquake on the machinery industry in Tokyo and its recovery process. For this purpose, I compare lists of factories before and after the earthquake, that is, in 1922, 1924, and 1928. Previous studies have described that after the earthquake, factories in Tokyo city relocated to suburban counties because of the serious damage in the city. However, through the analyses in this article, it is confirmed that while the number of factories in the counties increased, those in the city recovered to the pre-earthquake level. This was due to such phenomena as the return of factories to the stricken areas, the boom led by the demand for reconstruction, and the government reconstruction policy. I show that unlike the image offered in earlier research, the temporary shock caused by the earthquake did not completely destroy the industrial clusters but only reduced some of the merits of clustering. Based on this standpoint, I investigate the factors that contributed to the successful recovery of industrial agglomeration.View full abstractDownload PDF (2266K) -
Tomonori NAITOArticle type: Article
2008 Volume 74 Issue 4 Pages 369-385
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSThe purpose of this article is to analyze the stability of the credit multiplier and the money demand function by using monthly data from the 1930s in Japan. First, unit root tests confirmed that both the base money and the money supply were non-stationary time series. Moreover, the ADF-test confirmed that both variables had co-integration, and so the credit multiplier in the 1930s was proven to be stable. Next, the ADF-test clarified the existence of co-integration by four models between the monetary demand and the real economy by using non-stationary time series (the money supply, the index of mining and industrial output, the stock index, and the call-rate). In addition, we observed the significance of the negative coefficient of the error correction term that was a short-term divergence from the state of balance of the monetary demand and the real economy by ECM. So the long-term balance relation between money and the real economy was thus proven to be stable. As a result of these analyses, the credit multiplier and the money demand function were proven to be stable in Japan in the 1930s.View full abstractDownload PDF (1521K) -
Yoshito WATANABEArticle type: Article
2008 Volume 74 Issue 4 Pages 387-403
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSThe purpose of this article is to show the structure and problems of wartime control of the British steel industry during World War I. The steel industry was under the control of the Ministry of Munitions (especially the Steel Section, which later developed into the Iron and Steel Department), a situation that lasted until the end of the war. In order to coordinate supply for the conflicting demands for steel, the Ministry of Munitions introduced a steel allocation system for supply and production. It also fixed the maximum price of iron and steel products and granted steel-makers subsidies to keep price rises in check and so as not to disrupt the contract manufacture of munitions. In addition, attempts to restrict exports and increase imports of steel were made. The main goal for the Ministry of Munitions was to enlarge steel production capacity and, by providing financial assistance to steel-makers, to promote investment in plants and equipment. Although the above-mentioned policies could only barely meet the vast demand for steel, many problems arose, such as imposition of a heavy burden on the exchequer. It must be noted that the resulting surplus in steel production capacity caused a depression in the steel trade during the 1920s.View full abstractDownload PDF (1704K) -
[in Japanese]Article type: Article
2008 Volume 74 Issue 4 Pages 405-407
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSDownload PDF (504K) -
[in Japanese]Article type: Article
2008 Volume 74 Issue 4 Pages 407-408
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSDownload PDF (367K) -
[in Japanese]Article type: Article
2008 Volume 74 Issue 4 Pages 409-411
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSDownload PDF (477K) -
[in Japanese]Article type: Article
2008 Volume 74 Issue 4 Pages 411-413
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSDownload PDF (437K) -
[in Japanese]Article type: Article
2008 Volume 74 Issue 4 Pages 414-415
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSDownload PDF (342K) -
[in Japanese]Article type: Article
2008 Volume 74 Issue 4 Pages 416-418
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSDownload PDF (428K) -
Article type: Bibliography
2008 Volume 74 Issue 4 Pages 420-421
Published: November 25, 2008
Released on J-STAGE: July 22, 2017
JOURNAL OPEN ACCESSDownload PDF (109K)
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