テクニカルレポート

ディスカッション／ワーキング・ペーパー

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Discussion Papers In Economics And Business. 2007, 07-19-Rev.

Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

日本語

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2007-12

http://www2.econ.osaka-u.ac.jp/library/global/dp/0719R.pdf

* Revised: [07-19, 2007]

This paper examines the e±ciency of the Dojima Rice Market established in 1730 inOsaka, and closed in 1869 due to the collapse of Tokugawa Shogunate. It had already beenshown that there existed the price mechanism in Dojima. However, the most signi¯cantquestion: Whether the world ¯rst commodity futures market was e±cient or not, remainsto be unanswered.Before applying the empirical analyses, this paper ¯rst introduces the daily price indexconstructed from the original historical document, \Yorozu Souba Nikki (Daily memorandumof commodity price indices)," written by the contemporary rice merchant who dealt in therice. From this memorandum, we can construct the daily price index both in the futuresand the spot market during the period from 1798 to 1856.Based on this price index, the test of unbiasedness hypothesis and the classic measureof market e±ciency; \weak-form e±ciency" were applied to Dojima Rice Market, and it isshown that there existed these types of e±ciency.

13861

近世市場機構の形成過程 : 堂島米会所における米価形成の効率性

高槻, 泰郎

Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

日本語

2007-12

Discussion Papers In Economics And Business

07-19-Rev.

https://hdl.handle.net/11094/13861

http://www2.econ.osaka-u.ac.jp/library/global/dp/0719R.pdf