 Price shocks in regional markets: Japan's Great Kantō Earthquake of 1923Janet Hunter and Kota Ogasawara Economic History Review, 2019, vol. 72, issue 4, 1335-1362 Abstract: Japan's Great Kantō Earthquake of 1 September 1923 devastated the area around Tokyo and the country's main port of Yokohama. This article uses the earthquake as a case study to inform our understanding of the economics of disasters and the history of market integration. It seeks to test two main assumptions: first, that shifting demand and supply curves consequent on a disaster will have some impact on prices; and second, that any local changes in the disaster region are likely to be diffused across a wider geographical area. We make use of a unique monthly wholesale price dataset for a number of cities across Japan, and our analysis suggests three main findings: that price changes in the affected areas immediately following the disaster were in most cases reflected in price changes in Japan's provincial cities; that cities further away from the devastation witnessed smaller price changes than those nearer to the affected area; and that the observed pattern of price changes reflects the regional heterogeneity identified by scholars who have worked on market integration in Japan. Date: 2019 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:ehsrev:v:72:y:2019:i:4:p:1335-1362 Ordering information: This journal article can be ordered from Access Statistics for this article Economic History Review is currently edited by Stephen Broadberry More articles in Economic History Review from Economic History Society Contact information at EDIRC. |
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