The formation of the efficient market in Tokugawa Japan

Yasuo Takatsuki

No 06-28-Rev.2, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: The first modern futures market is said to date back to the Chicago Board of Trade established in 1848. However, there existed an older precedent; the Dojima Rice Market established in 1730 in Osaka. The past literature on Dojima has made it clear that Dojima had well-established trading systems. However, a important question remains unanswered: whether the first well-established futures market efficient or not? This paper first constructs the daily price index from the original historical document, and applies the test of unbiasedness hypothesis and the classic measure of market efficiency; "weak-form efficiency" to Dojima Rice Market, and shows that there existed these types of efficiency.

Keywords: Tokugawa Period Japan; Futures Market; Informational Efficiency (search for similar items in EconPapers)
JEL-codes: G14 L11 N25 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2006-11, Revised 2007-06
New Economics Papers: this item is included in nep-his
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Related works:
Working Paper: The formation of an efficient market in Tokugawa Japan (2012)
Working Paper: The formation of the efficient market in Tokugawa Japan (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:0628r2

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