The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis

Tetsuji Okazaki

No CIRJE-F-284, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: This paper examines the economic role of the merchant coalition (kabu nakama) in Japan during the the eighteenth and the first half of the nineteenth century in Japan. During this period public sector enforcement of contracts was imperfect. Kabu nakama substituted for the public sector, using a multilateral punishment strategy. When the government (Bakufu) prohibited kabu nakama in 1841, the growth rate of the real money supply contracted, efficiency of price arbitrage declined, and the inflation rate increased.

Pages: 29 pages
Date: 2004-06
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: The role of the merchant coalition in pre-modern Japanese economic development: an historical institutional analysis (2005)
Working Paper: The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis (2004)
Working Paper: The Role of the Merchant Coalition in Premodern Japanese Economic Development: An Historical Institutional Analysis (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2004cf284

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