Interlinked Transactions under Tenancy System: A Case from Meiji Japan

Yohei Kojima
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Yohei Kojima: Faculty of Economics, The University of Tokyo

No CIRJE-F-1079, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: This study investigates the interlinked transactions conducted by a landlord who had a money lending business in a local community in Meiji Japan. Contrary to the theoretical assumption, interlinked transactions did not have the effect of preventing debt default, mainly due to the existence of fixed-rent tenancy contracts with state-contingent rent reduction. Because landlords needed to enhance their own bargaining power in anticipation of rent reduction requests, even high-risk tenants could receive loans from their landlords and were allowed to repay in arrears, whereas it made it difficult for tenants to discount the rent amount in lean years.

Pages: 34 pages
Date: 2018-03
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2018cf1079

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