NODA AKIHIKO    Department   Undergraduate School  , School of Commerce    Position   Professor
Research Period	2015/04～2018/03
Research Topic	A Study on Time-Varying Structure of Market Integration and Market Efficiency in Modern Period: The Case of Rice Markets in Japan and Colonized Korea
Research Type	KAKENHI Research
Consignor	Japan Society for the Promotion of Science
Research Program Type	Grant-in-Aid for Scientific Research (C)
KAKENHI Grant No.	15K03542
Responsibility	Representative Researcher
Representative Person	NODA Akihiko
Collaborative Researcher	IOKU Shigehiko, ITO Mikio
Details	The purpose of this study is to examine how the efficiency and the integration speed of rice market in Japan increased before Second World War. Concretely, we employed time-varying econometric models using the monthly spot and futures prices in Tokyo and Osaka. We found the following four facts by featuring the time-varying nature of the efficiency and integration of the market. First, government interventions involving the delivery of imported rice from Taiwan and Korea often reduced futures market efficiency before First World War. Second, the government interventions did not reduce the market efficiency after the 1920s. Third, the market efficiency improved in accordance with reduction in the government’s discretionary power to operate the rice policy under the Beikoku Ho (the Rice Law) and the Beikoku Tousei Ho (the Rice Control Law). Fourth, the increasing use of telegraphs accelerated rice market integration until the end of the 1910s.