NODA AKIHIKO    Department   Undergraduate School  , School of Commerce    Position   Professor
研究期間	2015/04～2018/03
研究課題	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
実施形態	科学研究費補助金
研究委託元等の名称	Japan Society for the Promotion of Science
研究種目名	Grant-in-Aid for Scientific Research (C)
科研費研究課題番号	15K03542
代表分担区分	研究代表者
代表者	NODA Akihiko
連携研究者	IOKU Shigehiko, ITO Mikio
概要	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.