2016/04/01 by Mikio Ito, Ito, Mikio, Kiyotaka Maeda +3
Economics, Econometrics and Finance · Engineering · #Economics of Agriculture and Food Markets #FOS: Economics and business #General Finance (q-fin.GN) #ICT Impact and Policies #Italy: Economic History and Contemporary Issues #Pricing of Securities (q-fin.PR)
paper · pdf · doi:10.48550/arxiv.1604.00148
openalex publication_date 2016/04/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
This paper examines the integration process of the Japanese major rice markets (Tokyo and Osaka) from 1881 to 1932. Using a non-Bayesian time-varying vector error correction model, we argue that the process strongly depended on the government's policy on the network system of the telegram and telephone; rice traders with an intention to use modern communication tools were usually affected by the changes in policy. We find that (i) the Japanese rice markets had been integrated in the 1910s; (ii) increasing use of telegraphs had accelerated rice market integration from the Meiji period in Japan; and (iii) local telephone system, which reduced the time spent by urban users sending and receiving telegrams, promoted market integration.