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Introduction

A market is a system where various organizations and institutions, such as exchanges and legal regulations, form the foundation, enabling the allocation of goods and services through price formation. By combining historical qualitative analysis of descriptive materials related to these foundational organizations and institutions of the market with time-series econometric quantitative analysis using high-frequency trading data, we analyze the diachronic transformation of the market's functions and operating conditions in modern 'Japanese Empire.' We aim to dynamically understand the role of the market from a historical perspective and acquire insights that can contribute to the improvement of market functions.

Achievements

■Commodity Markets and Pricing
・Research Objective: To investigate the futures markets' function of index price formation in the Japanese Empire before the Second World War.
- Title: Swinging unstable market after the Great Depression: Daily rice pricing of Japan's futures and spot trades, Maeda Kiyotaka (KEO Discussion Paper) 179 1-64 Apr. 2024
- Title: The futures premium and rice market efficiency in prewar Japan, Ito Mikio, Maeda Kiyotaka, Noda Akihiko （The Economic History Review） 71 （ 3 ） 909-937 Aug. 2018
・Research Objective: To explore the time-varying structure of commodity market integration in the Japanese Empire before the Second World War.
- Title: Eroding market in the empire's metropole: Taiwanised rice pricing in Japan during the 1930s, Maeda Kiyotaka, Tsai Lung-Pao (KEO Discussion Paper) (forthcoming)
- Title: Price formation of the Osaka and Kumamoto rice markets, Maeda Kiyotaka (Maeda Kiyotaka and Shinone Takuto eds. Modern East Asian Economic History of Grain Tokyo: Keio University Press) 2025 (in Japanese)

Areas of Research

・Business History
・Financial History
・Modern Japanese History and Japanese Colonial History
・Cliometrics
・Economic History
・Asian History
・Economic History
・Business Administration
・Japanese History
・Finance

Social Contributions

・Enhancing understanding of historical economic interdependence and growth factors between Japan and its colonies, which informs modern economic development.
・Providing insights into the complex market structures and price formation in historical Japanese markets, aiding in the understanding of economic dynamics.
・Highlighting the historical role and challenges of commodity exchanges, such as the Osaka Dojima Rice Exchange, and the impact of government interventions on market stability.
Video

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