英文标题：
《Market Integration in the Prewar Japanese Rice Markets》
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作者：
Mikio Ito, Kiyotaka Maeda, Akihiko Noda
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最新提交年份：
2017
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英文摘要：
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.
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中文摘要：
本文考察了1881年至1932年日本主要大米市场（东京和大阪）的整合过程。利用非贝叶斯时变向量误差修正模型，我们认为这一过程强烈依赖于ZF对电报和电话网络系统的政策；有意使用现代通讯工具的大米贸易商通常会受到政策变化的影响。我们发现（i）日本大米市场在1910年代已经整合；（ii）从明治时期开始，电报的使用增加加速了日本大米市场的整合；（iii）本地电话系统，减少了城市用户收发电报的时间，促进了市场整合。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance 数量金融学
二级分类：Pricing of Securities 证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
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