Papers - MAEDA, Kiyotaka

Colonial pricing for the metropole's market: Taiwanized rice prices in Japan during the 1930s

Maeda Kiyotaka; Tsai Lung-Pao

KEO Discussion Paper (Keio Economic Observatory, Keio University)   ( 191 ) 1 - 50 2025.06

Research paper (bulletin of university, research institution), Joint Work, Corresponding author

Swinging unstable market after the Great Depression: Daily rice pricing of Japan's futures and spot trades

Maeda Kiyotaka

KEO Discussion Paper (Keio Economic Observatory, Keio University)   ( 179 ) 1 - 64 2024.04

Research paper (bulletin of university, research institution), Corresponding author

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This study quantitatively investigates daily rice prices in Osaka’s futures and spot markets from 1925 to 1939 to examine how the futures market served as the index price of the spot trade under the government’s frequent interventions. The functions of the futures market fundamentally varied with seasons in response to the rice harvest. After the Great Depression, the government extended its manipulations to control rice prices, and its interventions greatly reduced the futures market’s role at times other than during the harvest season. Consequently, the unstable futures market functionally swung in the 1930s.

Market-based financing for small corporations during early industrialisation: The case of salt corporations in Japan, 1880s-1910s

Maeda Kiyotaka

Business History (Taylor & Francis)  65 ( 3 ) 502 - 524 2023.04

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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© 2020 Informa UK Limited, trading as Taylor & Francis Group. This study investigates how small corporations in rural areas of Japan obtained funding from the 1880 s through the 1910s and reassesses the role of market-based financing for Japanese small and medium-sized enterprises (SMEs). While most previous literature shows that Japan effectively used bank-based financing for SMEs, this study provides evidence that corporations of various sizes, including small ones in rural areas, arranged funding through the stock and bond markets during Japan’s early industrialisation period. While this type of financing arrangement helped promote early industrialisation, it also strengthened the dual economy during full-fledged industrialisation.

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Tiny rural banks and regional economies: Finance for the salt industry in Utazu, Kagawa prefecture, 1898–1919

Maeda Kiyotaka

Keizaishi Kenkyu (Study of Economic History) (Institute for Research in Economic History of Japan, Osaka University of Economics)   ( 25 ) 59 - 87 2022.01

Research paper (scientific journal), Single Work, Corresponding author

Government interventions and excessive demand in Japan after the Russo–Japanese War: An analysis of the salt market under the monopoly system using VAR and VEC models

Maeda Kiyotaka

Shigaku (The Historical Science) 89 ( 4 ) 1 - 39 2021.02

Research paper (bulletin of university, research institution), Single Work, Corresponding author

Supply of and demand for salt from Taiwan and Kwantung leased territory and its distributor in Imperial Japan, 1890s–1910s

Maeda Kiyotaka

Shigaku (The Historical Science) 89 ( 3 ) 83 - 136 2020.12

Research paper (bulletin of university, research institution), Single Work, Corresponding author

Evasion of taxes on essential goods and the Japanese government’s surveillance and control after the Russo–Japanese War: A case study regarding violations of the Salt Monopoly Law

Maeda Kiyotaka

Socio-Economic History 85 ( 4 ) 89 - 110 2020.02

Research paper (scientific journal), Single Work, Corresponding author, Accepted

Research review of economic history on the market and monopoly system of salt in early modern Japan

Maeda Kiyotaka

Shigaku (The Historical Science) 88 ( 1 ) 27 - 69 2018.12

Research paper (bulletin of university, research institution), Single Work, Corresponding author

Japan’s political adjustment of food supply-and-demand and colonial commodity consumption in the Meiji and Taisho periods: The case of the salt market

Maeda Kiyotaka

Socio-Economic History 84 ( 3 ) 49 - 72 2018.11

Research paper (scientific journal), Single Work, Corresponding author, Accepted

The futures premium and rice market efficiency in prewar Japan

Ito Mikio; Maeda Kiyotaka; Noda Akihiko

The Economic History Review 71 ( 3 ) 909 - 937 2018.08

Research paper (scientific journal), Joint Work, Accepted,  ISSN  00130117

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© Economic History Society 2017 This article studies the interrelation between spot and futures prices in the two major rice markets in prewar Japan from the perspective of market efficiency. Applying a non-Bayesian time-varying model approach to the fundamental equation for spot returns and the futures premium, we detect when efficiency reductions in the two major rice markets occurred. We also examine how government interventions affected the rice markets in Japan, which colonized Taiwan and Korea before the Second World War, and argue that the function of rice futures markets crucially depended on the differences in the structure of rice spot markets. Initially the increased volume of imported rice of a different variety from domestic rice disrupted the rice futures markets. Then, government intervention in the rice futures markets failed to improve the disruption. Changes in colonial rice cropping successfully mitigated the disruption, and colonial rice was promoted in order to unify the different varieties of inland and colonial rice.

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Economic policy on food and consumption preference: The cases of rice and salt in Japan before the Second World War

Maeda Kiyotaka

Research in the Culture of Luxuries 3   48 - 55 2018.03

Research paper (scientific journal), Single Work, Corresponding author

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Historical documents on rice futures trading in Interwar Japan: Descriptive materials published by the exchange and Osaka Dokome Kai

Maeda Kiyotaka

The Economic Review of Seinan Gakuin University 52 ( 1 ) 1 - 33 2017.07

Research paper (bulletin of university, research institution), Single Work, Corresponding author

Discretion versus policy rules in futures markets: A case of the Osaka-Dojima Rice Exchange, 1914–1939

Ito Mikio; Maeda Kiyotaka; Noda Akihiko

Quantitative Finance Papers [arXiv: 1704.00985]  2017.04

Research paper (other academic), Joint Work

Market efficiency and government interventions in prewar Japanese rice futures markets

Ito Mikio; Maeda Kiyotaka; Noda Akihiko

Financial History Review 23 ( 3 ) 325 - 346 2016.12

Research paper (scientific journal), Joint Work, Accepted

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Colonial trade expansion in Japan after the Russo-Japanese War: The growth of salt imports from Kwantung under the Salt Monopoly System

Maeda Kiyotaka

The Journal of Political Economy and Economic History  ( 233 ) 16 - 30 2016.11

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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This paper examines the causes of the increase in salt imports to the home islands of Japan from the leased territory of Kwantung, in the Liaodong Peninsula, after the Russo-Japanese War. First, we analyze how the Japanese government failed to negotiate the Agreement on Export of Salt from Kwantung to China. Subsequently, we examine the process that led to the growth in salt imports from Kwantung to the home islands of Japan after the failure of the trade negotiations.
This paper shows that both the Governor-General of Kwantung and the Dongsan Province were willing to impose a tax on the exports of salt from Kwantung to increase their own tax revenues. However, the Governor-General of Kwantung did not allow the Dongsan Province to impose a tax on the salt exports to the foreign countries, including the home islands of Japan. The introduction of such tax would have increased the price of salt from Kwantung in the foreign markets, causing a contraction in salt exports and a subsequent reduction of the salt tax revenues for Kwantung. However, the episode led to a breakdown in the negotiations. After that, the Ministry of Finance in Japan designated Kwantung as the supply center of salt under the salt monopoly, introducing a regime intended to increase tax revenues. The production cost of salt in Kwantung was lower than in the home islands of Japan: even if both the home government and the Governor-General of Kwantung imposed taxes on salt trade, the salt from Kwantung was still cheaper than domestic salt. Thus, the Japanese government promoted imports from Kwantung to increase tax revenues of both the home government and the Governor-General of Kwantung.
Studies of the history of colonial trade in pre-war Japan have argued that the Japanese government promoted colonial trade expansion to reduce the outflow of specie money under the gold standard system. In contrast, we suggest that the government may have promoted colonial trade expansion to increase its tax revenue. Towards the turn of the twentieth century, Japan's fiscal condition was aggravated by the expansion of its colonies. The Japanese government promoted stronger interdependency between the home islands and the colonial economies to improve its public finance by imposing double taxation. Thus, the deteriorating fiscal conditions following the Japanese colonial expansion promoted the growth of colonial trade in Japan.

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Market Integration in the Prewar Japanese Rice Markets

Ito Mikio; Maeda Kiyotaka; Noda Akihiko

Quantitative Finance Papers [arXiv: 1604.00148]  2016.04

Research paper (other academic), Joint Work

Economic policy conflict between the home government and the colonies after the Japanese-Sino War: The salt industry policy by the Ministry of Agriculture and Commerce

Maeda Kiyotaka

Socio-Economic History 81 ( 2 ) 71 - 93 2015.08

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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The object of the Salt Monopoly System’s operation after the Russo–Japanese War: Analysis of the criticism against the system’s operation and discussion on the abolishment of the Salt Monopoly Law bill

Maeda Kiyotaka

Research in the Japanese Salt Industry 34   77 - 106 2015.03

Research paper (scientific journal), Single Work, Corresponding author

Methods and issues of quantitative analysis in the study of economic history: A focus on testing the efficient market hypothesis

Maeda Kiyotaka

The Economic Review of Seinan Gakuin University 49 ( 2-3 ) 169 - 190 2014.12

Research paper (bulletin of university, research institution), Single Work, Corresponding author

Resource investigations in wartime North China: Focusing on the Shanxi Gakujutsu Chosa Kenkyu-dan in 1942

Maeda Kiyotaka

Mita Journal of Economics 107 ( 3 ) 97 - 117 2014.10

Research paper (bulletin of university, research institution), Single Work, Corresponding author

Industrial organization in the early twentieth century: A case study of the Japan Salt Industry Association

Maeda Kiyotaka

Socio-Economic History 80 ( 2 ) 91 - 109 2014.08

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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The procurement of imported-acquired raw materials by food manufacturers in the late nineteenth and early twentieth centuries: A case study of the Takanashi family

Maeda Kiyotaka

Japanese Research in Business History 31   85 - 102 2014

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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Competition between imported and domestic salt in Japan: The cases of chemical and soy sauce industries in the late 1890s

Maeda Kiyotaka

The Economic Review of Seinan Gakuin University 48 ( 1-2 ) 89 - 117 2013.09

Research paper (bulletin of university, research institution), Single Work, Corresponding author

Japanese salt manufacturers’ business expansion into Taiwan and the Kwantung leased territory in the prewar period: Focusing on the Nozaki family and Dai Nippon Engyo Corporation

Maeda Kiyotaka

Socio-Economic History 78 ( 3 ) 3 - 28 2012.11

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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Raw materials procurement by the food manufacturing industry during the Meiji and Taisho eras: A case study of the soy sauce brewery run by the Takanashi family in Noda town

Maeda Kiyotaka

Japan Business History Review 47 ( 2 ) 49 - 75 2012.09

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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Periodical transactions in commodity exchanges during the later Meiji era: A case study of salt transactions on the Tokyo Commodity Exchange

Maeda Kiyotaka

The Journal of Political Economy and Economic History  ( 213 ) 28 - 43 2011.10

Research paper (scientific journal), Single Work, Corresponding author, Accepted

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This paper aims to elucidate the function of commodity exchanges in index price formation on the spot market during the later Meiji era in Japan. In particular, this paper focuses the function of periodical salt transactions (trading in futures) from October, 1894 to May, 1905 on the Tokyo Commodity Exchange. Historical studies of commodity or stock exchanges in Japan have tended to focus on the Dojima (Osaka) Rice Exchange in the Tokugawa period and historians have paid little attention to commodity exchanges from the Meiji era onward. However, the beginning of transactions in commodities other than rice on the exchanges after the enactment of the Exchange Law in 1893 was one of the important characteristics of 1890s when the base formation of the modern market progressed. Accordingly, hoping to contribute to a better understanding of the process by which the commodity exchange system was established as a general trading system with the rise of capitalism in Japan, I consider periodical transactions on the exchange around the early twentieth century. This paper shows that index price formation function of the Tokyo Commodity Exchange had two limitations. Firstly, periodical transaction price functioned only as an index price of Shinsaida-shio (low-grade salt made in the Seto Inland Sea of Japan) price. In other words, periodical transaction price did not function as an index price of any other salt. Secondly, the function of the Tokyo Commodity Exchange was diachronically unstable especially after around 1900 when salt consumers began to buy more imported than domestic salt. The Tokyo Commodity Exchange was one of the largest commodity exchanges and the center of salt periodical transactions in Japan. We can say therefore, during the later Meiji era, if a trader in the market had used periodical transactions on the commodity exchange to hedge against the risk of price changes, the trader could not have been able to hedge in many cases. Even if traders succeeded in hedging in the short term, they could not use the commodity exchange to hedge stably in the long term.

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The salt industry’s countermeasure against an increase in salt imports after the First Sino-Japanese War: Focusing on the establishment of the Japan Salt Industry Association

Maeda Kiyotaka

Research in the Japanese Salt Industry 32   51 - 77 2011.03

Research paper (scientific journal), Single Work, Corresponding author