Forwards and futures in tokugawa-period Japan:A new perspective on the Dōjima rice market
Forwards and futures in tokugawa-period Japan:A new perspective on the Dōjima rice market
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日本德川时代的远期和期货：堂岛大米市场的新视角
DOI：
10.1016/0378-4266(89)90028-9
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发表时间：
1989
影响因子：
3.7
通讯作者：
Ulrike Schaede
中科院分区：
文献类型：
--
作者：
Ulrike Schaede
第一个组织完善、满足现代金融研究规定的所有技术标准的期货交易所可以追溯到 18 世纪的日本。大阪堂岛大米市场在17世纪作为大米交易中心而发展起来，期货市场根据交易者的需要而得以实现；与现代期货交易所的差异可以在早期的按市价计价程序和保证金要求中观察到。如果承认大米在前现代日本经济中的作用是货币性的，那么大米券期货也可以被视为金融期货。
The first thoroughly organized futures exchange that fulfilled all the technical criteria specified by modern research in finance can be traced back to 18th century Japan. The Dōjima rice market in Ōsaka developed as a trading center for rice in the 17th century, and the futures market materialized according to the traders' needs; differences to modern futures exchanges can be observed in early mark-to-market procedures and margin requirements. If the role of rice in the pre-modern Japanese economy is acknowledged to be monetary, rice bill futures can also be regarded as financial futures.