Empirical analysis of the futures market during Edo period

江户时代(1603-1867)，日本的市场经济与当时的西方一样发达。货币经济在大米标准体系的框架内显著扩张，在此期间在大阪建立的Dojima大米市场据说是世界上第一个组织良好的期货市场。长期以来，大阪因其强大的商业活动而被誉为“国家的厨房”，而且在金融和外汇领域，它也忙碌着快速增长的货币兑换业务。信贷机构得到了稳固的建立，当时的商人通过创造可以被称为原型市场经济的方式展示了他们的职业天赋。从某种意义上说，今天日本经济的模式可以说起源于江户时代。期货交易是在Kyoho时代(1716-1736)开始时设计的，目的是对冲价格波动风险。1730年，第八任幕府德意志…更多的川吉文授权的大米期货交易，推动了世界上第一个期货交易所--大阪藤岛大米交易所的诞生。这一发展是对当时经济环境所规定的需求的自发反应。该交易所的经纪商既进行大米现货交易，也进行大米期货交易。在支付了特定数量的白银保证金后，他们可以在交易当天交易100倍的保证金。在期货交易市场投机和对冲的机会吸引了商家，他们的青睐推动了交易所的显著扩张。最终，江户时代的斗岛大米交易所成为世界上发展最快的商品交易所，拥有期货交易系统，清楚地证明了当时大阪商人的足智多谋。本项目对斗岛大米交易所的期货市场进行了实证分析，发现斗岛大米交易所与目前的证券期货市场有一些相似之处。较少

During the Edo period (1603-1867), Japan's market economy was as advanced as in the West at that time. The monetary economy expanded remarkably within the framework of the rice standard system, and the Dojima rice market at Osaka established during this period was said to have been the world's first, well organized futures market. Osaka had been long known as the "Kitchen of the Country" for its robust mercantile activities, ant it was also bustling with the rapidly growing business of money changing in the areas of finance and exchange. Credit institutions became firmly established, and the merchants of the day exhibited a great flair at their vocation by creating what could be called a prototype market economy. In a sense, the model for today's Japanese economy can be said to have originated in the Edo period. Futures transactions were contrived at the beginning of the Kyoho era (1716-1736) with the purpose of hedging price fluctuation risks. In the year 1730, the 8^<th> Shogun Tokug … More awa Yoshimune authorized futures transactions for rice, marketing the birth of the world's first futures exchange, the Dojima rice exchange, in Dojima, Osaka. This development was a spontaneous response to needs dictated by the economic environment at that time. Brokers at the exchange carried out both rice spot trading and rice futures trading. On payment of a margin in a specified quantity of silver, they were able to trade amounts 100 times their margin on the day of trading. The opportunities to speculate and hedge in the futures trading market attracted the merchants, whose favor fueled a remarkable expansion in the exchange. Eventually, the Dojima rice exchange of the Edo period became the world's fastest-developing commodity exchange with a futures trading system, clearly attesting to the resourcefulness of the Osaka merchants of the day. This projects empirically analyzed the futures market at the Dojima rice exchange and found some similarities between the Dojima rice exchange and the current securities futures market. Less