The Stock Market and Stock Price Formation in the Meiji Era

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  • 明治期の株式市場と株価形成
  • メイジキ ノ カブシキ シジョウ ト カブカ ケイセイ

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The purpose of this paper is to survey the function of the stock market in the Meiji Era. Most of modern companies in the Meiji Era were established as jointstock companies, which raised funds mainly by issuing stocks. In that era the stock market played an important role in the establishment of the modern industries, however, it was under peculiar circumstances where only a few descriptions were dealt on credit in the stock exchange and the spot transactions were performed outside the stock exchange. In this paper, firstly, I compare the stock prices formed in the stock exchange with those formed outside it in Tokyo and Osaka. Secondly I survey the formation of stock prices in the Osaka Stock Exchange, and finally the function of the market outside the stock exchange.

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