Journal of Banking & Finance
Опубликовано на портале: 14-03-2005Ulrike Schaede Journal of Banking & Finance. 1989. Vol. 13. No. 4-5. P. 487-513.
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 Djima rice market in saka 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.