Language: 日本語 English

Masaki Nakabayashi

Masaki Nakabayashi

Research Category

Economic history, business history

Area of Interest

Comparative institutional analysis, historical changes in governance of market transactions, historical changes in production organizations

Recent Thoughts

Since the spectacular “market failure” known as the Great Depression, the governments of developed nations, beginning with the US, have been making strenuous efforts to suppress market failure resulting from information asymmetry by putting in place transparent rules for their securities, money, and commodity markets. There is no doubt that efficient pricing in a market where such transparent rules are dominant has accelerated not only the expansion of commerce but also the rate of technical innovation in the area of production. At the same time there have been continuous efforts to commercialize risks that are outside current official rules as financial derivatives and use over-the-counter trading networks to create new markets. With securitization as the leading example, it is impossible to deny that expanding the commercial trading market has contributed to economic growth. On the other hand, at the start of 2008, the financial authorities of developed countries are looking into expanding compliance with transparent rules even for OTC transactions in response to the problems caused by subprime loans, which were one of those newly created products. In reality, clashes between the emergence of trade in new kinds of goods and services and the efforts of governments to put in place transparent rules for the governance of such trade have occurred over and again since early modern times. I want to consider from a historical perspective which aspects of economic growth have been fostered by the various features of these conflicts.

Publications

Recent/Ongoing Works

Home Page

Affiliation

Tokyo University