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Price shocks in regional markets: Japan's Great Kantō Earthquake of 1923

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  • Janet Hunter
  • Kota Ogasawara

Abstract

Japan's Great Kantō Earthquake of 1 September 1923 devastated the area around Tokyo and the country's main port of Yokohama. This article uses the earthquake as a case study to inform our understanding of the economics of disasters and the history of market integration. It seeks to test two main assumptions: first, that shifting demand and supply curves consequent on a disaster will have some impact on prices; and second, that any local changes in the disaster region are likely to be diffused across a wider geographical area. We make use of a unique monthly wholesale price dataset for a number of cities across Japan, and our analysis suggests three main findings: that price changes in the affected areas immediately following the disaster were in most cases reflected in price changes in Japan's provincial cities; that cities further away from the devastation witnessed smaller price changes than those nearer to the affected area; and that the observed pattern of price changes reflects the regional heterogeneity identified by scholars who have worked on market integration in Japan.

Suggested Citation

  • Janet Hunter & Kota Ogasawara, 2019. "Price shocks in regional markets: Japan's Great Kantō Earthquake of 1923," Economic History Review, Economic History Society, vol. 72(4), pages 1335-1362, November.
    • Handle: RePEc:bla:ehsrev:v:72:y:2019:i:4:p:1335-1362
    DOI: 10.1111/ehr.12775
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    Cited by:

    1. Schneider, Eric & Ogasawara, Kota & Cole, Tim J., 2020. "The Effect of the Second World War on the Growth Pattern of Height in Japanese Children: Catch-up Growth, Critical Windows and," CEPR Discussion Papers 14808, C.E.P.R. Discussion Papers.

    More about this item

    JEL classification:

    • N0 - Economic History - - General
    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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