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Asset Allocation in Rural Tokugawa Japan: The Case of Niita Village of Nihonmatsu Domain, 1720-1870

Author

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  • Arimoto, Yutaka
  • Kurosu, Satomi

Abstract

This paper presents statistical facts about land distribution among households in Niita village of Nihonmatsu domain. The average Gini over our observation period is 0.407, suggesting relatively equal asset distribution from a comparative historical point of view. A certain degree of liquidity in assets was based on the villageʼs administrative distribution and we find a sign that the lower limit of assets to be held by each household was regulated. We relate these findings to the village taxation system（murauke-sei）. To fulfil the tax obligation, villages were incentivized to maintain the number of households by securing the lower limit of landholdings. This truncated the left-tail of the land distribution. At the same time, the obligation to pay fixed tax regardless of actual harvest lowered the expected return on assets and reduced the incentive for asset accumulation, suppressing the expansion of the right-tail of the land distribution.

Suggested Citation

  • Arimoto, Yutaka & Kurosu, Satomi, 2020. "Asset Allocation in Rural Tokugawa Japan: The Case of Niita Village of Nihonmatsu Domain, 1720-1870," Economic Review, Hitotsubashi University, vol. 71(3), pages 237-258, July.
    • Handle: RePEc:hit:ecorev:v:71:y:2020:i:3:p:237-258
    DOI: 10.15057/31311
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    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • N35 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Asia including Middle East

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