Hamao, Yasushi; Hoshi, Takeo; Okazaki, Tetsuji - 2007
an important role in financing economic development. The pre-war stock market in Japan, however, did not achieve its size … development in Japan. This paper studies the pre-war development of the Tokyo Stock Exchange, which eventually grew to be one of … the two largest stock exchanges in the pre-war Japan, and examines why the development was rather stagnant since its …