A long-term assessment of Asia's share of global GDP suggests that Asia has now almost reclaimed the role in the global economy it occupied in 1820. By focusing on the experience of key economies in Asia, this paper assesses why the continent's role weakened between 1820 and 1950 and...

This paper relies on daily price indices for stocks and bonds to analyze the functioning of the Tokyo Stock Exchange (TSE) in the period 1931-1940. Although the TSE was a large and liquid market, its pricing mechanisms significantly deviated from weak-form efficiency. In this context, zaibatsu...