Before revision: We investigate how and to what extent the Japanese government intervened in the rice futures market in Osaka during the interwar period, from the late 1910s to 1939, using a time-varying AR model .
After revision: We investigate the relationship between market efficiency of rice futures transaction in Osaka and the Japanese government intervened in the rice futures market in Osaka during the interwar period, from the late 1910s to 1939, using a time-varying AR model .