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2020-06-01

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Si us plau utilitzeu sempre aquest identificador per citar o enllaçar aquest document: https://hdl.handle.net/2445/167197

The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan

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Recurs relacionat

https://doi.org/10.1017/S0022050720000212

Resum

While credit supply growth is associated with exacerbating financial crises, its impact on long-run growth is unclear. Market access similarly has ambiguous economic effects over time. Using regional variation in bond payments to samurai and the introduction of railways in nineteenth century Japan, we find that together they are associated with persistent redistributive effects between regions and sectors. Areas with higher bond value and railway access experienced tertiary sector growth and primary sector shrinkage, with analogous results in sectoral labor shares. This interaction between credit supply and market access facilitated structural transformation but had little long-run net growth impact.

Matèries

Crèdit comercial, Mercat financer, Ferrocarrils, Creixement econòmic, Japó

Matèries (anglès)

Commercial credit, Financial market, Railroads, Economic growth, Japan

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Articles publicats en revistes (Economia)

Citació

BASCO, Sergi, TANG, John p.. The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan. _Journal of Economic History_. 2020. Vol. 80, núm. 2, pàgs. 457-500. [consulta: 21 de gener de 2026]. ISSN: 0022-0507. [Disponible a: https://hdl.handle.net/2445/167197]

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