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

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,...

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Detalhes bibliográficos
Autores: Basco, Sergi, Tang, John P.
Formato: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2020
País:España
Recursos:Universidad de Barcelona
Repositorio:Dipòsit Digital de la UB
OAI Identifier:oai:diposit.ub.edu:2445/167197
Acesso em linha:https://hdl.handle.net/2445/167197
Access Level:acceso abierto
Palavra-chave:Crèdit comercial
Mercat financer
Ferrocarrils
Creixement econòmic
Japó
Commercial credit
Financial market
Railroads
Economic growth
Japan
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spelling The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War JapanBasco, SergiTang, John P.Crèdit comercialMercat financerFerrocarrilsCreixement econòmicJapóCommercial creditFinancial marketRailroadsEconomic growthJapanWhile 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.Cambridge University Press2020info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttps://hdl.handle.net/2445/167197Articles publicats en revistes (Economia)reponame:Dipòsit Digital de la UBinstname:Universidad de BarcelonaInglésVersió postprint del document publicat a: https://doi.org/10.1017/S0022050720000212Journal of Economic History, 2020, vol. 80, num. 2, p. 457-500https://doi.org/10.1017/S0022050720000212(c) The Economic History Association, 2020info:eu-repo/semantics/openAccessoai:diposit.ub.edu:2445/1671972026-05-27T06:46:51Z
dc.title.none.fl_str_mv The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
title The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
spellingShingle The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
Basco, Sergi
Crèdit comercial
Mercat financer
Ferrocarrils
Creixement econòmic
Japó
Commercial credit
Financial market
Railroads
Economic growth
Japan
title_short The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
title_full The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
title_fullStr The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
title_full_unstemmed The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
title_sort The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
dc.creator.none.fl_str_mv Basco, Sergi
Tang, John P.
author Basco, Sergi
author_facet Basco, Sergi
Tang, John P.
author_role author
author2 Tang, John P.
author2_role author
dc.subject.none.fl_str_mv Crèdit comercial
Mercat financer
Ferrocarrils
Creixement econòmic
Japó
Commercial credit
Financial market
Railroads
Economic growth
Japan
topic Crèdit comercial
Mercat financer
Ferrocarrils
Creixement econòmic
Japó
Commercial credit
Financial market
Railroads
Economic growth
Japan
description 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.
publishDate 2020
dc.date.none.fl_str_mv 2020
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/167197
url https://hdl.handle.net/2445/167197
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Versió postprint del document publicat a: https://doi.org/10.1017/S0022050720000212
Journal of Economic History, 2020, vol. 80, num. 2, p. 457-500
https://doi.org/10.1017/S0022050720000212
dc.rights.none.fl_str_mv (c) The Economic History Association, 2020
info:eu-repo/semantics/openAccess
rights_invalid_str_mv (c) The Economic History Association, 2020
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Cambridge University Press
publisher.none.fl_str_mv Cambridge University Press
dc.source.none.fl_str_mv Articles publicats en revistes (Economia)
reponame:Dipòsit Digital de la UB
instname:Universidad de Barcelona
instname_str Universidad de Barcelona
reponame_str Dipòsit Digital de la UB
collection Dipòsit Digital de la UB
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,301603

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