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

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    Author
    Basco, S; Tang, JP
    Date
    2020-06-01
    Source Title
    The Journal of Economic History
    Publisher
    Cambridge University Press (CUP)
    University of Melbourne Author/s
    Tang, John
    Affiliation
    Economics
    Metadata
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    Document Type
    Journal Article
    Citations
    Basco, S. & Tang, J. P. (2020). The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan. The Journal of Economic History, 80 (2), pp.457-500. https://doi.org/10.1017/S0022050720000212.
    Access Status
    Access this item via the Open Access location
    URI
    http://hdl.handle.net/11343/254060
    DOI
    10.1017/S0022050720000212
    Open Access URL
    http://diposit.ub.edu/dspace/bitstream/2445/167197/1/702213.pdf
    Abstract
    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.

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