【主讲】John P. Tang (澳大利亚国立大学讲师)
【主题】The Samurai Bond: Credit Supply and Economic Growth in Pre-War Japan
【时间】2018年3月28日 (周三) 15：30-17：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】While credit supply growth is associated with exacerbating financial crises, its impact on economic activity and development are unclear. Using bond payments to samurai in nineteenth century Japan as a quasi-natural experiment and exploiting regional variation, we find samurai population shares are positively associated with short run firm establishment, capital investment, and average firm capital. In the long run, initial samurai population share corresponds with higher per capita output growth and labor reallocation throughout the prewar period conditional on early adoption of railways. Our results indicate the interaction of credit supply with productivity-enhancing technology provides persistent growth and structural change.
