Banking and industrialization

Autor: Stephan Heblich, Alex Trew
Přispěvatelé: University of St Andrews. School of Economics and Finance
Jazyk: angličtina
Rok vydání: 2019
Předmět:
Zdroj: Heblich, S & Trew, A 2018, ' Banking and Industrialization ', Journal of the European Economic Association, vol. 17, no. 6, jvy037, pp. 1753-1796 . https://doi.org/10.1093/jeea/jvy037
ISSN: 1542-4766
DOI: 10.1093/jeea/jvy037
Popis: Research for this paper was supported by the Institute for New Economic Thinking (INET) Grant No. INO15-00025. We establish a causal role for banking access in the spread of the Industrial Revolution over the period 1817–1881 by exploiting unique employment data from 10,528 parishes across England and Wales and a novel instrument. We estimate that a one standard deviation increase in 1817 finance employment increases annualized industrial employment growth by 0.93 percentage points. We establish the role of structural transformation as an underlying growth mechanism and show that banking access: (i) increases the industrial employment share; (ii) stimulates urbanization; and (iii) fosters inter-industry transition to high TFP, intermediate and capital-intensive sub-sectors. Postprint
Databáze: OpenAIRE
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