The Samurai Bond
Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
Bibliographic Data
| ID | 5752933 |
|---|---|
| Authors | Sergi Basco (0000-0002-0044-4897, Universitat de Barcelona), John P Tang (0000-0003-1669-4249, The University of Melbourne) |
| Year | 2020 |
| Volume | 80 |
| Issue | 2 |
| Pages | 457-500 |
| Publication date | 2020-06-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050720000212 |
| OpenAlex | W3015899181 |
| Language | EN |
| Citations received | 1 |
| References cited | 45 |
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
Bond · Bond market · Business · Economics · Financial system · Macroeconomics · Market access · Market economy · Monetary economics · Payment · Supply and demand · Supply side · Banking stability, regulation, efficiency · Finance · Housing Market and Economics · Local Government Finance and Decentralization
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| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2025 - 2025 (1) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 1 |