BANKING AND INDUSTRIALIZATION

• 成果类型: Article
• 署名作者: Heblich, Stephan; Trew, Alex
• 署名单位: University of Bristol; University of St Andrews
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvy037
• 发表日期: 2019
• 页码: 1753-1796
• 关键词: financial development; GROWTH; agriculture; MARKETS; misallocation; CONTRACTS; access; RISK

摘要

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.