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Financial intermediation and late development in Meiji Japan, 1868 to 1912

Tang, John


Was nineteenth-century Japan an example of finance-led growth? Using a new panel data set of firms from the Meiji period (1868–1912), this article tests whether financial sector development influenced extensive firm activity across industries and locations. Results from a two-stage least squares first difference model suggest that financial intermediation is associated with additional net firm establishment, particularly in light manufacturing sectors like textiles. The overall effect is muted...[Show more]

CollectionsANU Research Publications
Date published: 2013-08
Type: Journal article
Source: Financial History Review 20. 2 (2013): 111-135
DOI: 10.1017/S0968565013000085


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