Railroad expansion and industrialization: evidence from Meiji Japan
Railroads in late nineteenth-century Japan are credited with facilitating factor mobility as well as access to human and financial capital, but their impact on firms has been unclear. Using a prefecture-level panel data set and a difference-in-differences model that exploits the temporal and spatial variation of railroad expansion, I investigate the relationship between railways and increased firm activity. Rail access led to higher average firm capitalization, particularly in manufacturing,...[Show more]
|Collections||ANU Research Publications|
|Source:||Journal of Economic History|
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