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Financial Intermediation and Late Development: The Case of Meiji Japan, 1868 to 1912

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Author Info
John Tang

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Abstract

Was nineteenth century Japan an example of finance-led growth? Using a new panel dataset of startup firms from the Meiji Period (1868-1912), I test whether financial sector development influenced the emergence of modern industries. Results from multiple econometric models suggest that increased financial intermediation, particularly from banks, is associated with greater firm establishment. This corresponds with the theory of late development that industrialization requires intermediaries to mobilize and allocate financing. The effect is pronounced in the second half of the period and for heavy industries, which may be due to improved institutions and larger capital requirements, respectively.

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File URL: http://www.ces.census.gov/index.php/ces/cespapers?down_key=101807
File Format: application/pdf
File Function: First version, 2008
Download Restriction: no

Publisher Info
Paper provided by Center for Economic Studies, U.S. Census Bureau in its series Working Papers with number 08-01.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 45 pages
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:cen:wpaper:08-01

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Web page: http://www.ces.census.gov

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Related research
Keywords: Financial intermediation; late development; industrialization; Japan;

Find related papers by JEL classification:
N15 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Asia including Middle East
N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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This page was last updated on 2009-12-1.

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