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  1. Selective technology choice, adaptations, and industrial development
    lessons from Japanese historical experience
    Author: Hashino, Tomoko; Ōtsuka, Keijirō
    Published: [2022]
    Publisher:  Graduate School of Economics, Kobe University, Rokko, Kobe, Japan

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 695
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / [Graduate School of Economics, Kobe University] ; no. 22, 04 (February 2022)
    Subjects: selective technology choice; technological adaptations; labor-intensive industrialization; flying-geese pattern of development; cotton industry; silk industry; prewar Japan
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  2. Comparative advantage and pathways to financial development: evidence from Japan's silk-reeling industry
    Author: Hoffmann, Mathias; Okubo, Toshihiro
    Published: May 2021
    Publisher:  University of Zurich, Department of Economics, Zurich

    We exploit the natural experiment of Japan’s opening to international trade to examine how comparative advantage can shape a country’s long-run path towards financial development. In the late 19th century, many of Japan’s prefectures had a natural... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 191
    Inter-library loan:
    No inter-library loan

     

    We exploit the natural experiment of Japan’s opening to international trade to examine how comparative advantage can shape a country’s long-run path towards financial development. In the late 19th century, many of Japan’s prefectures had a natural comparative advantage in silk reeling. Producing silk for export required access to finance. At the same time, for technological reasons, borrower-quality in the silk reeling industry was notoriously hard to assess. Silk exporters overcame these frictions by forming local cooperative banks. We show that in the ancient silk prefectures, local cooperative banks continued to dominate local banking markets for over a century while bigger, country-wide banks came to dominate in other regions. By the late 20th century, the silk prefectures are indistinguishable from other regions in terms of their general level of financial development. However, our results suggest that they were effectively less financially integrated with the rest of the country. Hence, comparative advantage in silk favored the emergence of a banking-system dominated by small relationship lenders. But due to the local nature of these lenders, it also caused long-term geographical segmentation in banking markets.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/234566
    Edition: This version: May 2021
    Series: Working paper series / University of Zurich, Department of Economics ; no. 387
    Subjects: Comparative advantage; financial development; financial integration; Japan; banking history; trade credit; export finance; silk industry; relationship lending
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen