The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan
利用19世纪日本武士债券支付和铁路引入的区域差异，研究发现信贷供给与市场准入共同促进了区域间和部门间的资源再分配，推动了第三产业增长和第一产业收缩，但对长期净增长影响不大。
While credit supply growth is associated with exacerbating financial crises, its impact on long-run growth is unclear. Market access similarly has ambiguous economic effects over time. Using regional variation in bond payments to samurai and the introduction of railways in nineteenth century Japan, we find that together they are associated with persistent redistributive effects between regions and sectors. Areas with higher bond value and railway access experienced tertiary sector growth and primary sector shrinkage, with analogous results in sectoral labor shares. This interaction between credit supply and market access facilitated structural transformation but had little long-run net growth impact.