Banking and Industrialization
Copyright policy )Banking and Industrialization
AbstractWe establish a causal role for banking access in the spread of the Industrial Revolution over the period 1817–1881 by exploiting unique employment data from 10,528 parishes across England and Wales and a novel instrument. We estimate that a one standard deviation increase in 1817 finance employment increases annualized industrial employment growth by 0.93 percentage points. We establish the role of structural transformation as an underlying growth mechanism and show that banking access: (i) increases the industrial employment share; (ii) stimulates urbanization; and (iii) fosters inter-industry transition to high TFP, intermediate and capital-intensive sub-sectors.
- University of Bristol United Kingdom
- Escola Brasileira de Economia e Finanças Brazil
- Harvard Kennedy School United States
- University of Stirling United Kingdom
- University of St Andrews United Kingdom
HC, /dk/atira/pure/core/keywords/econ_ceps_environment, N23, 330, DA, HD28 Management. Industrial Management, HB, Industrial Revolution, O40, banking, HC Economic History and Conditions, industrial revolution, urbanization, /dk/atira/pure/core/keywords/econ_applied_economics, name=ECON CEPS Environment, 3rd-NDAS, R2C, HB Economic Theory, O11, ddc:330, Urbanization, Banking; industrial revolution; structural transformation; regional economic growth; urbanization., /dk/atira/pure/core/keywords/econ_ceps_environment; name=ECON CEPS Environment, SDG 8 - Decent Work and Economic Growth, banking, industrial revolution, structural transformation, regional economic growth, urbanization, structural transformation, R11, Banking, regional economic growth, O16, DA Great Britain, name=ECON Applied Economics, Regional economic growth, HD28, /dk/atira/pure/core/keywords/econ_applied_economics; name=ECON Applied Economics, BDC, Structural transformation, jel: jel:O40, jel: jel:N23, jel: jel:O11, jel: jel:O16, jel: jel:R11
HC, /dk/atira/pure/core/keywords/econ_ceps_environment, N23, 330, DA, HD28 Management. Industrial Management, HB, Industrial Revolution, O40, banking, HC Economic History and Conditions, industrial revolution, urbanization, /dk/atira/pure/core/keywords/econ_applied_economics, name=ECON CEPS Environment, 3rd-NDAS, R2C, HB Economic Theory, O11, ddc:330, Urbanization, Banking; industrial revolution; structural transformation; regional economic growth; urbanization., /dk/atira/pure/core/keywords/econ_ceps_environment; name=ECON CEPS Environment, SDG 8 - Decent Work and Economic Growth, banking, industrial revolution, structural transformation, regional economic growth, urbanization, structural transformation, R11, Banking, regional economic growth, O16, DA Great Britain, name=ECON Applied Economics, Regional economic growth, HD28, /dk/atira/pure/core/keywords/econ_applied_economics; name=ECON Applied Economics, BDC, Structural transformation, jel: jel:O40, jel: jel:N23, jel: jel:O11, jel: jel:O16, jel: jel:R11
citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).22 popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.Top 10% influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Top 10% impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Average
Citations provided by BIP!Popularity provided by BIP!