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Banking and industrialization

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dc.contributor.authorHeblich, Stephan
dc.contributor.authorTrew, Alex
dc.date.accessioned2020-09-26T23:34:45Z
dc.date.available2020-09-26T23:34:45Z
dc.date.issued2019-12
dc.identifier.citationHeblich , S & Trew , A 2019 , ' Banking and industrialization ' , Journal of the European Economic Association , vol. 17 , no. 6 , pp. 1753-1796 . https://doi.org/10.1093/jeea/jvy037en
dc.identifier.issn1542-4766
dc.identifier.otherPURE: 252716734
dc.identifier.otherPURE UUID: 1053c2cb-8433-4db4-831d-eba16c81c515
dc.identifier.otherScopus: 85079656600
dc.identifier.otherWOS: 000509691900003
dc.identifier.urihttps://hdl.handle.net/10023/20692
dc.descriptionResearch for this paper was supported by the Institute for New Economic Thinking (INET) Grant No. INO15-00025.en
dc.description.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.
dc.language.isoeng
dc.relation.ispartofJournal of the European Economic Associationen
dc.rights© 2018, the Author(s). Published by Oxford University Press on behalf of European Economic Association. This work has been made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1093/jeea/jvy037en
dc.subjectBankingen
dc.subjectIndustrial Revolutionen
dc.subjectStructural transformationen
dc.subjectRegional economic growthen
dc.subjectUrbanizationen
dc.subjectDA Great Britainen
dc.subjectHB Economic Theoryen
dc.subjectHD28 Management. Industrial Managementen
dc.subject3rd-NDASen
dc.subjectBDCen
dc.subjectR2Cen
dc.subjectSDG 8 - Decent Work and Economic Growthen
dc.subject.lccDAen
dc.subject.lccHBen
dc.subject.lccHD28en
dc.titleBanking and industrializationen
dc.typeJournal articleen
dc.description.versionPostprinten
dc.contributor.institutionUniversity of St Andrews. School of Economics and Financeen
dc.identifier.doihttps://doi.org/10.1093/jeea/jvy037
dc.description.statusPeer revieweden
dc.date.embargoedUntil2020-09-27


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