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.

中文翻译：

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武士债券：战前日本的信贷供应、市场准入和结构转型

虽然信贷供应增长与金融危机加剧有关，但其对长期增长的影响尚不清楚。随着时间的推移，市场准入同样会产生模糊的经济影响。使用支付给武士的债券的地区差异和 19 世纪日本铁路的引入，我们发现它们与地区和部门之间持续的再分配效应有关。具有较高债券价值和铁路通道的地区经历了第三产业增长和第一产业萎缩，部门劳动力份额也出现了类似的结果。信贷供应和市场准入之间的这种相互作用促进了结构转型，但对长期净增长影响不大。