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and unprecedented codification of technical knowledge in Meiji Japan as a natural experiment, we show that this pattern … appeared in Japan only after the Japanese government codified as much technical knowledge as what was available in Germany in … Japan was unique among non-Western countries in successfully industrializing during the first wave of globalization …
Persistent link: https://www.econbiz.de/10014635630
rare. Our methodology avoids look-ahead bias and addresses semantic shifts. War discourse positively predicts market …-grade corporate bonds. The predictive power of war discourse increases in more recent time periods …
Persistent link: https://www.econbiz.de/10014287305
Can ideas mobilize people into collective action? We provide a positive answer to this question by studying how exposure to the Communist ideology shaped an individual's choice to join the Chinese Communist Party (CCP) during the party's formative stage. The individuals we focus on are cadets at...
Persistent link: https://www.econbiz.de/10014226144
In the marriage market, families make investments on behalf of their young so that they are able to form a household with their preferred partner. We analyze marriage markets in a central region of China between about 1300 and 1850 through the lens of a model of marriage matching and...
Persistent link: https://www.econbiz.de/10013462674
We quantify the contribution of the largest firms to South Korea's economic performance over the period 1972-2011. Using firm-level historical data, we document a novel fact: firm concentration rose substantially during the growth miracle period. To understand whether rising concentration...
Persistent link: https://www.econbiz.de/10014635611
returns, random growth, and locational fundamentals. To do so, we examine the distribution of regional population in Japan …
Persistent link: https://www.econbiz.de/10012470201
this line of research to Asia. Japan imposed its system of well-defined property rights in land on some of its Asian … colonies, including Korea, Taiwan and Palau. In 1939 Japan began to survey and register private land in its island colonies, an … effort that was completed in Palau but interrupted elsewhere by World War II. Within Micronesia robust economic development …
Persistent link: https://www.econbiz.de/10012462106
Disequilibrating macro shocks affect different firms' prospects differently, increasing idiosyncratic variation in forward-looking stock returns before affecting economic growth. Consistent with most such shocks from 1947 to 2020 enhancing productivity, increased idiosyncratic stock return...
Persistent link: https://www.econbiz.de/10013210099
The high social costs of financial crises imply that economists, policymakers, businesses, and households have a tremendous incentive to understand, and try to prevent them. And yet, so far we have failed to learn how to avoid them. In this article, we take a novel approach to studying financial...
Persistent link: https://www.econbiz.de/10014512067
We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by severe declines in output, investment, and consumption in...
Persistent link: https://www.econbiz.de/10014576584