Was nineteenth century Japan an example of finance-led growth? Using a new panel dataset of startup firms from the Meiji Period (1868-1912), I test whether financial sector development influenced the emergence of modern industries. Results from multiple econometric models suggest that increased...

National registries of toxic chemical emissions and facilities are increasingly used to raise public awareness of potential health hazards in local areas, but an unintended consequence may be the offshoring of production to less regulated countries. Using disaggregated U.S. trade data, this...

Does increased environmental protection decrease the emission of pollutants or merely displace them? Using newly available trade data, this study examines the flows of a panel of chemicals designated as toxic by the U.S. Environmental Protection Agency’s Toxics Release Inventory (TRI)....

Large family-owned conglomerates known as zaibatsu have long been credited with leading Japanese industrialization during the Meiji period (1868–1912), despite a lack of empirical analysis. Using a new dataset collected from corporate genealogies to estimate entry probabilities, it is found...

type="main" xml:lang="en" <p>Large family-owned conglomerates known as zaibatsu have long been credited with leading Japanese industrialization during the Meiji period (1868–1912), despite a lack of empirical analysis. Using a new dataset collected from corporate genealogies to estimate entry...</p>

What is the role of foreign currency debt in precipitating financial crises? In this paper we assemble data for nearly 30 countries between 1880 and 1913 and examine debt crises, currency crises, banking crises and twin crises. We pay special attention to the role of foreign currency and gold...

The classical gold standard period, 1880-1913, witnessed deep economic integration. High capital imports were related to better growth performance but may also have created greater volatility via financial crises. I first document the substantial output losses from various types of crises. I...

It is generally very difficult to measure the effects of a currency depreciation on a country%u2019s balance sheet and financing costs given the endogenous properties of the exchange rate. History provides at least one natural experiment to test whether an exogenous exchange rate depreciation...