| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10652 |
| DP10652 Debt into Growth: How Sovereign Debt accelerated the First Industrial Revolution | |
| Jaume Ventura; Hans-Joachim Voth | |
| 发表日期 | 2015-06-14 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Why did the country that borrowed the most industrialize first? Earlier research has viewed the explosion of debt in 18th century Britain as either detrimental, or as neutral for economic growth. In this paper, we argue instead that Britain?s borrowing boom was beneficial. The massive issuance of liquidly traded bonds allowed the nobility to switch out of low-return investments such as agricultural improvements. This switch lowered factor demand by old sectors and increased profits in new, rising ones such as textiles and iron. Because external financing contributed little to the Industrial Revolution, this boost in profits in new industries accelerated structural change, making Britain more industrial more quickly. The absence of an effective transfer of financial resources from old to new sectors also helps to explain why the Industrial Revolution led to massive social change ? because the rich nobility did not lend to or invest in the revolutionizing industries, it failed to capture the high returns to capital in these sectors, leading to relative economic decline. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics |
| 关键词 | Crowding out Debt crises Financial repression Industrial revolution Misallocation Productivity Ricardian equivalence Structural change |
| URL | https://cepr.org/publications/dp10652 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539484 |
| 推荐引用方式 GB/T 7714 | Jaume Ventura,Hans-Joachim Voth. DP10652 Debt into Growth: How Sovereign Debt accelerated the First Industrial Revolution. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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