辽宁大学经济学前沿高端讲座第九十八讲 Banking and Innovation: Evidence from the Industrial Revolution

来源：

学校官网

收录时间：

2025-10-27 16:15:12

时间：

2025-10-31 14:00:00

地点：

辽宁大学崇山校区五洲园一楼会议室

报告人：

魏金霖

学校：

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关键词：

banking, innovation, Industrial Revolution, economic history, patents, financial development, credit constraints

简介：

How did banks affect innovation in England and Wales between 1750 and 1825? Using a new district-level panel dataset on patents and banks, I find that better access to banking services increased patenting. My baseline estimation, which includes district and year fixed effects, shows that a one-standard deviation increase in banking access increased patenting by 15.6% of a standard deviation. I establish a causal relationship by constructing instrumental variables that utilize shocks to the money supply and the locations of historical post towns to predict the growth of country banks. My findings suggest that banks formed a national financial market that channeled surplus funds from rural districts to industrial areas that lacked credit. Banks increased patents acquired by industrialists and merchants by lowering the costs of procuring working capital. The effects of banks were larger in districts subject to tighter credit constraints and lacked access to the London money market.

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