KAPCSOLAT MTA KTI GYIK BELÉPÉS WEBMAIL NYELV VÁLTÓ
CÍMKÉK:

Cikk

Madarász Aladár

Az államadósság gyorsító szerepe az ipari forradalom kialakulásában
2015. június 23.

Debt into Growth: How Sovereign Debt Accelerated
the First Industrial Revolution

Jaume Ventura, Hans-Joachim Voth

NBER WorkingPaper No. 21280
Issued in June 2015
NBER Program(s):   EFG   IFM

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. This paper is available as PDF.


CÍMKÉK: államadósság
Kommentek száma: 0
Amennyiben hozzá szeretne szólni, kérjük regisztráljon és jelentkezzen be.

Hozzászólások

Nincs hozzászólás.
Intézményünk országos és
nemzetközi hálózati kapcsolatát
az NIIF program biztosítja
MTA - Magyar Tudományos Akadémia MTA
Magyar Tudományos Akadémia
 
Utolsó módosítás:
2018-03-14 11:16:49