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1、RailroadExpansionandIndustrialization:EvidencefromMeijiJapanJOHNP.TANGRailroadsinlatenineteenth-centuryJapanarecreditedwithfacilitatingfactormobilityaswellasaccesstohumanandfinancialcapital,buttheirimpactonfirmshasbeenunclear.Usingaprefecture-levelpaneldatasetandadifference-in-differencesmo
2、delthatexploitsthetemporalandspatialvariationofrailroadexpansion,Iinvestigatetherelationshipbetweenrailwaysandincreasedfirmactivity.Railaccessledtohigheraveragefirmcapitalization,particularlyinmanufacturing,andmorepopulatedandlessaccessibleareasgaineddisproportionatelymorefirms.Bywideningmar
3、ketsandallowingforagglomerationeconomies,Japaneserailwayspromotedcapitalinvestmentandmoreefficientresourceallocation.OnhissecondvisittoJapanin1854,CommodoreMatthewPerrybroughtaminiaturesteamlocomotivethatranonamile-1circumferencetrack.Curiousonlookerswereimpressednotonlybythenoveltyofthedesi
4、gn,butespeciallywithitsrapidity:oneimprompturidersittingatopthetrain“clungwithadesperateholdtotheedgeoftheroof…anddescribedtheexperience‘asthoughitwere2flying’”(Ericson1996,p.4).Eighteenyearsandarevolutionlater,theMeijiemperoropenedthecountry’sfirstrailwaybetweenTokyoandYokohama,whichcutthed
5、aylongjourneybyfoottolessthananhourbytrain(Free2008,pp.11,85).TheJournalofEconomicHistory,Vol.74,No.3(September2014).©TheEconomicHistoryAssociation.Allrightsreserved.ddoi:10.1017/S002205071400062X.JohnP.TangisLecturer,ResearchSchoolofEconomics,TheAustralianNationalUniversity,LFCrispBuilding
6、26,ActonACT0200Australia.E-mail:john.tang@anu.edu.au.TheauthorthanksTimHatton,JeffWilliamson,AnnCarlos,TetsujiOkazaki;twoanonymousreferees;seminarparticipantsatUniversitatdeBarcelona,UniversityofOxford,LondonSchoolofEconomics,UniversityofNewSouthWales,UniversityofCalifornia,Berkeley,National
7、UniversityofSingapore,andUniversityofSydneyaswellasparticipantsattheAsianHistoricalEconomicsConferenceandNBERJapanProjectmeetingforusefulcomments.ThisresearchdissupportedbygrantsprovidedbytheANUCollegeofBusinessandEconomicsandtheAustralianResearchC
