Historical Perspectives on Financial Development and Economic Growth

Abstract

This article attempts to narrow the gap between the views of economic historians and macroeconomists studying finance and growth. The authors illustrate with standard macroeconometric techniques that the historical time series that are available for Amsterdam (1640-1794), England (1720-1850), the United States (1790-1850), and Meiji Japan (1880-1913) are consistent with the “finance-led” growth hypothesis.

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