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Land rights, local financial development and industrial activity: evidence from Flanders (nineteenth-early twentieth century)

机译:土地权利,地方金融发展和工业活动:来自佛兰德斯的证据(十九世纪十九世纪)

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In this paper, we investigate the hypothesis that the economic divergence across Flemish localities between 1830 and 1910 is explained by the theory of Hernando de Soto. We hypothesize that the uniform land rights installed after the French revolution provided borrowers with an attractive form of collateral. Conditional on the presence of local financial development provided by a new government-owned bank this eased access to external finance and fostered industrial and commercial economic activity. Using primary historical data of about 1179 localities in Flanders, we find that the variation in the local value of land (collateral) and the variation in local financial development jointly explain a substantial amount of the variation in non-agricultural employment accumulated between 1830 and 1910. By 1910, industrial and commercial economic activity was more developed in localities where both early (1846) rural land prices were high and early (1880) local financial development was more pronounced, which is in line with the 'de Soto' hypothesis.
机译:在本文中,我们调查了1830年和1910年间佛佛氏佛兰芒地区的经济分歧的假设是由Hernando de Soto的理论解释的。我们假设法国革命后安装的统一土地权利为借款人提供了具有吸引力的抵押品。有条件在新的政府所有银行提供的当地财务发展的存在,这缓解了外部融资和培养了工业和商业经济活动。在法兰德斯中使用大约1179个地方的主要历史数据,我们发现土地(抵押品)的局部价值和当地金融发展的变化联合解释了1830年至1910年间累计的非农业就业的大量变化。到1910年,工业和商业经济活动更加发达的地方,早期(1846年)农村土地价格高,早期(1880年)当地的金融发展更加明显,这符合'de Soto'假设。

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