In this paper, we explore the structure and implications of interbank networks in prewar Japan, focusing on director interlocking. We find that approximately half the banks had at least one connection with another bank through director interlocking, and that a bank that had connections with...

Village-level aggregate shocks such as droughts and floods cannot be perfectly insured by risk sharing within a village. Then, what type of households are more vulnerable in terms of a decline in consumption when a village is hit by such natural disasters? This question is investigated in this...

We examine two sources of productivity improvement in the specialized industrial clusters of the early twentieth century Japanese silk-reeling industry. Agglomeration improves the productivity of each plant through positive externalities, shifting plant-level productivity distribution to the...

In this paper, we explore the role of the legal system in economic development, focusing on its relationship to the role of private mechanisms in contract enforcement. We use long-term prefecture-level panel data that cover the early stages of industrialization and urbanization in Japan. We...

This paper investigates the sequence of trade liberalization in postwar Japan and its determinants. As the Japanese government utilized the foreign exchange allocation system as a tool for the industrial policy, especially for protecting domestic industries, in the 1950s, trade liberalization...

This paper investigates the repayment behavior of microfinance borrowers in Pakistan using a unique dataset of about 45,000 installments/repayments covering 2,945 microfinance borrower households over the period 1998-2007. In early 2005, the microfinance institution for these borrowers adopted a...

This paper investigates the function of various modes of wage payment, focusing on the role of in-kind wages in enhancing household food security when markets are underdeveloped. Historical records from Asian countries, including pre-war Japan and colonial India, demonstrate the importance of...

This paper studies an early participatory rural development program implemented during the 1930s in Japan. This program selected several villages each year to draft and implement their own original development plans. I discuss the implications of the features of the program on its effectiveness....

Based on a pilot survey, we analyze the damages caused by floods in Pakistan, 2010, the istribution of aid, and the extent of recovery at he household level. With regard to the nature of damages, we show that flood damages had both between-village and within-village variation, and damages to...

This paper addresses a fundamental question on corporate governance, “What did corporate executives, outside directors and large shareholders really do ?” Although this question is essential, it has not been fully addressed in the literature, basically due to the constraint of relevant...