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Savings and early economic growth in the United States and Japan
Affiliation:1. Department of Intercultural Studies, Nagoya City University, Nagoya, Japan;2. Department of Economics, Rouss Hall, University of Virginia, Charlottesville VA 22903, USA;1. Key Laboratory of UV-Emitting Materials and Technology (Northeast Normal University), Ministry of Education, Changchun 130024, China;2. Department of Basic Medicine, Gerontology Department of First Bethune Hospital, Jilin University, Changchun, Jilin 130021, China;1. A.I. Alikhanyan National Science Laboratory (Yerevan Physics Institute) Foundation, Yerevan, Armenia;2. Bogolyubov Institute for Theoretical Physics, National Academy of Sciences of Ukraine, Kiev, Ukraine;3. Bose Institute, Department of Physics and Centre for Astroparticle Physics and Space Science (CAPSS), Kolkata, India;4. Budker Institute for Nuclear Physics, Novosibirsk, Russia;5. California Polytechnic State University, San Luis Obispo, CA, United States;6. Central China Normal University, Wuhan, China;7. Centre de Calcul de l''IN2P3, Villeurbanne, Lyon, France;8. Centro de Aplicaciones Tecnológicas y Desarrollo Nuclear (CEADEN), Havana, Cuba;9. Centro de Investigación y de Estudios Avanzados (CINVESTAV), Mexico City and Mérida, Mexico;10. Centro Fermi – Museo Storico della Fisica e Centro Studi e Ricerche “Enrico Fermi'', Rome, Italy;11. Chicago State University, Chicago, IL, United States;12. China Institute of Atomic Energy, Beijing, China;13. Comenius University Bratislava, Faculty of Mathematics, Physics and Informatics, Bratislava, Slovakia;14. COMSATS University Islamabad, Islamabad, Pakistan;15. Creighton University, Omaha, NE, United States;16. Department of Physics, Aligarh Muslim University, Aligarh, India;17. Department of Physics, Pusan National University, Pusan, Republic of Korea;18. Department of Physics, Sejong University, Seoul, Republic of Korea;19. Department of Physics, University of California, Berkeley, CA, United States;20. Department of Physics, University of Oslo, Oslo, Norway;21. Department of Physics and Technology, University of Bergen, Bergen, Norway;22. Dipartimento di Fisica dell''Università ‘La Sapienza’ and Sezione INFN, Rome, Italy;23. Dipartimento di Fisica dell''Università and Sezione INFN, Cagliari, Italy;24. Dipartimento di Fisica dell''Università and Sezione INFN, Trieste, Italy;25. Dipartimento di Fisica dell''Università and Sezione INFN, Turin, Italy;26. Dipartimento di Fisica e Astronomia dell''Università and Sezione INFN, Bologna, Italy;27. Dipartimento di Fisica e Astronomia dell''Università and Sezione INFN, Catania, Italy;28. Dipartimento di Fisica e Astronomia dell''Università and Sezione INFN, Padova, Italy;29. Dipartimento di Fisica ‘E.R. Caianiello’ dell''Università and Gruppo Collegato INFN, Salerno, Italy;30. Dipartimento DISAT del Politecnico and Sezione INFN, Turin, Italy;31. Dipartimento di Scienze e Innovazione Tecnologica dell''Università del Piemonte Orientale and INFN Sezione di Torino, Alessandria, Italy;32. Dipartimento Interateneo di Fisica ‘M. Merlin’ and Sezione INFN, Bari, Italy;33. European Organization for Nuclear Research (CERN), Geneva, Switzerland;34. Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture, University of Split, Split, Croatia;35. Faculty of Engineering and Science, Western Norway University of Applied Sciences, Bergen, Norway;36. Faculty of Nuclear Sciences and Physical Engineering, Czech Technical University in Prague, Prague, Czech Republic;37. Faculty of Science, P.J. Šafárik University, Košice, Slovakia;38. Frankfurt Institute for Advanced Studies, Johann Wolfgang Goethe-Universität Frankfurt, Frankfurt, Germany;39. Fudan University, Shanghai, China;40. Gangneung-Wonju National University, Gangneung, Republic of Korea;41. Gauhati University, Department of Physics, Guwahati, India;42. Helmholtz-Institut für Strahlen- und Kernphysik, Rheinische Friedrich-Wilhelms-Universität Bonn, Bonn, Germany;43. Helsinki Institute of Physics (HIP), Helsinki, Finland;44. High Energy Physics Group, Universidad Autónoma de Puebla, Puebla, Mexico;45. Hiroshima University, Hiroshima, Japan;46. Hochschule Worms, Zentrum für Technologietransfer und Telekommunikation (ZTT), Worms, Germany;47. Horia Hulubei National Institute of Physics and Nuclear Engineering, Bucharest, Romania;48. Indian Institute of Technology Bombay (IIT), Mumbai, India;49. Indian Institute of Technology Indore, Indore, India;50. Indonesian Institute of Sciences, Jakarta, Indonesia;51. INFN, Laboratori Nazionali di Frascati, Frascati, Italy;52. INFN, Sezione di Bari, Bari, Italy;53. INFN, Sezione di Bologna, Bologna, Italy;54. INFN, Sezione di Cagliari, Cagliari, Italy;55. INFN, Sezione di Catania, Catania, Italy;56. INFN, Sezione di Padova, Padova, Italy;57. INFN, Sezione di Roma, Rome, Italy;58. INFN, Sezione di Torino, Turin, Italy;59. INFN, Sezione di Trieste, Trieste, Italy;60. Inha University, Incheon, Republic of Korea;61. Institut de Physique Nucléaire d''Orsay (IPNO), Institut National de Physique Nucléaire et de Physique des Particules (IN2P3/CNRS), Université de Paris-Sud, Université Paris-Saclay, Orsay, France;62. Institute for Nuclear Research, Academy of Sciences, Moscow, Russia;63. Institute for Subatomic Physics, Utrecht University/Nikhef, Utrecht, Netherlands;64. Institute of Experimental Physics, Slovak Academy of Sciences, Košice, Slovakia;65. Institute of Physics, Homi Bhabha National Institute, Bhubaneswar, India;66. Institute of Physics of the Czech Academy of Sciences, Prague, Czech Republic;67. Institute of Space Science (ISS), Bucharest, Romania;68. Institut für Kernphysik, Johann Wolfgang Goethe-Universität Frankfurt, Frankfurt, Germany;69. Instituto de Ciencias Nucleares, Universidad Nacional Autónoma de México, Mexico City, Mexico;70. Instituto de Física, Universidade Federal do Rio Grande do Sul (UFRGS), Porto Alegre, Brazil;71. Instituto de Física, Universidad Nacional Autónoma de México, Mexico City, Mexico;72. iThemba LABS, National Research Foundation, Somerset West, South Africa;73. Jeonbuk National University, Jeonju, Republic of Korea;74. Johann-Wolfgang-Goethe Universität Frankfurt Institut für Informatik, Fachbereich Informatik und Mathematik, Frankfurt, Germany;75. Joint Institute for Nuclear Research (JINR), Dubna, Russia;76. Korea Institute of Science and Technology Information, Daejeon, Republic of Korea;77. KTO Karatay University, Konya, Turkey;78. Laboratoire de Physique Subatomique et de Cosmologie, Université Grenoble-Alpes, CNRS-IN2P3, Grenoble, France;79. Lawrence Berkeley National Laboratory, Berkeley, CA, United States;80. Lund University Department of Physics, Division of Particle Physics, Lund, Sweden;81. Nagasaki Institute of Applied Science, Nagasaki, Japan;82. Nara Women''s University (NWU), Nara, Japan;83. National and Kapodistrian University of Athens, School of Science, Department of Physics, Athens, Greece;84. National Centre for Nuclear Research, Warsaw, Poland;85. National Institute of Science Education and Research, Homi Bhabha National Institute, Jatni, India;86. National Nuclear Research Center, Baku, Azerbaijan;87. National Research Centre Kurchatov Institute, Moscow, Russia;88. Niels Bohr Institute, University of Copenhagen, Copenhagen, Denmark;89. Nikhef, National institute for subatomic physics, Amsterdam, Netherlands;90. NRC Kurchatov Institute IHEP, Protvino, Russia;91. NRC «Kurchatov Institute» – ITEP, Moscow, Russia;92. NRNU Moscow Engineering Physics Institute, Moscow, Russia;93. Nuclear Physics Group, STFC Daresbury Laboratory, Daresbury, United Kingdom;94. Nuclear Physics Institute of the Czech Academy of Sciences, Řež u Prahy, Czech Republic;95. Oak Ridge National Laboratory, Oak Ridge, TN, United States;96. Ohio State University, Columbus, OH, United States;97. Petersburg Nuclear Physics Institute, Gatchina, Russia;98. Physics department, Faculty of science, University of Zagreb, Zagreb, Croatia;99. Physics Department, Panjab University, Chandigarh, India;100. Physics Department, University of Jammu, Jammu, India;101. Physics Department, University of Rajasthan, Jaipur, India;102. Physikalisches Institut, Eberhard-Karls-Universität Tübingen, Tübingen, Germany;103. Physikalisches Institut, Ruprecht-Karls-Universität Heidelberg, Heidelberg, Germany;104. Physik Department, Technische Universität München, Munich, Germany;105. Politecnico di Bari, Bari, Italy;106. Research Division and ExtreMe Matter Institute EMMI, GSI Helmholtzzentrum für Schwerionenforschung GmbH, Darmstadt, Germany;107. Rudjer Bošković Institute, Zagreb, Croatia;108. Russian Federal Nuclear Center (VNIIEF), Sarov, Russia;109. Saha Institute of Nuclear Physics, Homi Bhabha National Institute, Kolkata, India;110. School of Physics and Astronomy, University of Birmingham, Birmingham, United Kingdom;111. Sección Física, Departamento de Ciencias, Pontificia Universidad Católica del Perú, Lima, Peru;112. St. Petersburg State University, St. Petersburg, Russia;113. Stefan Meyer Institut für Subatomare Physik (SMI), Vienna, Austria;114. SUBATECH, IMT Atlantique, Université de Nantes, CNRS-IN2P3, Nantes, France;115. Suranaree University of Technology, Nakhon Ratchasima, Thailand;116. Technical University of Košice, Košice, Slovakia;117. Technische Universität München, Excellence Cluster ‘Universe’, Munich, Germany;118. The Henryk Niewodniczanski Institute of Nuclear Physics, Polish Academy of Sciences, Cracow, Poland;119. The University of Texas at Austin, Austin, TX, United States;120. Universidad Autónoma de Sinaloa, Culiacán, Mexico;121. Universidade de São Paulo (USP), São Paulo, Brazil;122. Universidade Estadual de Campinas (UNICAMP), Campinas, Brazil;123. Universidade Federal do ABC, Santo Andre, Brazil;124. University of Cape Town, Cape Town, South Africa;125. University of Houston, Houston, TX, United States;126. University of Jyväskylä, Jyväskylä, Finland;127. University of Liverpool, Liverpool, United Kingdom;128. University of Science and Technology of China, Hefei, China;129. University of South-Eastern Norway, Tonsberg, Norway;130. University of Tennessee, Knoxville, TN, United States;131. University of the Witwatersrand, Johannesburg, South Africa;132. University of Tokyo, Tokyo, Japan;133. University of Tsukuba, Tsukuba, Japan;134. Université Clermont Auvergne, CNRS/IN2P3, LPC, Clermont-Ferrand, France;135. Université de Lyon, Université Lyon 1, CNRS/IN2P3, IPN-Lyon, Villeurbanne, Lyon, France;136. Université de Strasbourg, CNRS, IPHC UMR 7178, F-67000 Strasbourg, France, Strasbourg, France;137. Université Paris-Saclay Centre d''Etudes de Saclay (CEA), IRFU, Départment de Physique Nucléaire (DPhN), Saclay, France;138. Università degli Studi di Foggia, Foggia, Italy;139. Università degli Studi di Pavia, Pavia, Italy;140. Università di Brescia, Brescia, Italy;141. Variable Energy Cyclotron Centre, Homi Bhabha National Institute, Kolkata, India;142. Warsaw University of Technology, Warsaw, Poland;143. Wayne State University, Detroit, MI, United States;144. Westfälische Wilhelms-Universität Münster, Institut für Kernphysik, Münster, Germany;145. Wigner Research Centre for Physics, Budapest, Hungary;146. Yale University, New Haven, CT, United States;147. Yonsei University, Seoul, Republic of Korea;1. School of Mechatronic Engineering, China University of Mining and Technology, Xuzhou 221116, PR China;2. Key Laboratory of High Efficiency and Clean Mechanical Manufacture of MOE, School of Mechanical Engineering, Shandong University, Jinan 250061, PR China;1. California State University-Dominguez Hills, Department of Accounting, Finance, and Economics, Carson, CA 90747, USA;2. California State University-Dominguez Hills, Department of Accounting, Finance, and Economics (SBS, C-315), Carson, CA 90747, USA
Abstract:The period of early economic growth in both the United States (the antebellum period) and Japan (the Meiji period) was marked by a pronounced rise in the rates of domestic saving and investment. This paper decomposes the observed changes in saving/investment rates and shows that substantial components – about two-thirds in US and more than one-third in Japan – were due to unexplained shifts in the saving function. In turn we argue that an important factor behind the exogenous shift in savings and hence behind the rise in the net investment rate was the increased degree of financial intermediation in each country.
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