【华人研究】林晨等：电报机与现代银行发展，1881-1936

香港大学林晨、马驰骋，对外经贸大学孙宇辰、北京大学徐宇晨的文章"The telegraph and modern banking development, 1881–1936"（电报机与现代银行发展，1881-1936）近日在Journal of Financial Economics上发表。

摘要：电报机于19世纪晚期引入中国，当时中国也看到了现代银行的兴起。 基于这种历史背景，本文记录了信息技术在银行发展中的重要性。 我们根据1881年至1936年间287个县的电报站和银行的分布情况构建了一个数据集。结果表明，该电报在数量和地理范围方面都大大扩展了银行的分支网络。 当我们使用早期军用电报箱的仪器作为工具变量时，效应依然稳健。

Abstract: The telegraph was introduced to China in the late 19th century, a time when China also saw the rise of modern banks. Based on this historical context, this paper documents the importance of information technology in banking development. We construct a data set on the distributions of telegraph stations and banks across 287 prefectures between 1881 and 1936. The results show that the telegraph significantly expanded banks’ branch networks in terms of both number and geographic scope. The effect of the telegraph remains robust when we instrument it using proximity to the early military telegraph trunk.