Asia‐Pacific Economic History Review
Health impacts of public pawnshops in Industrialising Tokyo
Abstract This study examines whether expanded credit access through low‐interest small loans relaxed liquidity constraints among poor households and improved early‐life health in industrialising Tokyo. Using ward‐level panel data for 1927–1935, this study shows that public pawnshop lending was associated with 4% and 5% reductions in infant and foetal death rates, respectively. Historical evidence suggests channels through improved hygiene, protection against cold exposure, safer pregnancy and childbirth, and short‐ …