Three decades (1874–1905) of moneylending in rural Japan

This study aims to analyze the lending activities of one family for a 32-year period (1874–1905) based on their books and notes in a village in Meiji Japan. By using long-term microdata from the supply side, we show the features, changes, and outcomes of informal moneylending. In particular, we elucidate the impact of financial improvement on assets distribution, one of missing points in a discussion of microfinance. We conclude that increasing access to modern finance does not always lead to improvement of the economic welfare of the poor.