Women's Liberation as a Financial Innovation

62 Pages Posted: 24 Nov 2018

See all articles by Moshe Hazan

Moshe Hazan

Tel Aviv University - Eitan Berglas School of Economics; Centre for Economic Policy Research (CEPR)

David Weiss

Tel Aviv University - Eitan Berglas School of Economics

Hosny Zoabi

New Economic School (NES)

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Date Written: October 29, 2018

Abstract

In one of the greatest extensions of property rights in human history, common law countries began giving rights to married women in the 1850s. Before this "women's liberation," the doctrine of coverture strongly incentivized parents of daughters to hold real estate, rather than financial assets such as money, stocks, or bonds. We exploit the staggered nature of coverture's demise across US states to show that women's rights led to shifts in household portfolios; a positive shock to the supply of credit; and a reallocation of labor towards non-agriculture and capital intensive industries. Investor protection deepened financial markets aiding industrialization.

Keywords: Women's liberation, financial innovation, investor protection, economic growth

JEL Classification: E02, E44, G11, J12, K11, K36, N11, N21, O11

Suggested Citation

Hazan, Moshe and Weiss, David and Zoabi, Hosny, Women's Liberation as a Financial Innovation (October 29, 2018). Journal of Finance, Forthcoming. Available at SSRN: https://ssrn.com/abstract=3275636

Moshe Hazan (Contact Author)

Tel Aviv University - Eitan Berglas School of Economics ( email )

P.O. Box 39040
Ramat Aviv, Tel Aviv, 69978
Israel

HOME PAGE: http://moshehazan.weebly.com/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

David Weiss

Tel Aviv University - Eitan Berglas School of Economics ( email )

P.O. Box 39040
Ramat Aviv, Tel Aviv, 69978
Israel

Hosny Zoabi

New Economic School (NES) ( email )

100A Novaya Street
Moscow, Skolkovo 143026
Russia

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