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on Business, Economic and Financial History |
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Issue of 2005‒07‒25
twelve papers chosen by |
| By: | Isabel Schnabel (Max Planck Institute for Research on Collective Goods, Bonn, Germany) |
| Abstract: | Using monthly balance-sheet data of all major German credit banks, we analyze deposit with-drawals and bank failures in the German banking and currency crisis of 1931. We find that de-posit withdrawals were driven by the run on the currency, but were also related to banks’ liquidity positions; that branch banks were no more stable than unit banks; and that large banks were privileged, being bailed out and receiving preferential access to the discount window. These findings underline the importance of liquidity and implicit guarantees in twin crises, while they question the benefits of branching in such crises. |
| Keywords: | Twin crises, liquidity, implicit guarantees, “too big to fail” |
| JEL: | G21 E5 N24 C34 |
| Date: | 2005–03 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2005_5&r=his |
| By: | SALVADOR CARMONA (Instituto de Empresa) |
| Abstract: | This project is supported financially by the CICYT research grants # 01-0657 and SEJ-2004-08176-C02-01. I would like to thank Jose Carlos Molina for assisting with the management of the database. Previous versions of this paper were presented at the Annual Congress of the European Accounting Association (Seville, 2003); the Accounting, Business and Financial History Conference (Cardiff, 2003); and the World Congress of Accounting Historians (Oxford, Mississippi, 2004). I am grateful to the participants at these conferences and to Garry Carnegie, Mahmoud Ezzamel, Kari Lukka, and Steve Walker for their helpful suggestions. |
| Date: | 2005–05 |
| URL: | http://d.repec.org/n?u=RePEc:emp:wpaper:wp05-20&r=his |
| By: | SALVADOR CARMONA (Instituto de Empresa) |
| Abstract: | (WP 16/03 Clave pdf) Regulated markets and state-owned monopolies characterized the economies of many Southern European territories around the end of the Middle Ages and during the Renaissance. Although this economic form was of considerable importance in implementing public policy at the time, investigation into the functioning of cost accounting in such contexts has been consistently neglected in accounting research. In this paper, we examine the role of cost systems in early regulated markets by focusing on the case of the soap production and distribution monopoly in the City of Seville, Spain. |
| Keywords: | Early cost accounting, Institutional sociology, Regulated markets |
| Date: | 2003–11 |
| URL: | http://d.repec.org/n?u=RePEc:emp:wpaper:wp03-16&r=his |
| By: | SALVADOR CARMONA (Instituto de Empresa) |
| Abstract: | The aim of this paper is to identify the relevance and implications of ancient accounting practices to the contemporary theorizing of accounting. The paper provides a synthesis of the literature on ancient accounting particularly in relation to issues of human accountability, identifies its major achievements and outlines some of the key challenges facing researchers. We argue that far from being an idiosyncratic research field of marginal interest, research in ancient accounting is a rich and promising undertaking. The paper concludes by considering a number of implications of ancient accounting practices for the theorizing of accounting and identifies news avenues for future research. |
| Date: | 2005–05 |
| URL: | http://d.repec.org/n?u=RePEc:emp:wpaper:wp05-21&r=his |
| By: | Silvia Giacomelli (Banca d'Italia); Sandro Trento (Banca d'Italia) |
| Abstract: | This paper analyzes the results of two surveys conducted by the Bank of Italy in 2003, respectively among 1,900 and 500 Italian firms, on ownership structures, control and control transfers of non-listed firms, building upon similar surveys carried on in 1993. The aim of the research is to assess the degree and the directions of changes in control patterns of industrial firms in Italy. The data show that ownership concentration, as measured by various indicators, is high and that direct family control of firms is prevalent. Separation between ownership and control is limited. Financial institutions (including private equity) rarely own capital stakes or play a role in controlling non-financial firms. Ownership of a firm by another firm is widespread, especially for bigger firms; ultimate owners are usually families. Foreign ownership and control of Italian firms is growing. Overall, relatively small changes in the patterns of ownership and control have occurred over the decade (1993-2003). The market for corporate control has not developed significantly; it remains based on personal contacts. Financial institutions do not play a relevant role in it; transactions are usually mediated by legal and accounting professionals. Many firms will deal with generational transfers of control in the near future. |
| Keywords: | ownership structure, control, control transfers |
| JEL: | G32 |
| Date: | 2005–06 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_550_05&r=his |
| By: | Carlos Escudé |
| Abstract: | If all cultures are morally equivalent, then all individuals are not essentially endowed with the same human rights, because some cultures award some men more rights than are allotted to other men and women. If, on the other hand, all men and women are endowed with the same human rights, then all cultures are not morally equivalent, because cultures that acknowledge that "all men are created equal" are ethically superior to those that do not. These two statements are mutually contradictory and cannot both be true. Moreover, there is a natural conflict between them, leading to inevitable intra and inter-civilizational clashes. Relativism will confront evolutionism and hierarchical theocracy will confront secularized republicanism. This essay takes sides and argues that cultural superiority can be asserted on two different levels: moral and epistemological. A culture that acknowledges a set of universal human rights is superior to one that does not, even if it often deviates from these very norms. A culture capable of delving into nature increasing life expectancy through scientific discovery is superior to one that cannot. Furthermore, waging war to defend a superior culture is a moral imperative. |
| Date: | 2005–07 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:295&r=his |
| By: | Rudolf HOMMES RODRIGUEZ; Claudia Marcela UMAÑA APONTE. |
| Abstract: | El objetivo de este análisis es plantear metas de crecimiento económico que le permitan a Colombia en el transcurso de 20 años alcanzar el desarrollo suficiente para duplicar el Producto Interno Bruto (PIB) per cápita del país. Así mismo, se busca plantear metas de política social que mejoren el bienestar de la población colombiana. Para lograr estos objetivos se analizó el proceso de desarrollo de países que rápida y establemente alcanzaron altos niveles de PIB per cápita en el mismo periodo de tiempo o menos. Básicamente el análisis se centró en los países asiáticos y especialmente en el desarrollo de Corea del Sur. |
| Keywords: | desarrollo económico |
| Date: | 2005–03–05 |
| URL: | http://d.repec.org/n?u=RePEc:col:000107:001104&r=his |
| By: | Fabio Sánchez; Andrés Fernández; Armando Armenta |
| Abstract: | El objetivo general de la investigación es analizar la evolución, determinantes y efectos del dinero a través del siglo XX en Colombia. La investigación se concentra con mayor detalle después de 1923 año de la fundación del Banco de la República en 1923, pues la información es mejor y más abundante. Un ejemplo son las Actas de la Junta Directiva del Banco. El trabajo examina las decisiones de política monetaria bajo los distintos arreglos cambiarios e institucionales que tuvo el país: el de Patrón Oro, tasa de cambio fija, crawling peg, el régimen de bandas cambiarias y de flotación, estos dos últimos bajo un marco de independencia del Emisor. El análisis de la evolución del crecimiento del dinero durante el siglo XX muestra que su principal determinante fue el sector externo y, –en menor medida– los desequilibrios del sector público. En adición a los determinantes mencionados, la política monetaria se utilizó en forma contracíclica. Así, a pesar de que en el largo plazo no existe una relación sistemática entre el crecimiento del dinero y cambios en la actividad real –como sí con el nivel de precios–, la autoridad si explotó en el corto plazo la relación positiva entre estas dos variables. En forma paralela a los movimientos del dinero, el Banco de la República aumentó su presencia institucional y económica además de mejorar y consolidar sus instrumentos de política. El documento presenta, por una parte, un visión general del los movimientos del dinero a lo largo del siglo, y por otro, examina algunos de los episodios históricos monetarios relevantes. El análisis documenta el proceso de toma de decisiones por parte de la autoridad monetaria a partir de las fuentes primarias narrativas y de la recopilación de los indicadores económicos disponibles en cada momento histórico. |
| Keywords: | Política monetaria |
| JEL: | N16 |
| Date: | 2005–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000138:001110&r=his |
| By: | Fabio Sánchez; Andrés Fernández; Armando Armenta. |
| Abstract: | Entre 1938 y 1967, lo cual incluye el período de Bretton Woods después de la Segunda Guerra Mundial, Colombia fijó su tipo de cambio al dólar. A pesar de que el régimen cambiario operó bajo el esquema de fijación del tipo de cambio, el peso fue devaluado oficialmente en más de 12% en seis ocasiones. Los episodios de devaluación fueron complejos, traumáticos, con un alto componente político e implicaron ajustes macroeconómicos costosos. El acuerdo de Bretton Woods sostenía que los países podían devaluar sus monedas sólo en presencia de desequilibrios fundamentales como resultado, por ejemplo, de caídas estructurales de sus términos de intercambio. Sin embargo, este trabajo sostiene que los desequilibrios en el mercado monetario fueron determinantes en la explicación de las crisis cambiarias durante el período de cambio fijo. El ensayo está organizado en tres partes. Primero, se plantea un modelo teórico simple para una economía pequeña y abierta con movilidad imperfecta de capitales en el que se puedan analizar las posibles causas de las devaluaciones nominales. En segundo lugar, se emplea un enfoque narrativo para describir las circunstancias económicas que rodearon cada una de las devaluaciones: así como la revisión de evidencia cualitativa de la época. Finalmente, se realiza un conjunto de ejercicios econométricos para identificar las variables determinantes de los desequilibrios macroeconómicos que precedieron cada crisis cambiaria. Los resultados muestran que los desajustes externos estuvieron primordialmente asociados con desequilibrios en el mercado monetario. Los movimientos adversos en los términos de intercambio explican sólo una pequeña porción de las crisis cambiarias. |
| Keywords: | Bretton Woods |
| JEL: | N16 |
| Date: | 2005–06–10 |
| URL: | http://d.repec.org/n?u=RePEc:col:000145:001112&r=his |
| By: | Xavier Chojnicki (MÉDEE, University of Lille 1 and CEPII); Frédéric Docquier (CADRE, University of Lille 2, World Bank and IZA Bonn); Lionel Ragot (MÉDEE, University of Lille 1 and EUREQua, University of Paris 1) |
| Abstract: | This paper examines the economic impact of the second great immigration wave (1945- 2000) on the US economy. Contrary to recent studies, we estimate that immigration induced important net gains and small redistributive effects among natives. Our analysis relies on a computable general equilibrium model combining the major interactions between immigrants and natives (labor market impact, fiscal impact, capital deepening, endogenous education, endogenous inequality). We use a backsolving method to calibrate the model on historical data and then consider two counterfactual variants: a cutoff of all immigration flows since 1950 and a stronger selection policy. According to our simulations, the postwar US immigration is beneficial for all cohorts and all skill groups. These gains are closely related to a long-run fiscal gain and a small labor market impact of immigrants. Finally, we also demonstrate that all generations would have benefited from a stronger selection of immigrants. |
| Keywords: | immigration, inequality, welfare, computable general equilibrium |
| JEL: | J61 I3 D58 |
| Date: | 2005–07 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp1676&r=his |
| By: | FRANCISCO MARCOS (Instituto de Empresa) |
| Abstract: | (WP 13/03 Clave pdf)The Spanish university system has witnessed many changes. Initial conditions for competition were laid down in 83, specially through the recognition of legal status to private universities. However, the shortage of students since 98 and the drop on demand for higher education has prompted further reform recently.In 2001 a new act was enacted to force market-like behavior and to privatize some operating conditions of state universities. It´s too early to assess the effectiveness of these changes, but public funding remains mostly unchanged and this is a key issue that would need to be modified in order to provide conditions of authentic competition in the higher education. |
| Keywords: | Competition, Higher education, Privatization, Public goods, Economics of education |
| Date: | 2003–10 |
| URL: | http://d.repec.org/n?u=RePEc:emp:wpaper:wp03-13&r=his |
| By: | SALVADOR CARMONA (Instituto de Empresa) |
| Abstract: | In the present study, we examine the use of short lists of journals in order to assess research performance in Spain - a country that features a rare combination of a thin and incomplete academic market along with an elite of eminent economists. Our analysis reveals that the implementation of bibliometric tools to produce short lists of journals for assessment purposes entail problems with the statistical significance of cutoff rates, neglect of the interdisciplinary nature of economics, and an inability to track progress in academic markets that move towards internationalization and publications in top-tier, premier outlets. |
| Date: | 2005–05 |
| URL: | http://d.repec.org/n?u=RePEc:emp:wpaper:wp05-22&r=his |