nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2007‒03‒31
twenty-two papers chosen by
Bernardo Batiz-Lazo
University of Leicester

  1. Top Incomes in Indonesia, 1920-2004 By Andrew Leigh; Pierre van der Eng
  2. Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931 By Gary Richardson; Patrick Van Horn
  3. L’East African Currency Board e la genesi dell’attività bancaria nell’Africa Orientale Britannica By Arnaldo MAURI
  4. The Race between Education and Technology: The Evolution of U.S. Educational Wage Differentials, 1890 to 2005 By Claudia Goldin; Lawrence F. Katz
  5. Exporting professional models: the expansion of the multinational audit firm and the transformation of the French accountancy profession since 1970 By RAMIREZ, Carlos
  6. Sraffa's Mathematical Economics - A Constructive Interpretation By K. Vela Velupillai
  7. Dynamics Downunder: Australian Economic Strategy and Performance from the Palaeolithic to the Twenty-first Century By Graeme Donald Snooks
  8. Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation By Sharon Kozicki; P.A. Tinsley
  9. Top Incomes in Sweden during Three-Quarters of a Century: A Micro Data Approach By Bjorn Gustafsson; Birgitta Jansson
  10. The Long-Term Consequences of Regional Specialization By Guy Michaels
  11. Three Great American Disinflations By Michael D. Bordo; Christopher Erceg; Andrew Levin; Ryan Michaels
  12. Argentina: Bolivia's Economy: The First Year By Mark Weisbrot
  13. Bank Distress and Productivity of Borrowing Firms: Evidence from Japan By AKIYOSHI Fumio; KOBAYASHI Keiichiro
  14. Growing Up to Financial Stability By Michael D. Bordo
  15. The Labour Market Integration of Immigrants in Germany By Thomas Liebig
  16. American Economic Development Since the Civil War or the Virtue of Education By Fabrice Murtin
  17. Prizes for Basic Research - Human Capital, Economic Might and the Shadow of History By Ilan Noy; Joshua Aizenman
  18. Union Organization in Great Britain By Alex Bryson; P Willman
  19. Long-Run Growth and the Evolution of Technological Knowledge By Hendrik Hakenes; Andreas Irmen
  20. Banking on Democracy: The Political Economy of International Private Bank Lending in Emerging Markets By Javier Rodríguez; Javier Santiso
  21. What Happened to the Transatlantic Capital Market Relations? By Enzo Weber
  22. La medición de la desigualdad de la renta: una revisión de la literatura By Javier Ruiz-Castillo

  1. By: Andrew Leigh; Pierre van der Eng
    Abstract: Using taxation and household survey data, this paper estimates top income shares for Indonesia during 1920-2004. Our results suggest that top income shares grew during the 1920s and 1930s, but fell in the post-war era. In more recent decades, we observe a sharp rise in top income shares during the late-1990s, coincident with the economic downturn, and some evidence that top income shares fell in the early-2000s. For pre-war Indonesia, we decompose top income shares by income source, and find that for groups below the top 0.5 percent, a majority of income was derived from wages. Throughout the twentieth century, top income shares in Indonesia have been higher than in India, broadly comparable to Japan, and somewhat lower than levels prevailing in the United States.
    Keywords: inequality, top incomes, personal income taxation, Indonesia
    JEL: H24 N35 O15
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:auu:dpaper:549&r=his
  2. By: Gary Richardson; Patrick Van Horn
    Abstract: A banking crisis began in Austria in May 1931 and intensified in July, when runs struck banks throughout Germany. In September, the crisis compelled Britain to quit the gold standard. Newly discovered data shows that failure rates rose for banks in New York City, at the center of the United States money market, in July and August 1931, before Britain abandoned the gold standard and before financial outflows compelled the Federal Reserve to raise interest rates. Banks in New York City had large exposures to foreign deposits and German debt. This paper tests to see whether the foreign exposure of money center banks linked the financial crises on the two sides of the Atlantic.
    JEL: F02 F33 F34 N1 N12 N14 N2
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:12983&r=his
  3. By: Arnaldo MAURI
    Abstract: THE CURRENCY BOARD AND THE RISE OF BANKING IN EAST AFRICA. The East Africa region consists today of three independent countries, Kenya, Tanzania (formerly Tanganyika) and Uganda, which, from the early 1920’s to the achievement of independence, formed an administrative unit under British rule: the British East Africa. The paper presents an historical synthesis of the basic problems and developments of the monetary and banking system in British East Africa. The research covers the period included between the beginning of European colonisation and the attainment of independence by the three above mentioned countries and focuses on the experience with a currency board arrangement in this context. A survey on commercial banking in the region, reveals that this industry, since its rise, carried the imprinting of the British banking tradition. In the first stage of monetary evolution, owing to the influence of Indian trade and settlement in East Africa, the currency most in use was undoubtedly the Indian rupee. In that period banking industry landed in East Africa, brought in by European colonial powers. The second stage in monetary evolution began when a currency board was established, in 1919, in the British colonial possessions of East Africa, just after the acquisition, as loot, of Tanganyika, a colony previously under German rule. Originally the area of Board’s operations, i.e. the East African shilling monetary area, consisted of the three mentioned territories. Zanzibar was added in 1936. During World War II were included, temporarily, in the area also Aden and British Somaliland and eventually the former Italian colonies of Eritrea, Ethiopia and Somalia. The start of activity by the E.A. Currency Board was not easy. In 1925, when the conversion of circulating rupees was completed, because of overvaluation of silver coins in the exchange rate adopted, the EA Currency Board suffered substantial losses and the reserve ratio was 43.6 per cent. Yet the situation worsened with the crisis of the colonial economy during the depression of the 30’s, which caused a sharp decline in money supply in East Africa because of heavy redemption of local currency. In 1932 the lowest point was reached with the reserve ratio at only 9.9 per cent. Circulation of EA shillings increased rapidly after 1940 because of war economy and of a favourable balance of payments of the colonies. In addition, a great enlargement of the original currency area was achieved following British military conquests in the Horn of Africa. In 1950 the circulation was fully covered by reserves, but during the previous decades the colonial currency was mainly based on government credit. However, it was not until 1956, that the fiduciary issue was officially introduced and, by this event, reasonable opportunities for monetary policy were offered. This innovation was introduced to free part of the external reserves held in London. Prior to that act the role of the Currency Board was just passive because the automatic exchange of currency did not allow any kind of money management. It represented a simple and inexpensive mechanism directed to issue currency. A long period of British rule came to an end when the colonial territories of East Africa obtained political independence and this dramatic change marked the epilogue of the story of the colonial monetary institution. The new emerging states would not accept to renounce monetary sovereignty. Therefore the liquidation of East African Currency Board was decided and the establishment of three national central banks was officially announced simultaneously in June 1965 by the governments of Kenya, Tanzania and Uganda. The East African Currency Board ceased operations one year later.
    Keywords: Currency Board, East Africa, Colonial Monetary System, African Banking History
    JEL: G21 N27
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:mil:wpdepa:2007-10&r=his
  4. By: Claudia Goldin; Lawrence F. Katz
    Abstract: U.S. educational and occupational wage differentials were exceptionally high at the dawn of the twentieth century and then decreased in several stages over the next eight decades. But starting in the early 1980s the labor market premium to skill rose sharply and by 2005 the college wage premium was back at its 1915 level. The twentieth century contains two inequality tales: one declining and one rising. We use a supply-demand-institutions framework to understand the factors that produced these changes from 1890 to 2005. We find that strong secular growth in the relative demand for more educated workers combined with fluctuations in the growth of relative skill supplies go far to explain the long-run evolution of U.S. educational wage differentials. An increase in the rate of growth of the relative supply of skills associated with the high school movement starting around 1910 played a key role in narrowing educational wage differentials from 1915 to 1980. The slowdown in the growth of the relative supply of college workers starting around 1980 was a major reason for the surge in the college wage premium from 1980 to 2005. Institutional factors were important at various junctures, especially during the 1940s and the late 1970s.
    JEL: I2 J2 J3 N3 O3
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:12984&r=his
  5. By: RAMIREZ, Carlos
    Abstract: this paper analyses the transformations induced since 1970 in the French accountancy profession by the globalisation of France's economy.
    Keywords: professions; audit; globalization; France sociological history
    JEL: M41 M42
    Date: 2007–02–01
    URL: http://d.repec.org/n?u=RePEc:ebg:heccah:0864&r=his
  6. By: K. Vela Velupillai
    Abstract: The claim in this paper is that Sraffa employed a rigorous logic of mathematical reasoning in his book, Production of Commodities by Means of Commodities (PCC), in such a way that the existence proofs were constructive. This is the kind of mathematics that was prevalent at the beginning of the 19th century, which was dominated by the concrete, the constructive and the algorithmic. It is, therefore, completely consistent with the economics of the 19th century, which was the fulcrum around which the economics of PCC was conceived.
    Keywords: Existence Proofs, Constructive Mathematics, Algorithmic Mathematics, Mathematical Economics, Standard System.
    JEL: B23 B24 B31 B41 B51
    Date: 2007
    URL: http://d.repec.org/n?u=RePEc:trn:utwpde:0702&r=his
  7. By: Graeme Donald Snooks
    Abstract: This essay attempts to quantify and explain the economic performance of the Great South Land – later called Australia – from the first migrations some 60,000 years ago to the present, and beyond. A general dynamic theory – the ‘dynamic-strategy’ theory – has been employed to provide a new interpretation of ‘dynamics Downunder’. It is shown, among other things, that the bold attempt from the 1910s to the 1960s to turn aside from the traditional development policy of exogenously driven natural-resource exploitation in order to embark on an endogenously determined dynamic process, has broken down during the course of the present generation. This was mainly due to a failure of ‘strategic leadership’ on the part of recent Australian governments that have, quite rightly, dismantled the framework of protection, but have failed to replace it with the infrastructure of strategically relevant technological ideas. Once again Australia’s economic prosperity depends heavily on the fluctuating fortunes of the global economy. While in the nineteenth century this took the form of reliance on the prosperity of Britain, today it centres on the continuing growth of Japan and China. This critical problem has been exacerbated by misconceived monetary policies that are damaging the central endogenous dynamic mechanism. What then of the future? It all depends on whether strategic leadership can ever be rediscovered.
    Keywords: long-run dynamics, dynamic-strategy theory, inflation targeting, strategic leadership, strategic demand.
    Date: 2006–12
    URL: http://d.repec.org/n?u=RePEc:auu:dpaper:539&r=his
  8. By: Sharon Kozicki; P.A. Tinsley
    Abstract: This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s. Moreover, the evidence suggests that mismeasurement of the degree of economic slack was largely irrelevant for explaining the Great Inflation while favouring a passive-policy description of monetary policy. FOMC transcripts provide a neglected interpretation of the source of passive policy--intermediate targeting of monetary aggregates.
    Keywords: Central bank research; Monetary aggregates; Monetary policy implementation
    JEL: E3 E5 N1
    Date: 2007
    URL: http://d.repec.org/n?u=RePEc:bca:bocawp:07-19&r=his
  9. By: Bjorn Gustafsson (University of Göteborg and IZA); Birgitta Jansson (University of Göteborg)
    Abstract: This paper aims to throw light on the development of top incomes in Sweden as well as the causes for change. Using household income data we show that since the first half of the 1980s, real income at the top of the distribution has developed more favourably than for other groups. This contrasts with the changes which occurred prior to the 1980s. Reasons for the rise in the top income share are several: the development of stock prices, the tax reform which made income taxes not progressive at the top of the scale, and the labour market change of top wages increasing more rapidly than others.
    Keywords: income distribution, Sweden, tax reform
    JEL: D31 J31 N34
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:iza:izadps:dp2672&r=his
  10. By: Guy Michaels
    Abstract: What are the consequences of resource-based regional specialization, when it persists over a longperiod of time? While much of the literature argues that specialization is beneficial, recent worksuggests it may be costly in the long run, due to economic or political reasons. I examine this questionempirically, using exogenous geological variation in the location of subsurface oil in the SouthernUnited States. I find that oil abundant counties are highly specialized: for many decades their miningsector was almost as large as their entire manufacturing sector. During the 1940s and 1950s, oilabundant counties enjoyed per capita income that was 20-30 percent higher than other nearbycounties, and their workforce was better educated. But whereas in 1940 oil production crowded outagriculture, over the next 50 years it caused the oil abundant counties to develop a smallermanufacturing sector. This led to slower accumulation of human capital in the oil abundant counties,and to a narrowing of per capita income differentials to about 5 percentage points. Despite this caveat,the gains from specialization were large, and specialization had little impact on the fraction of totalincome spent by local government or on income inequality.
    Keywords: Specialization, Growth, Human Capital, Petroleum
    JEL: J24 O18 O33 Q33 R11
    Date: 2006–12
    URL: http://d.repec.org/n?u=RePEc:cep:cepdps:dp0766&r=his
  11. By: Michael D. Bordo; Christopher Erceg; Andrew Levin; Ryan Michaels
    Abstract: This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War deflation, the post-WWI deflation, and the Volcker disinflation. Using a dynamic general equilibrium model in which private agents use optimal filtering to infer the central bank's nominal anchor, we demonstrate that the salient features of these three historical episodes can be explained by differences in the design and transparency of monetary policy, even without any time variation in economic structure or model parameters. For a policy regime with relatively high credibility, our analysis highlights the benefits of a gradualist approach (as in the 1870s) rather than a sudden change in policy (as in 1920-21). In contrast, for a policy institution with relatively low credibility (such as the Federal Reserve in late 1980), an aggressive policy stance can play an important signalling role by making the policy shift more evident to private agents.
    JEL: E32 E42 E52 E58
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:12982&r=his
  12. By: Mark Weisbrot
    Abstract: This issue brief describes Bolivia's economy in the first year of Evo Morales' presidency. There were improvements in most of the major economic indicators, as well as some new initiatives by the government to fulfill its promises to the country's impoverished majority.
    JEL: E66
    Date: 2007–01
    URL: http://d.repec.org/n?u=RePEc:epo:papers:2007-2&r=his
  13. By: AKIYOSHI Fumio; KOBAYASHI Keiichiro
    Abstract: We investigate the effects of bank distress on productivity of borrowing firms using micro data on listed companies in Japanese manufacturing industry during the 1990s. We find some evidence suggesting that deterioration in financial health of banks, like a decline in capital-asset-ratio, decreased productivity of their borrowers during the period of FY1994-1996. Although huge nonperforming loans had been a serious problem in Japanese economy since the collapse of asset prices bubble in 1991, resolution of the problem was postponed during the early 1990s. The Japanese economy plunged into serious banking crisis from 1997 to 1999. Our finding is consistent with the hypothesis that forbearance lending by banks that was prevalent during the early 1990s lowered the aggregate productivity of the economy.
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:eti:dpaper:07014&r=his
  14. By: Michael D. Bordo
    Abstract: This lecture revisits the evidence on the incidence and severity of different varieties of financial crises within the context of globalization then ( pre-1914) and now ( 1980 to the present). I then discuss the determinants of emerging market crises from the perspective of the recent balance sheet approach. This approach puts at center stage the importance of financial development. I then peel the onion back further and consider the "deep" institutional determinants of financial development and their relationship to financial stability. I conclude by conjecturing about the ways countries learn from their financial crises to improve their institutions and grow up to financial stability.
    JEL: N00 N2
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:12993&r=his
  15. By: Thomas Liebig
    Abstract: The current situation of the labour market integration of migrants in Germany has to be viewed in the light of its immigration history. During the post-war economic boom, until 1973, Germany focused on the recruitment of low-skilled foreign labour. Many of these “guestworker” immigrants settled and were joined by their foreign spouses, which has given rise to a second generation of persons with an immigrant background. In the late 1980s and early 1990s, Germany received massive immigration flows of ethnic Germans from Eastern Europe. Shortly after the peak immigration of ethnic Germans, Germany received large numbers of humanitarian migrants. German statistics only distinguish along nationality lines. This hampers assessment of the situation as this does not take account of ethnic Germans – who have German nationality and are now the most important immigrant group, although they face difficulties similar to those of other migrant groups. Assessment based on nationality is also problematic since immigrants with a foreign nationality have increasingly and selectively taken up German citizenship. There is a clear need for statistics based on the country of birth... <BR>Pour comprendre la situation actuelle en matière d’insertion des immigrés sur le marché du travail allemand, il convient de s’imprégner de l’histoire de l’immigration dans le pays. Pendant l’essor économique de l’après-guerre et jusqu’en 1973, l’Allemagne a privilégié le recrutement de main-d’oeuvre étrangère faiblement qualifiée. Un grand nombre de ces « travailleurs invités » se sont installés et ont été rejoints par leur conjoint étranger, ce qui a donné naissance à une deuxième génération d’immigrés. A la fin des années 80 et au début des années 90, l’Allemagne a accueilli des flux massifs d’Allemands de souche provenant d’Europe orientale. Peu après la crête de cette vague d’immigration, le pays a reçu de très nombreux migrants pour raisons humanitaires. Les statistiques allemandes établissent des distinctions uniquement en fonction de la nationalité, ce qui gêne pour évaluer la situation. En effet, elles ne tiennent pas compte des Allemands de souche, qui possèdent la nationalité allemande et constituent aujourd’hui le groupe d’immigrés le plus important, alors qu’ils se heurtent à des difficultés analogues à celles rencontrées par d’autres groupes de migrants. La difficulté d’évaluation que crée cette distinction sur la base de la nationalité se trouve renforcée par le fait que les immigrés qui n’étaient pas de souche allemande ont été de plus en plus nombreux à obtenir leur naturalisation à l’issue d’un processus sélectif. Nous aurions manifestement besoin de statistiques fondées sur le pays de naissance...
    JEL: J15 J21 J61 J62 J68 J7 J8
    Date: 2007–02
    URL: http://d.repec.org/n?u=RePEc:oec:elsaab:47-en&r=his
  16. By: Fabrice Murtin
    Abstract: This paper is the first empirical framework that explains the phenomenon of fast growthcombined with the demographic transition occurring in the United States since 1860. Ipropose a structural model that unifies those events through the role of education: the keyfeature is that parental education determines simultaneously fertility, mortality and children'seducation, so that the accumulation of education from one generation to another explains bothfast growth and the reduction of fertility and mortality rates. Using original data, the model isestimated and fits in a remarkable way income, the distribution of education and agepyramids. Moreover, some historical data on Blacks, assumed to constitute the bottom of thedistribution of education, show that the model predicts correctly the joint distribution offertility and education, and that of mortality and education. Comparisons with the PSIDsuggest that the intergenerational correlation of income is also well captured. Thus, thismicrofunded growth model based on human capital accumulation accounts for many traits ofAmerican economic development since 1860. In a second step, I investigate the long-runinfluence of income inequality on growth. Because children's human capital is a concavefunction of parental income, income inequality slows down the accumulation of humancapital across generations and hence growth. Simulations show that this effect is large.
    Keywords: Unified Growth Theory, Human capital, Technological Progress, Inequality andGrowth
    JEL: D31 E27 F02 N00 O40
    Date: 2006–12
    URL: http://d.repec.org/n?u=RePEc:cep:cepdps:dp0765&r=his
  17. By: Ilan Noy (Department of Economics, University of Hawaii at Manoa); Joshua Aizenman (Economics Department, University of California, Santa Cruz; NBER)
    Abstract: This paper studies the impact of global factors on patterns of basic research across countries and time. We rely on the records of major scientific awards, and on data dealing with global economic and historical trends. Specifically, we investigate the degree to which scale or threshold effects account for countries share of major prizes [Nobel, Fields, Kyoto and Wolf]. We construct a stylized model, predicting that lagged relative GDP of a country relative to the GDP of all countries engaging in basic research is an important explanatory variable of country's share of prizes. Scale effects imply that the association between the GDP share of a country and its prize share tends to be logistic -- above a threshold, there is a "take off" range, where the prize share increases at an accelerating rate with the relative GDP share of the country, until it reaches "maturity" stage. Our empirical analysis confirms the importance of lagged relative GDP in accounting for countries' prize shares, and the presence of "winner takes all" scale effect benefiting the leader. Using measures of casualties during the wars, we find that the only significant effect can be found for a lag of 3 decades – i.e., deaths in the war negatively impact the viability of basic research about 30 years after the fact. With more recent data, we document the growing importance of countries that used to be at the periphery of global research, possibly advancing towards the take off stage.
    Keywords: Global economic trends, basic research, World War I and II, human capital, winner takes all
    JEL: F15 F21 O3 N4
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:hai:wpaper:200705&r=his
  18. By: Alex Bryson; P Willman
    Abstract: Union membership and density in Britain has experienced substantial decline since 1979. Thefall in private sector membership and density has been much greater than in the public sector.The size of the union sector, measured by employer recognition, has shrunk. Membershipdecline has been accompanied by financial decline. Much of the decline occurred before1997, under Conservative governments. Since 1997 and the return of a Labour government,the position has in some respects stabilized. Currently, unions have a substantially reducedeconomic impact, but a continued, if limited, role in workplace communication and grievancehandling, often as part of a voice regime including non union elements.
    Keywords: British trade unions, union structure, union membership
    JEL: J5 J51 J53 J54
    Date: 2007–01
    URL: http://d.repec.org/n?u=RePEc:cep:cepdps:dp0774&r=his
  19. By: Hendrik Hakenes (Max Planck Institute for Research on Collective Goods, Bonn); Andreas Irmen (University of Heidelberg, Department of Economics)
    Abstract: The long-run evolution of per-capita income exhibits a structural break often associated with the Industrial Revolution. We follow Mokyr (2002) and embed the idea that this structural break reflects a regime switch in the evolution of technological knowledge into a dynamic framework, using Airy differential equations to describe this evolution. We show that under a non-monotonous income-population equation, the economy evolves from a Malthusian to a Post-Malthusian Regime, with rising per-capita income and a growing population. The switch is brought about by an acceleration in the growth of technological knowledge. The demographic transition marks the switch into the Modern Growth Regime, with higher levels of per-capita income and declining population growth.
    Keywords: crisis Industrial Revolution, Technological Change, Malthus, Demographic Transition
    JEL: J11 O11 O33 O40
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:awi:wpaper:0438&r=his
  20. By: Javier Rodríguez; Javier Santiso
    Abstract: Private capital movements have risen in recent decades, and bank flows have been part of this story. Some empirical studies have analysed the political drivers of private international liquidity, but paradoxically very few have looked at the political economy of bank flows. Even less research exists on the role of politics in explaining cross-border banking movements towards emerging democracies. The present study links compiled indicators on democracy, policy uncertainty and political stability to international bank lending flows from data developed by the BIS. It provides an empirical investigation of the political economy of cross-border bank flows to emerging markets and tries to answer two questions. Do bankers tend to prefer emerging democracies? Do they reward democratic transitions as well as policy and political stability? One of the major findings is that politics do matter, and international banks tend to have political preferences; annual growth in bank flows usually booms in the three years following a democratic transition, especially in Latin America. <BR>Les flux de capitaux privés ont connu un essor sans précédents au cours des dernières années. Les flux bancaires ont pris part à cette dynamique. Néanmoins, excepté quelques rare travaux empiriques, peu de travaux ont été consacrés aux facteurs politiques expliquant cet essor, et encore moins de recherche a été dédiée à l’économie politique des flux bancaires privés. Le travail présenté aborde cette question en croisant une série d’indicateurs sur la démocratie, l’incertitude et la stabilité politique, avec les séries de flux bancaires développés par la Banque des Règlements Internationaux (BRI). Il propose une économie politique des flux privés bancaires internationaux en abordant deux questions : les banques préfèrent-elles la démocratie ? Tendent-elles à primer les transitions démocratiques, la stabilité des politiques publiques et la stabilité politique ? Un des résultats les plus intéressants du travail présenté est de corroborer que les facteurs politiques importent pour les banques internationales. Celles-ci tendent en particulier à augmenter leurs prêts internationaux dans les trois années qui suivent une transition démocratique. Cette tendance est particulièrement prégnante en Amérique latine où, pays vers lesquels les opérations de crédit bancaire internationale ont augmenté avec l’essor de la démocratie.
    Keywords: capital flows, bank, democracy & emerging markets
    JEL: F21 F34 G21 K00
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:oec:devaaa:259-en&r=his
  21. By: Enzo Weber
    Abstract: This paper investigates the capital market relations between Euroland and the USA from 1990 until 2006. Formally based on the uncovered interest rate parity (UIP), backward recursive estimations establish a long-run equilibrium between European and US government bond yields. Since the mid-1990s though, cointegration can only be achieved additionally considering the exchange rate. The reason proves a stochastic trend common to the European interest and the exchange rate, consistently explained by central bank reactions and unfinished learning processes on the role of the euro. Furthermore, the US capital market dominance is strongly reduced, leading to transatlantic interdependence at eye level.
    Keywords: Capital Market, UIP, Euro Area, United States.
    JEL: E44 F31 C32
    Date: 2007–03
    URL: http://d.repec.org/n?u=RePEc:hum:wpaper:sfb649dp2007-014&r=his
  22. By: Javier Ruiz-Castillo
    Abstract: En esta revisión de la literatura que se ha desarrollado desde los años 70 hasta nuestros días, se estudian los procedimientos que conducen a una ordenación unánime, pero parcial, de las distribuciones de renta; se presentan las familias más importantes de indicadores completos de desigualdad que satisfacen determinadas propiedades básicas, y se investigan las consecuencias de requerir condiciones que ligan la desigualdad global con la desigualdad dentro de los subgrupos de cualquier partición; se discuten las objeciones frente a todos y cada uno de los juicios de valor que constituyen el paradigma de medición de la desigualdad presentado en los dos apartados precedentes; se estudian las formas en que se ha abordado la heterogeneidad entre los individuos que surgen cuando se agrupan en hogares con distintas necesidades o cuando sus rentas difieren por haber contado con diferentes oportunidades de las que no son moralmente responsables, y se formulan algunas conclusiones.
    Date: 2007–02
    URL: http://d.repec.org/n?u=RePEc:cte:derepe:de20070222&r=his

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