New Economics Papers
on Business, Economic and Financial History
Issue of 2008‒04‒29
23 papers chosen by

  1. Human development and inequality in the 20th Century : the Mercosur countries in a comparative perspective By Luis Bertola; Maria Camou; Silvana Maubrigades; Natalia Melgar
  2. The Methodological Application of Modern Historical Science to Qualitative Research By Iwasaki, Yoko
  3. Was Germany Ever United? Evidence from Intra- and International Trade, 1885 -1933 By Wolf, Nikolaus
  4. Random Matrix Theory and the Evolution of Business Cycle Synchronisation, 1886–2006 By Ormerod, Paul
  5. The century of education By Christian Morrisson; Fabrice Murtin
  6. Education in Russia: The evolution of theory and practice By Natalia Kuznetsova; Irina Peaucelle
  7. The Other J.M.: John Maurice Clark and the Keynesian Revolution By Luca Fiorito; Matías Vernengo
  8. Black Man’s Burden: Measured Philanthropy in the British Empire, 1880-1913 By Accominotti, Olivier; Flandreau, Marc; Rezzik, Riad; Zumer, Frédéric
  9. Macroeconomic Crises since 1870 By Robert J. Barro; José F. Ursúa
  10. The Forgotten History of Domestic Debt By Carmen M. Reinhart; Kenneth S. Rogoff
  11. New Perspectives On Finance And Growth By Panicos O. Demetriades
  12. Economic Fluctuations in Japan during the Interwar Period -- Re- estimations of the LTES Personal By Kiyohito Utsunomiya
  13. Income distribution in the Latin American Southern Cone during the first globalization boom, ca: 1870-1920 By Luis Bertola; Cecilia Castelnovo; Javier Rodriguez; Henry Willebald
  14. Israel 1983: A Bout of Unpleasant Monetarist Arithmetic By Sargent, Thomas J; Zeira, Joseph
  15. Deuda pública interna, patrón metálico y guerras civiles: interconexiones institucionales, la Colombia del siglo XIX By Angela Milena Rojas
  16. "Changes in the U.S. Financial System and the Subprime Crisis" By Jan Kregel
  17. La creación de los Comités de Auditoría en las Cajas de Ahorros españolas By Álvarez Alonso, José Ignacio
  18. A Trajetório do Pensamento Científico Sobre Pobreza: Em Direção a Uma Visão Complexa By Ana Luiza Machado de Codes
  19. Adam Smith and the Family By Sebastiano Nerozzi; Pierluigi Nuti
  20. La ricostruzione dei consumi pubblici nel campo dell'istruzione nell’Italia liberale: 1861-1913 By Mimì Coccia; Giuseppe Della Torre
  21. An Evaluation to Industrial Development in Iraq "During 1975-1990" By Alrubaie, Falah
  22. Patents and Academic Research: A State of the Art. By Nicolas van Zeebroeck; Bruno van Pottelsberghe; Dominique Guellec
  23. Nuevos materiales para una historia de las Ciencias Sociales en Colombia. Cartas de José de Recasens para Paul Rivet, 1943-1944. By Articulo Completo

  1. By: Luis Bertola; Maria Camou; Silvana Maubrigades; Natalia Melgar
    Abstract: This article is in line with the United Nations attempts to approach human development in wider terms than per capita GDP, and in line with an ever lively debate on the historical standard of living and on the role of inequality in development. We focus on three Mercosur countries (Argentina, Brazil and Uruguay) and we view them in comparison with four core countries (France, Germany, USA and UK) along the 20th Century. The paper makes different attempts to construct diverse indices and to change the weights of their different components in order to better explain human development in different periods. A contribution of the paper, so long limited to Uruguay and the USA, is to adjust the historical human development index by inequality measures for all of its components. The results show that Argentine started to diverge, even in human development, at early stages of the 20th Century; that Uruguay diverged from the mid-century and that Brazil continued to tighten the gap up to 1980, diverging afterwards without being able to come close to the levels of the core countries. Total inequality in Uruguay and USA showed similar levels and trends: it decreased until the 1950s, and increased afterwards to similar levels. While inequality affects human development within both countries, it doesn’t help to understand the differences between them, due to the mentioned similarity of the Gini-coefficients.
    Keywords: Human development, Education, Life expectancy, Inequality, Catching-up, Domestic capabilities
    JEL: N36 N56 N76 N96 O15 Q17
    Date: 2008–04
  2. By: Iwasaki, Yoko
    Abstract: Since the middle of the twentieth century criticism towards quantitative research tools in social sciences has gradually led to attempts to find a new methodology, called 'qualitative research'. At the same time, qualitative research has called for a reconsideration of the usefulness of many of the beneficial tools and methodologies that were discarded during the move to research based on the employment of quantitative research tools. The purpose of this paper is to discuss the essential elements of the qualitative research approach, and then argue for the possibility of introducing the old-established methodology of historical science into qualitative research, in order to raise the accuracy of the qualitative data.
    Keywords: Qualitative research, Economics, Historical science, Field-work, Iran, Research and investigation
    Date: 2008–03
  3. By: Wolf, Nikolaus
    Abstract: This paper asks whether Germany was ever an economically integrated area. I explore the geography of trade costs in a new data set of about 40,000 observations on regional trade flows within and across the borders of Germany over the period 1885 – 1933. There are three key results. First, the German Empire before 1914 was a poorly integrated economy, both relative to integration across the borders of the German state and internally. Second, this internal fragmentation had its origins in administrative borders within Germany, in a geographical barrier that divided Germany roughly along natural trade routes into east and west, and in a considerable cultural heterogeneity within Germany prior to 1919. Third, internal integration improved along with external disintegration in the wake of the war, partly due to border changes along the lines of ethno-linguistic heterogeneity and again with the Great Depression. By the end of the Weimar Republic in 1933, Germany was reasonably well integrated.
    Keywords: aggregation bias; border effects; economic integration; Germany
    JEL: F15 N13 N14 N90
    Date: 2008–04
  4. By: Ormerod, Paul
    Abstract: Bordo and Helbing (2003) examine the business cycle in Western economies over the 1881-2001 period. They examine four distinct periods in economic history and conclude that there is a secular trend towards greater synchronisation for much of the 20th century, and that it takes place across these different regimes. Most of the analytical techniques used in the business cycle convergence literature rely upon the estimation of an empirical correlation matrix of time series data of macroeconomic aggregates in the various countries. However due to the finite size of both the number of economies and the number of observations, a reliable determination of the correlation matrix may prove to be problematic. The structure of the correlation matrix may be dominated by noise rather than by true information. Random matrix theory was developed in physics to overcome this problem, and to enable true information in a matrix to be distinguished from noise. It has been successfully applied in the analysis of financial data. Using a very similar data set to Bordo and Helbing, I use random matrix theory, and the associated technique of agglomerative hierarchical clustering, to examine the evolution of convergence of the business cycle between the capitalist economies. The results confirm that there is a very clear degree of synchronisation of the business cycle across countries during the 1973-2006 period. In contrast, during the pre-First World War period it is not possible to speak of an international business cycle in any meaningful sense. The crosscountry correlations of annual real GDP growth are indistinguishable from those which could be generated by a purely random matrix. Contrary to the findings of Bordo and Helbing, it does not seem possible to speak of a ‘secular trend’ towards greater synchronisation over the 1886-2006 period as a whole. The periods 1920-1938 and 1948-1972 do show a certain degree of synchronisation – very similar in both periods in fact – but it is weak. In particular, the cycles of the major economies cannot be said to be synchronised during these periods. Such synchronisation as exists in the overall data set is due to meaningful comovements in sub-groups. So the degree of synchronisation has evolved fitfully, and it is only in the most recent period, 1973-2006, that we can speak of a strong level of synchronisation of business cycles between countries. More detailed analysis of the evolution of synchronisation of the 6 major economies since 1948 suggests it can vary considerably over relatively short periods of time. During the 1990s, for example, the degree of synchronisation of the cycle was similar to that of the 1950s, and lower than it was in the 1970s and 1980s following the oil shocks.
    Keywords: International business cycle, synchronisation, random matrix theory
    JEL: C69 E32 N10
    Date: 2008
  5. By: Christian Morrisson; Fabrice Murtin
    Abstract: This paper presents an historical database on educational attainment in 74 countries for the period 1870-2010. We use data on total enrolment in Primary, Secondary and at University to estimate average years of schooling using perpetual inventory methods. Several difficulties arise due to missing data. We use some simulations to assess the quality of schooling estimates and show that most of them become reliable around 1900. Then, we extend our series over the period 1960-2010 using Cohen and Soto (2007) database, which relies mainly on surveys. The correlation between the two sets of average years of schooling in 1960 is equal to 0.96. We use a measurement error framework to merge the two databases while correcting a systematic measurement bias in Cohen and Soto (2007); the latter comes from the fact that surveys conducted in the 1990s were used to infer average schooling in 1960 without taking into account differential mortality across educational groups. Basic descriptive statistics show a continuous spread of education that has accelerated in the second half of the twentieth century. We find evidence of fast convergence in years of schooling for a sub-sample of advanced countries during the 1870-1914 globalization period, and of modest convergence since 1980. Less advanced countries have been excluded from the convergence club in both cases.
    Date: 2008
  6. By: Natalia Kuznetsova; Irina Peaucelle
    Abstract: This article investigates the relationships between the evolution of Russian social psychology and the transformations of the modes of education in Russia. Social psychology is a science born the last century and also a status of the social conscience of people, forged historically on the basis of proper cultural artifacts. In Russia education is mainly the process of human development and, like wherever, it is the institution of knowledge transmission. We show on the case of Russian history that the scientifically proven educational practice can contribute enriching development of social conscience after ideological and economic shocks.
    Date: 2008
  7. By: Luca Fiorito; Matías Vernengo
    Abstract: This paper suggests that Clark’s views regarding the Keynesian Revolution illuminate some of the limitations of the Keynesian orthodoxy that developed after the war, bringing more institutional detail and a greater preocupation with dynamic analysis. Clark developed the multiplier in dynamic terms and coupled it with the accelerator to provide the framework for business cycle theory. His analysis was not formalized and emphasized time lags and non-linearities, similarly to Harrod. Also Clark was concerned with the inflationary consequences of Keynesian policies and he was dissatisfied with those mechanical interpretations of the income flow analysis, which came to be known as hydraulic Keynesianism. Clark’s policy conclusions emphasized the need of balance between employment creation and price stability, and the need of cooperation between social groups.
    Keywords: John Maurice Clark, Keynesians, Institutionalists
    JEL: B20 B22 B31
    Date: 2008–07
  8. By: Accominotti, Olivier; Flandreau, Marc; Rezzik, Riad; Zumer, Frédéric
    Abstract: Ferguson and Schularick (2006) recently provided a measure of the effect of Empire subjection on borrowing countries’ interest rates. They find this effect to be large and significant, ranging between 80 to 180 basis points. We argue that their methodology is inadequate and that their estimates are biased. The reason is that Empire subjection did not affect borrowing conditions at the margin, as they assume, but structurally. We also develop a new approach of the incidence of colonial rule on market access. It suggests that the benefits of Empire were unevenly distributed. It shows that the main incidence of colonial rule was to create financial incentives to adopt development policies that encouraged government spending.
    Keywords: bond spreads; credibility; development; empire; institutions; legal frameworks
    JEL: G12 N20 O16
    Date: 2008–04
  9. By: Robert J. Barro; José F. Ursúa
    Abstract: We build on the Maddison GDP data to assemble international time series from before 1914 on real per capita personal consumer expenditure, C. We also improve the GDP data in many cases. The C variable comes closer than GDP to the consumption concept that enters into usual asset-pricing equations. (A separation of consumer expenditure into durables and non-durables is feasible for only a minority of cases.) We have essentially full annual data on C for 22 countries and GDP for 35 countries, and we plan to complete the long-term time series for a few more countries. For samples that start as early as 1870, we apply a peak-to-trough method for each country to isolate economic crises, defined as cumulative declines in C or GDP by at least 10%. The principal world economic crises ranked by importance are World War II, World War I and the Great Depression, the early 1920s (possibly reflecting the influenza epidemic of 1918-20), and post-World War II events such as the Latin American debt crisis and the Asian financial crisis. We find 87 crises for C and 148 for GDP, implying disaster probabilities around 3.6% per year. The disaster size has a mean of 21-22% and an average duration of 3.5 years. A comparison of C and GDP declines shows roughly coincident timing. The average fractional decline in C exceeds that in GDP during wartime crises but is similar for non-war crises. We simulate a Lucas-tree model with i.i.d. growth shocks and Epstein-Zin-Weil preferences. This simulation accords with the observed average equity premium of around 7% on levered equity, using a "reasonable" coefficient of relative risk aversion of 3.5. This result is robust to a number of perturbations, except for limiting the sample to non-war crises, a selection that eliminates most of the largest declines in C and GDP. We plan a statistical analysis that uses all the time-series data and includes estimation of long-run effects of crises on levels and growth rates of C and GDP. We will also study the bond-bill premium (empirically around 1%) and allow for time-varying disaster probabilities.
    JEL: E01 E21 E23 E44 G12
    Date: 2008–04
  10. By: Carmen M. Reinhart; Kenneth S. Rogoff
    Abstract: There is a rich scholarly literature on sovereign default on external debt. Comparatively little is known about sovereign defaults on domestic debt. Even today, cross-country data on domestic public debt remains curiously exotic, particularly prior to the 1980s. We have filled this gap in the literature by compiling a database on central government public debt (external and domestic). The data span 1914 to 2007 for most countries, reaching back into the nineteenth century for many. Our findings on debt sustainability, sovereign defaults, the temptation to inflate, and the hierarchy of creditors only scratch the surface of what the domestic public debt data can reveal. First, domestic debt is big -- for the 64 countries for which we have long time series, domestic debt accounts for almost two-thirds of total public debt. For most of the sample, this debt carries a market interest rate (except for the financial repression era between WWII and financial liberalization). Second, the data go a long ways toward explaining the puzzle of why countries so often default on their external debts at seemingly low debt thresholds. Third, domestic debt has largely been ignored in the vast empirical work on inflation. In fact, domestic debt (a significant portion of which is long term and non-indexed) is often much larger than the monetary base in the run-up to high inflation episodes. Last, the widely-held view that domestic residents are strictly junior to external creditors does not find broad support.
    JEL: E6 F3 N0
    Date: 2008–04
  11. By: Panicos O. Demetriades
    Abstract: This paper offers a number of new perspectives on the finance and growth literature. It starts by reviewing the empirical evidence on finance and growth, highlighting studies which suggest that financial development may be ineffective in delivering growth in the poorest of countries. The paper proceeds to examine the likely sources of financial (under-)development and argues that: (a) the legal origins view has been largely discredited by lawyers; (b) government ownership of banks is much more of a symptom of weak institutions than a cause of financial under-development. It then argues that political economy explanations of financial development, focussing on the role of incumbents, income and wealth inequality and the evolution of economic institutions, are much more promising hypotheses but remain largely untested. It calls for more work to test and develop further these ideas but warns against over-simplified notions of politics. It ends by reviewing recent work on the political economy origins of financial development and the politics of financial reforms, which suggests that politics plays a greater and more complex role than has so far been recognised by the economics literature on finance and growth.
    Date: 2008–04
  12. By: Kiyohito Utsunomiya (Senior Institute for Monetary and Economic Studies, Bank of Japan (E-mail:
    Abstract: To date, most research on Interwar Period economic fluctuations in Japan has been based on Estimates of Long-term Economic Statistics of Japan (LTES), edited by Kazushi Ohkawa et al. Regardless, the LTES data are just one set of estimations. They require scrutiny, especially for the measurement of personal consumption, which has a high weight in GNE. This paper re-estimates the LTES personal consumption expenditures by adjusting the estimation methods for certain expense categories and deducting imputations (which may have a large measurement error), and then calculates real GDP (adjusted real GDP) focusing on the market economy. The re-estimation presents no major changes from the LTES in the shape of the economic fluctuations of the 1920s, when the Japanese economy continuously posted gunbalanced growth.h From the Showa Depression forward, however, while the LTES shows continued positive real GDP growth, the re-estimation indicates negative growth in adjusted real GDP in 1931. These findings remain robust after considering the bias from the deflator formula. Given the characteristics of national accounts and the measurement error, these re-estimation results suggest that the severity of the Showa Depression may have been underestimated in the prior research.
    Keywords: Japanese Economy, Interwar Period, Showa Depression, Great Depression, Personal Consumption, National Accounts, Deflator, Imputation
    JEL: E01 N15
    Date: 2008–04
  13. By: Luis Bertola; Cecilia Castelnovo; Javier Rodriguez; Henry Willebald
    Abstract: Latin America is the most unequal region in the world and there is a lively debate concerning the explanations and timing of such high levels of income inequality. Latin America was also the region, not including European Offshoots, which experienced the most rapid growth during the first globalization boom. It can, therefore, be taken as an interesting case study for how globalization forces impinged on growth and income distribution in peripheral regions. This paper presents a first estimate of income inequality in the Southern Cone of South America (Brazil 1872 and 1920, Chile 1870 and 1920, Uruguay 1920) and some assumptions concerning Argentina (1870 and 1920), and Uruguay (1870). We find an increasing inequality trend between 1870 and 1920 which can be explained as a process of inequality both within individual countries and between countries. This trend is discussed along three lines: the relation between inequality and per capita income levels; the dynamics of the expansion to new areas, and movements of relative factor prices and of the terms of trade.
    Keywords: Globalization, Growth, Income inequality, Latin American Southern Cone, Regional inequality, Terms of trade
    JEL: N36 N56 N76 N96 O15 Q17
    Date: 2008–04
  14. By: Sargent, Thomas J; Zeira, Joseph
    Abstract: From 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded 400% per annum. This paper claims that anticipated monetary and fiscal effects of a massive government bailout of owners of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed after a scandal in which it was revealed that banks had long manipulated their share prices. The government promised to reimburse innocent owners for the diminished value of their bank shares, but only after four or five years. The public believed that promise and public debt therefore implicitly increased by a large amount. That implied future monetary expansions. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and Wallace (1981).
    Keywords: Inflation; Inflation Tax; Public Debt; Rational Expectations
    JEL: E31 E50 H60
    Date: 2008–04
  15. By: Angela Milena Rojas
    Abstract: Resumen: Este artículo analiza los impactos monetarios e institucionales de la deuda pública interna en Colombia en el siglo XIX. Se expone la naturaleza de esta deuda y su evolución institucional, con el fin de bosquejar una parte de la matriz institucional del siglo XIX; para ello, se utilizan ideas del nuevo institucionalismo económico. El artículo deriva de una investigación más extensa en la que se reconstruyeron series fiscales y e información cualitativa a partir de fuentes primarias. Aquí se muestra el vínculo estrecho entre la emisión de notas de deuda y las guerras civiles, y se expone evidencia sobre cómo la deuda estructuró un patrón metálico impuro. Se encuentra que, esta deuda tuvo impacto sobre el nivel de precios y consolidó la persistencia del caos monetario y las guerras civiles.
    Date: 2008–04–24
  16. By: Jan Kregel
    Abstract: This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The paper provides a background to the forces that have produced the present system of residential housing finance, the reasons for the current crisis in mortgage financing, and the impact of the crisis on the overall financial system.
    Date: 2008–04
  17. By: Álvarez Alonso, José Ignacio (Universidad de Valladolid)
    Abstract: La investigación es novedosa en cuanto se ocupa de instituciones de naturaleza peculiar como las Cajas, que combinan rasgos propios de las fundaciones con los de las entidades de crédito. De otro lado, se refiere a España, país de “civil law”, con una tradicional menor protección de los intereses de los inversores y una menor calidad de la información contable (La Porta et al.1999). La presencia de la auditora líder y la mayor participación de los impositores en los órganos de decisión y control, resultan ser - dentro del enfoque de la teoría de la agencia- factores explicativos negativamente relacionados con la creación del Comité de Auditoría en las Cajas, al reducir el conflicto de agencia existente en éstas.
    Keywords: Comités de Auditoría, Costes de Agencia, Gobierno Corporativo, Cajas de Ahorros, Especialización del auditor.
    JEL: G21 G34 M42
    Date: 2007–12
  18. By: Ana Luiza Machado de Codes
    Abstract: Este trabalho se propõe a contribuir para o estudo da pobreza ao delinear a trajetória do pensamento científico sobre o tema. A questão veio a se constituir em objeto de investigação científica a partir da Revolução Industrial, quando a preocupação em medir sua dimensão e compreender as suas causas passou a atrair a atenção de pesquisadores e governantes. Desde então, as acepções sobre o problema têm evoluído, em direção a uma compreensão mais complexa sobre a matéria. À noção inicialmente cunhada - a da "subsistência", que definia a pobreza com base no critério da renda necessária para a sobrevivência exclusivamente física do indivíduo - somaram-se outras formulações mais abrangentes. Um primeiro passo em relação à ampliação do conceito veio com a formulação das "necessidades básicas", que instaurou a perspectiva de que a pobreza tem várias faces, manifestando-se por intermédio de diversos tipos de carências. A partir daí, desdobraram-se outras formulações, como a da "privação relativa", centrada na noção de que a pobreza deve ser definida socialmente, e a da "privação de capacidades", que se caracteriza por desenvolver uma reflexão de caráter mais abstrato sobre a natureza do objeto, remetendo a discussão aos campos da justiça social, da política, das desigualdades e da subjetividade. Tal evolução conceitual não significa que as formulações mais antigas tenham sido descartadas pelas mais recentes. Observa-se, ainda nos dias de hoje, a coexistência de todas elas. Entretanto, nota-se que os atuais debates sobre o tema tendem a enfatizar a idéia de que se trata de um fenômeno multidimensional e complexo, que concerne a situações em que as necessidades humanas não são suficientemente satisfeitas e em que diferentes fatores estão interligados. The present research aims to contribute to the area of poverty studies by describing how the scientific concepts of poverty have gradually developed towards the idea that it is a complex and multidimensional problem, which involves interrelated social and economic factors. Poverty became a scientific issue by the time of the Industrial Revolution, when researchers and governments got interested in understanding its causes and in knowing how to measure it. The first idea to be developed was the "subsistence" concept of poverty. It defined those who were poor by estimating the necessary amount of money to guarantee just the survival of one?s body. The first step towards broadening the discussion came along with the concept of "basic needs". It brought the idea that multiple dimensions comprise poverty, and they manifest by different kinds of lacks faced by the poor people. Since then, other formulations have arisen, such as the "relative deprivation", centered in the notion that poverty is a socially defined problem, and the "capacity deprivation", which develops the discussion about the nature of poverty in a more abstract level, involving themes such as social justice, politics, inequalities and subjectivity. This conceptual evolution does not mean that the recent ideas have discarded the old ones. All of them coexist nowadays. Nevertheless, the actual discussions about poverty tend to emphasize the complex and multidimensional nature of the phenomenon, characterized by situations in which human necessities are not satisfied and by the influence of many interrelated social and economic factors.
    Date: 2008–04
  19. By: Sebastiano Nerozzi (University of Palermo, Dipartimento di Studi su Politica, Diritto e Società); Pierluigi Nuti
    Abstract: This paper examines Adam Smith’s vision of family life and the role of the family in society as it stems from the Theory of Moral Sentiments. We first discuss textual evidences of Smith’s vision of gender differences and of the relationships between the sexes. Then we turn to TMS’s analysis of marriage and family life, exploring the importance of sentiments in strengthening family bonds and in fostering individuals’ moral education. Then we enlarge our perspective, considering Smith’s view on the role of the family within society, especially as market and non market relationships are concerned. Finally, we focus on Smith’s vision of the possible threats which life in Commercial societies may impose to family life, loosening parental ties and weakening those fellow-feelings which, according to Smith, play a paramount role in the moral education and proper behaviour of individuals in a free society. On the whole this paper acts as a first step in a wider project which includes the Wealth of Nations and focuses especially on economic issues regarding family life.
    Keywords: Adam Smith; Moral Philosophy; Family; Gender; Education.
    JEL: A B12 B31 I J16
    Date: 2008
  20. By: Mimì Coccia; Giuseppe Della Torre
    Abstract: General government activity in the field of education has recently assumed new interest due to the importance of two analytical objectives: a) the existence of substitution or complementary processes between public and private expenditure in education; b) the importance of public expenditure in the fields of education, health etc. in economic development. Between 1861 and 1913, statistical information regarding Italian expenditure in education at local (provincial and municipal) level is particularly scarce and there is none at all on expenditure at local level for a number of periods. The reconstruction of missing data for regressors has been carried out by NIPALS algorithm (Non-linear estimation by Iterative PArtial Least Square) which calculates Principal Component Analysis (PCA) even when there are missing data. The reconstructed data have allowed improvement of the informative set and the lines of interpretation of General Government action in education. Our data confirm the idea that policies regarding education in Italy have relied predominantly on local resources at municipal level. Furthermore, transfers from Central Government to the municipal authorities assumed great importance after 1904. Finally, it is to be noted that Central government expenditure on education in a strict sense (excluded expenses for museums, academies etc.) has been stable until 1904. Truly incisive policies regarding Central government are to be found only in successive periods.
    Keywords: economic development, education, human capital, merit goods, principal components analysis, time series analysis.
    JEL: H4 H7 I2 N3 O1
    Date: 2007–12
  21. By: Alrubaie, Falah
    Abstract: An Evaluation to Industrial Development in Iraq "During The industrial development in Iraq ,causes mutual effect on both manufacturing sector indicators and Economical structural. The suitable conditions should be prepared ,which enables Manufacturing sector to come up to industrial and structural integration, In order to corrects the structural imbalances . This study aims to determination the nature of transformation in Iraq Economy during 1975-1990 by the following:- 1- Diagnosis The Role of Manufacturing Sector in Process of Structural Transformation in Iraq Economy by study the relations between manufacturing sector and national Economy . 2-Diagnosis the main structural relationship among the branches and patterns of Manufacturing sector ,containing regional relations and nature of transformation which has take part during the study period ,in order to determine whether this transformation causes a state of structural imbalance or it harmonizes with the aim of structural balance. 3- discussed the structural transformation in manufacturing sector by study the relations between branches and activities ,Light and Heavy industry, small and large Scale, Capital and labour intensities ,import substitution and encourage exports and the regional relation between industries
    Keywords: An Evaluation to Industrial Development in Iraq "During 1975-1990"
    JEL: L80
    Date: 2004–01–04
  22. By: Nicolas van Zeebroeck (Centre Emile Bernheim, Solvay Business School, Université Libre de Bruxelles, Brussels.); Bruno van Pottelsberghe (Centre Emile Bernheim, Solvay Business School, Université Libre de Bruxelles, Brussels, DULBEA, Université Libre de Bruxelles and ECARES, Université Libre de Bruxelles.); Dominique Guellec (OECD -DSTI, Paris.)
    Abstract: The sharp increase in academic patenting over the past 20 years raises important issues regarding the generation and diffusion of academic knowledge. Three key questions may be raised in this respect: What is behind the surge in academic patenting? Does patenting affect the quality and quantity of universities' scientific output? Does the patent system limit the freedom to perform academic research? The present paper summarizes the existing literature on these issues. The evidence suggests that academic patenting has only limited effects on the direction, pace and quality of research. A virtuous cycle seems to characterise the patent-publication relationship. Secondly, scientific anti-commons show very little effects on academic researchers so far, limited to a few countries with weak or no research exemption regulations. In a nutshell, the evidence leads us to conclude that the benefits of academic patenting on research exceed their potential negative effects.
    Keywords: Patent systems, Research Exemption, Academic Patenting.
    JEL: O31 O34 O50
    Date: 2008–04
  23. By: Articulo Completo
    Date: 2008–04–01

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