nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2010‒07‒31
sixteen papers chosen by
Bernardo Batiz-Lazo
University of Leicester

  1. How Economics Helped Shape American Judaism By Chiswick, Carmel U.
  2. How polycentric is a monocentric city? The role of agglomeration economies By Ahlfeldt, Gabriel M.; Wendland, Nicolai
  3. The political economy of infrastructure : the Spanish “parliamentary roads” (1880-1914) By Marta Curto-Grau; Alfonso Herranz-Loncán; Albert Solé-Ollé
  4. The Future of Central Banking: A Lesson from United States History By Bennett T. McCallum
  5. Can Unions Grow in Undemocratic Political and Social Environments? The Korean Case from a Comparative Perspective By Jooyeon Jeong
  6. Rural banking in Africa By van Empel, Gerard
  7. The Market for Paintings in Baroque Venice By Federico Etro; Laura Pagani
  8. HISTORIA DEL PENSAMIENTO ECONÓMICO DESDE EL SIGLO VIII A.C HASTA EL SIGLO XVII D.C, EVOLUCIÓN Y CONTRIBUCIONES A LOS PROCESOS ECONÓMICOS ACTUALES By FREDI GOYENECHE GONZÁLEZ; JORGE LEONARDO CASTILLO LOAIZA; LEIDY ALEXANDRA CORTÉS FUENTES
  9. The World Bank's publication record By Ravallion, Martin; Wagstaff, Adam
  10. Rural banking By Nair, Ajai; Fissha, Azeb
  11. LA SOCIEDAD MINERA “EL ZANCUDO” By RAFAÉL GONZÁLEZ VIZCAÍNO; LEDYS POILAO VANEGAS; EDGAR VARGAS MEDINA; EDGAR ROMERO CONTRERAS
  12. ACOPI, 50 AÑOS DE HISTORIA EMPRESARIAL By RAFAÉL GONZÁLEZ VIZCAINO; LORENA VÁSQUEZ FORERO; FIDEL VESGA DÍAZ
  13. J. V. MOGOLLON & CIA.: CRONICA DE UN EMPEÑO EMPRESARIAL PIONERO EN COLOMBIA By RAFAÉL GONZÁLEZ VIZCAINO; JUAN ANTONIO MENDOZA MERCADO; JÉNNIFER GIRALDO GUZMÁN
  14. After the Crisis is before the Crisis: The Political Economy of Debt Relief By Andreas Freytag; G. Pehnelt
  15. The Consequences of Banking Crises on Public Debt By Davide Furceri; Aleksandra Zdzienicka
  16. Guilbaud's 1952 theorem on the logical problem of aggregation. By Daniel Eckert; Bernard Monjardet

  1. By: Chiswick, Carmel U. (University of Illinois at Chicago)
    Abstract: This chapter discusses the strong impact of economic forces, and changes in the economic environment, on American Jewish observance and American Jewish religious institutions in the 20th century. Beginning with the immigrants' experience of dramatic economic change between the old country and the new, it focuses on how this affected differences between European and American Jewish practices during the first half of the twentieth century. Equally dramatic upward economic mobility had implications for additional changes during the second half of the century. These were manifested by the development of distinctively American patterns of Jewish education. The relationship between Jewish education in the United States and the other major branches of World Jewry is discussed from an economic perspective. The economic underpinnings of religious intermarriage and assimilation are reviewed. A concluding section forecasts the future of American Judaism and Jewish observance in the coming decades.
    Keywords: economics, religion, Judaism, economic history, immigrant adjustment, education, intermarriage
    JEL: Z12 N32 J12
    Date: 2010–07
    URL: http://d.repec.org/n?u=RePEc:iza:izadps:dp5068&r=his
  2. By: Ahlfeldt, Gabriel M.; Wendland, Nicolai
    Abstract: Can the demise of the monocentric economy across cities during the 20th century be explained by decreasing transport costs to the city center or are other fundamental forces at work? Taking a hybrid perspective of classical bid-rent theory and a world where clustering of economic activity is driven by (knowledge) spillovers, Berlin, Germany, from 1890 to 1936 serves as a case in point. We assess the extent to which firms in an environment of decreasing transport costs and industrial transformation face a trade-off between distance to the CBD and land rents and how agglomeration economies come into play in shaping their location decisions. Our results suggest that an observable flattening of the traditional distance to the CBD gradient may mask the emergence of significant agglomeration economies, especially within predominantly service-based inner city districts.
    Keywords: Transport Innovations; Land Values; Location Productivity; Agglomeration Economies; Economic History; Berlin
    JEL: N9 N7 R33 O12
    Date: 2010–07
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:24078&r=his
  3. By: Marta Curto-Grau (Departament d'Economia Política i Hisenda Pública; Universitat de Barcelona; Facultat d'Economia i Empresa -­‐ Av. Diagonal, 690 (08034 Barcelona).); Alfonso Herranz-Loncán (Departament d’Història i Institucions Econòmiques Universitat de Barcelona; Facultat d'Economia i Empresa -­‐ Av. Diagonal, 690 (08034 Barcelona).); Albert Solé-Ollé (Departament d'Economia Política i Hisenda Pública; Universitat de Barcelona; Facultat d'Economia i Empresa -­‐ Av. Diagonal, 690 (08034 Barcelona).)
    Abstract: This paper examines the extent to which the public allocation of road investment was influenced by political and electoral goals during the Spanish Restoration (1874-­‐1923). More precisely, we seek to identify those provinces that were favoured with higher road construction expenditure and whether tactical strategies adopted by the political parties varied over time to reflect increasing political competition. In so doing, this paper combines concepts from three strands of literature: legislative pork-­‐barrel; clientelism and machine politics; and electoral competition. Our main empirical finding for a panel of Spanish provinces between 1880 and 1914 suggests that constituencies electing a higher proportion of deputies from minority or opposition parties were initially punished through lower levels of road investment but that, by the end of the period, they were instead favoured with more resources than the rest. In addition, we also observe that senior deputies who had been ministers in previous administrations were more capable than other politicians of attracting resources to their constituencies.
    Keywords: road investment, distributive politics, electoral competition, vote buying
    JEL: H54 P16 D72
    Date: 2010–07
    URL: http://d.repec.org/n?u=RePEc:ahe:dtaehe:1008&r=his
  4. By: Bennett T. McCallum (Professor, Carnegie Mellon University and National Bureau of Economic Research (E-mail: bmccallum@cmu.edu))
    Abstract: This paper is being prepared for the 2010 international conference of the Institute for Monetary and Economic Studies of the Bank of Japan, gThe Future of Central Banking under Globalization,h to be held May 26-27, 2010, in Tokyo. I am grateful to Marvin Goodfriend for helpful discussions.
    Date: 2010–07
    URL: http://d.repec.org/n?u=RePEc:ime:imedps:10-e-14&r=his
  5. By: Jooyeon Jeong (Department of Economics, Korea University, Seoul, Republic of Korea)
    Abstract: In the literature in English, the prevailing view on Korean unions during the economic developmental period of the 1970s judged unions¡¯ lack of representative capacities as well as their exceptionally slow growth patterns as constrained chiefly by the state-led macro-political environment. However, this paper finds that enterprise unions as the primary form in Korea not only pursued weak to moderate economic unionism but also recorded a gradual pattern of growth while exhibiting significant diversity across sectors, industries, and firms during that period. That diverse pattern of union growth was repeated and intensified by the explosive growth of vigorous economic enterprise unionism during the political democratization period between 1987 and 1994. In particular, Korean union growth was not always solely, decisively, and negatively influenced by the state, as presumed in the literature. Instead, like their counterparts in several advanced nations, some Korean unions had relatively stable organizations and bargaining power in strategically growing industries, in state-regulated sectors and industries, in large enterprises (LEs), and among advantageous groups of workers enjoying stable wages and employment security in labor markets.
    Keywords: enterprise unionism, union growth patterns in Korea, meso- and micro-socioeconomic theory, pluralistic perspectives on union formation, comparative industrial relations
    Date: 2010
    URL: http://d.repec.org/n?u=RePEc:iek:wpaper:1012&r=his
  6. By: van Empel, Gerard
    Abstract: Many people in the vast rural areas of Africa lack access to financial services, and most commercial banks are not interested in moving into these areas due to their low income levels, lack of scale economies, and poor infrastructure. Also, few banks actually understand the most common economic activity in rural areas: agriculture. Consequently, the absence of financial institutions in rural Africa has often enticed governments to step in, particularly with state-dominated banks focused on agriculture. Many of these initiatives have failed, however, because they were too bureaucratic, too policy oriented, too concentrated on risk to only one segment of the population, or too weak in customer focus. In addition, clients considered these government-sponsored institutions to be instruments that provided grants; hence, the banks suffered from poor loan-recovery rates. While microfinance institutions have made some inroads into rural Africa with the financial backing of international nongovernmental organizations and other sponsors, their sustainability is questionable. They tend to lack banking licenses and therefore have a very limited product range, and they cannot afford modern technology-based distribution systems.
    Keywords: Agricultural development -- Africa, agriculture finance, Farmers, Rabobank, rural banking, supply chain,
    Date: 2010
    URL: http://d.repec.org/n?u=RePEc:fpr:2020br:18(4)&r=his
  7. By: Federico Etro; Laura Pagani
    Abstract: We study the art market in the XVI-XVIII centuries with an econometric analysis of a new dataset on original contracts between patrons and artists for commissions of oil paintings of historical subject in the Venetian Republic. Size of paintings, reputation of the painters as perceived at the time, type of commissions and aggregate demand shocks (the plague) a¤ect prices as expected. We ?nd evidence of contractual solutions to moral hazard problems: since quality was not contractable, prices were made conditional on measurable features correlated with quality as the number of human ?gures. We also ?nd strong evidence of price equalization between high-demand and low-demand towns due to painters?mobility. Finally, we provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market. The results are con?rmed for other Italian art centres.
    Date: 2010–07
    URL: http://d.repec.org/n?u=RePEc:mib:wpaper:191&r=his
  8. By: FREDI GOYENECHE GONZÁLEZ; JORGE LEONARDO CASTILLO LOAIZA; LEIDY ALEXANDRA CORTÉS FUENTES
    Abstract: En la presente investigación se realizó una exploración acerca del pensamiento económico griego y su respectiva evolución hasta el pensamiento mercantilista, es decir, nuestro periodo de estudio data entre el siglo VIII a.C hasta el siglo XVII d.C aproximadamente. En un principio, se tuvo en cuenta el entorno social en el que se hallaban personajes tales como Hesíodo, Platón y Aristóteles con el fin de comprender sus ideas y aportes económicos, haciendo énfasis en sus semejanzas, diferencias y en sus contribuciones más relevantes. Posteriormente, se estudio al detalle el pensamiento escolástico, sus principales representantes y temas característicos como el precio justo, la usura y la propiedad privada. Por último, se abarco el conjunto de teorías y medidas que se desarrollaron entre el final de la economía medieval y el surgimiento de la fisiocracia; al igual que en los pensamientos económicos anteriores, en este se detallaron las principales figuras y aportes puntuales para la historia del pensamiento económico. A partir de esto, se encuentra que el pensamiento económico proyectado desde hace 28 siglos atrás, incide notoriamente en el pensamiento actual y ha sido la base de muchas teorías y nuevos pensamientos.
    Date: 2010–07–14
    URL: http://d.repec.org/n?u=RePEc:col:000394:007212&r=his
  9. By: Ravallion, Martin; Wagstaff, Adam
    Abstract: The World Bank has produced a huge volume of books and papers on development -- 20,000 publications spanning decades, but growing appreciably since 1990. This paper finds evidence that many of these publications have influenced development thinking, as indicated by the citations found using Google Scholar and in bibliographic data bases. However, the authors also find that a non-negligible share of the Bank's publications have received no citations, suggesting that they have had little scholarly influence, though they may well have had influence on non-academic audiences. Individually-authored journal articles have been the main channel for scholarly influence. The volume of the Bank's research output on development is greater than that of any of the comparator institutions identified, including other international agencies and the top universities in economics. The bibliometric indicators of the quality and influence of the Bank's portfolio of scholarly publications are on a par with, or better than, most of the top universities.
    Keywords: Banks&Banking Reform,Information Security&Privacy,Tertiary Education,Corporate Law,Access to Finance
    Date: 2010–07–01
    URL: http://d.repec.org/n?u=RePEc:wbk:wbrwps:5374&r=his
  10. By: Nair, Ajai; Fissha, Azeb
    Abstract: Before the late 1970s, rural dwellers in Ghana had almost no access to institutional credit for farm and nonfarm activities, and in many rural communities, secure, safe, and convenient savings and payment facilities hardly existed. In response to this situation, the Government of Ghana took several measures to increase access to credit in rural areas, including facilitating the establishment of rural and community banks (RCBs). This brief discusses the history of RCBs, their business model, their services, and their financial performance. It then draws some lessons relevant for others involved in or planning similar initiatives. As a network, RCBs are the largest providers of formal financial services in Ghana’s rural areas. By the end of 2008, Ghana had 127 RCBs with a total 584 service outlets, representing about half of the total banking outlets in the country. The RCB network reaches about 2.8 million depositors and 680,000 borrowers. Although the service delivery performance of the RCB network has been strong, its financial performance has been mixed. The profitability and net worth of the network have grown, but the financial performance of some members has been poor, and a small number are insolvent.
    Keywords: credit, Financial institutions, rural and community banks (RCBs), rural areas, rural banking, savings,
    Date: 2010
    URL: http://d.repec.org/n?u=RePEc:fpr:2020br:18(5)&r=his
  11. By: RAFAÉL GONZÁLEZ VIZCAÍNO; LEDYS POILAO VANEGAS; EDGAR VARGAS MEDINA; EDGAR ROMERO CONTRERAS
    Abstract: Entre principios del siglo XIX y a mediados del siglo XX en la empresa minera del Zancudo, además de esas habilidades se formaron grandes capitales y se impulsaron numerosos negocios y empresas aportando no solo financiación sino recursos administrativos y tecnología. En su historia es posible identificar los procesos regionales experimentados con la actividad minera y empresarial en Antioquia en un largo periodo. Por estas condiciones, la mina (1790) y la sociedad del Zancudo (1848 – 1948) en su conjunto a sido uno de los fenómenos económicos y empresariales más sobresaliente en la historia de Colombia. Esta síntesis de su historia trata la empresa enmarcada en el contexto socioeconómico local, regional y nacional, identificando factores externos e internos que influyeron en su desarrollo como sus empresarios, financistas, técnicos, administradores y trabajadores. Se muestra que la complejidad alcanzada por la mina del Zancudo fue resultado de un largo proceso de acumulación de capital, conocimientos técnicos y administrativos de los empresarios y trabajadores antioqueños. La sociedad del Zancudo se fundó por iniciativa del negociante y político Conservador antioqueño José María Uribe Restrepo, a partir de unas minas – Zancudo, Otramina y Candela. Percibió las buenas posibilidades de esas minas, en las cuales podía aplicar su experiencia y la de varios técnicos y empresarios extranjeros que se habían establecido en el lugar. En el fin del Zancudo se debilitó el espíritu empresarial de los accionistas de la segunda generación, la ausencia de ese espíritu a lo de la tercera que debieron delegar completamente la orientación técnica y administrativa de la empresa en Administradores particulares.
    Date: 2010–07–14
    URL: http://d.repec.org/n?u=RePEc:col:000394:007208&r=his
  12. By: RAFAÉL GONZÁLEZ VIZCAINO; LORENA VÁSQUEZ FORERO; FIDEL VESGA DÍAZ
    Abstract: ACOPI es un gremio que se creó hacia 1952 como un grupo de interés y que surgió como respuesta a las necesidades de los pequeños empresarios. Los principales problemas que afrontaban los empresarios en esta época eran la necesidad de crédito, de revisión de la legislación social que los desfavorecía, concesiones, ajustes, reformas al sistema tributario y representación ante los organismos oficiales. ACOPI logró un rápido crecimiento y éxito en sus primeros años de existencia gracias a los planes y alianzas estratégicas que creó: en primera instancia estableció en su cúpula directiva personalidades reconocidas y altamente influyentes en la vida pública nacional lo cual le permitió tener “abogados” en todos los ámbitos que requirió para su crecimiento. En segunda instancia, se alió favorablemente con el Banco Popular que solucionó sus principales problemas de crédito. Estos dos factores influyeron notablemente su éxito durante sus primeros años, prueba de ello es que atravesó posteriormente agudas crisis debido a que se presentó cambios en la dirección de la organización y a que el banco le cerró sus puertas cuando se vio igualmente en crisis. Sin embargo, en término generales, se puede afirmar que ACOPI, a pesar de haber tenido un rápido crecimiento para después tener un declive, pudo sortear las situaciones favorablemente, resurgir luego de 2 crisis y mantenerse siendo una organización fuerte, de alto reconocimiento y que tiene hoy día a nivel nacional más de 10.000 afiliados que gozan de los privilegios de su intervención y defensoría.
    Date: 2010–07–14
    URL: http://d.repec.org/n?u=RePEc:col:000394:007203&r=his
  13. By: RAFAÉL GONZÁLEZ VIZCAINO; JUAN ANTONIO MENDOZA MERCADO; JÉNNIFER GIRALDO GUZMÁN
    Abstract: En el nacimiento y auge de J.V. Mogollón & Cía. Concurren, con idiosincrasias variantes, muchos elementos que en Colombia, y en el mundo entero, caracterizan una exitosa gestión empresarial. José Vicente Mogollón Lavignac personifica, antes que nada, al pionero altamente motivado, cuyo deseo de superación es el móvil central de una brillante carrera. Nacido en la estrechez, debe trascender el estigma de la ilegitimidad que, a principios del siglo pasado y especialmente en comunidades pequeñas como Cartagena, asfixiaba las voluntades débiles. El latente deseo de triunfar contra los prejuicios recibe el estímulo del temprano éxito en el pequeño taller de encuadernación.
    Date: 2010–07–14
    URL: http://d.repec.org/n?u=RePEc:col:000394:007204&r=his
  14. By: Andreas Freytag (School of Economics and Business Administration, Friedrich-Schiller-University Jena); G. Pehnelt
    Abstract: -
    Keywords: -
    JEL: F34 O16
    Date: 2010–06–14
    URL: http://d.repec.org/n?u=RePEc:hlj:hljwrp:02-2008&r=his
  15. By: Davide Furceri (OECD and University of Palermo); Aleksandra Zdzienicka (Université de Lyon, Lyon, F-69003, France; CNRS, GATE Lyon St Etienne, UMR 5824, 93, chemin des Mouilles, Ecully, F-69130, France; ENS-LSH, Lyon, France)
    Abstract: The aim of this paper is to assess the consequences of banking crises on public debt. Using an unbalanced panel of 154 countries from 1980 to 2006, the paper shows that banking crises produce a significant and long-lasting increase in government debt. The effect is a function of the severity of the crisis. In particular, we find that for severe crises, comparable to the most recent one in terms of output losses, banking crises are followed by a medium-term increase of about 37 percentage points in the government gross debt-to-GDP ratio. We also find that the debt ratio increased more in smaller countries, with worse initial fiscal positions and with a lower quality of institutions (in terms of political stability and democracy). The increase in government debt is also a function of the size of the fiscal stimulus to counter the economic downturns and varies with the type of banking intervention policy, with liquidity support to banks associated with a larger increase in public debt.
    Keywords: Output Growth, Financial Crisis, CEECs
    JEL: G1 E6
    Date: 2010
    URL: http://d.repec.org/n?u=RePEc:gat:wpaper:1015&r=his
  16. By: Daniel Eckert (Institut Für Finanzwissenschaft - Universität Graz); Bernard Monjardet (Centre d'Economie de la Sorbonne et CAMS-EHESS)
    Abstract: In a paper published in 1952, shortly after publication of Arrow's celebrated impossibility result, the French mathematicien Georges-Théodule Guilbaud has obtained a dictatorship result for the logical problem of aggregation, thus anticipating the literature on abstract aggregation theory and judgment aggregation. We reconstruct the proof of Guilbaud's theorem, which is also of technical interest, because it can be seen as the first use of ultrafilters in social choice theory.
    Keywords: Aggregation, judgment aggregation, logical connectives, simple game, ultrafilter.
    Date: 2010–06
    URL: http://d.repec.org/n?u=RePEc:mse:cesdoc:10056&r=his

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