nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2011‒07‒27
27 papers chosen by
Bernardo Batiz-Lazo
Bangor University

  1. The Colonial Origins of the Divergence in the Americas: A Labour Market Approach By Robert C. Allen; Tommy E. Murphy; Eric B. Schneider
  2. A survey and comparison of luxury item ownership in the eighteenth century Dutch Cape Colony By Johan Fourie; Jolandi Uys
  3. Economic Growth in the Mid Atlantic Region: Conjectural Estimates for 1720 to 1800 By Peter C. Mancall; Joshua L. Rosenbloom; Thomas J. Weiss
  4. Financial Development and Sectoral Output: Growth in 19th Century Germany By Westermann, Frank; Dieckmann, Katharina
  5. Is Regulation Essential to Stock Market Development? Going Public in London and Berlin, 1900-1913 By Carsten Burhop; David Chambers; Brian Cheffins
  6. The Colonization of Hong Kong: Establishing the Pearl of Britain-China Trade By Palivos, Theodore; Wang, Ping; Yip , Chong
  7. Development and Religious Polarization: The Emergence of Reform and Ultra-Orthodox Judaism By Jean-Paul Carvalho; Mark Koyama
  8. Patent regimes, firms and the commodification of knowledge By Benjamin Coriat; Olivier Weinstein
  9. Keynesian Economics After All By A. Johansen; I. Simonsen
  10. The Lure of Aggregates and the Pitfalls of the Patriarchal Perspective: A Critique of the High Wage Economy Interpretation of the British Industrial Revolution By Jane Humphries
  11. Participatory Rural Development in 1930s Japan: The Economic Rehabilitation Movement By Arimoto, Yutaka
  12. Long-run consequences of natural disasters: Evidence from Tangshan By Xu, Guo
  13. Stages in the Historical Evolution and the Concept of Public Sector Marketing: Reflections on Developments By Alves, Helena; Stepanova, Alexandra; Vázquez Burguete, José Luis
  14. Risk Sharing with the Monarch: Contingent Debt and Excusable Defaults in the Age of Philip II, 1556-1598 By Drelichman, Mauricio; Voth, Hans-Joachim
  15. Aiming high, falling short: the Least Developed Country (LDC) category at 40 By Fialho, Djalita
  16. Funding Empire: Risk, Diversification, and the Underwriting of Early Modern Sovereign Loans. By Drelichman, Mauricio; Voth, Hans-Joachim
  17. Evaluating the Effectiveness of Yield-Raising Strategies in Medieval England: An Econometric Approach By Eric B. Schneider
  18. The Use of Positive and Negative Appeals in Social Marketing: A Research Proposal on History of European HIV Prevention ADS By Casais, Beatriz; Proença, João F
  19. Institutions, Inequality and Growth: A review of theory and evidence on the institutional determinants of growth and inequality By Richard Bluhm; Adam Szirmai; UNICEF Innocenti Research Centre
  20. Growth, Colonization, and Institutional Development: In and Out of Africa By Bertocchi, Graziella
  21. Is The Captain of the Men of Death Still At Play? Long-Run Impacts of Early Life Pneumonia Exposure during Sulfa Drug Revolution in America By Bhalotra, Sonia; Venkataramani, Atheendar
  22. Desigualdad de salarios en Colombia: evidencia a partir de encuestas de hogares 1984 – 2010 By Carmiña O: Vargas
  23. Greek Agriculture within the Framework of the Common Agricultural Policy: Thirty Years After By Baltas, Nicholas C.
  24. Statistics in the 150 years from Italian Unification. SIS 2011 Statistical Conference, Bologna, 8 - 10 June 2011. Book of Abstracts By Stefania Mignani; Michele Costa
  25. The Business of Development: Trends in Lending by Multilateral Development Banks to Latin America, 1980?2009 By Michaelowa, Katharina; Humphrey, Chris
  26. Strengthening Accountability of Charitable Organisations: A Literature Review By Abdul Khalid, Siti Nabiha; Basri, Hasan
  27. Male organ and economic growth: does size matter? By Westling, Tatu

  1. By: Robert C. Allen; Tommy E. Murphy; Eric B. Schneider
    Abstract: Part of a long-run project to put together a systematic database of prices and wages for the American contingents, this paper takes a first look at standards of living in a series of North American and Latin American cities. From secondary sources we collected price data that - with diverse degrees of quality - covers various years between colonization and independence and, following the methodology now familiar in the literature, we built estimations of price indexes for Boston, Philadelphia, and the Chesapeake Bay region in North America and Bogota, Mexico, and Postosi in Latin America exploring alternative assumptions on the characteristics of the reference basket. We use these indexes to deflate the (relatively more scarce) figures on wages, and compare the results with each other, and with the now widely known series for various European and Asian cities. We find that real wages were higher in North America than in Latin America from the very early colonial period: four times the World Bank Poverty Line (WBPL) in North America while only two times the WBPL in Latin America. These wages place the North American colonies among the most advanced countries in the world alongside Northwestern European countries and the Latin American colonies among the least developed countries at a similar level to Southern European and Asian countries. These wage differences existed from the early colonial period because wages in the American colonies were determined by wages in the respective metropoles and by the Malthusian population dynamics of indigenous peoples. Settlers would not migrate unless they could maintain their standard of living, so wages in the colonies were set in the metrople. Political institutions, forced labour regimes, economic geography, disease environments and culture shaped the size of the economy of each colony but did not affect income levels.
    Keywords: Economic history, Real wages, Standard of living, Labour market, Population, Great Divergence, North America, Latin America
    JEL: N16 N31 N36 J2 J4 I32
    Date: 2011
  2. By: Johan Fourie (Department of Economics, University of Stellenbosch); Jolandi Uys (Department of Economics, University of Stellenbosch)
    Abstract: What we know about the material culture of eighteenth century Cape Colony settlers is mostly limited to qualitative evidence found in official documents, letters, travel accounts and other correspondence. This paper uses a new quantitative source – the MOOC probate inventories – to ascertain the nature, growth and distribution of luxury good ownership in the Cape Colony. The survey reveals a marginal increase over the course of the eighteenth century in per capita ownership, although the trend masks greater movements within different wealth groups, which supports the notion of high inequality within the European society at the Cape. Yet, even given such inequality, the evidence suggests that even the poorest had access to the most basic amenities. In fact, comparisons with European and North American regions suggest that the Cape settlers were often more affluent, refuting the notion that the Cape Colony was an “economic and social backwater”.
    Keywords: South Africa, Cape Colony, French Huguenots, VOC, wine, slaves
    JEL: N37 D31 D63
    Date: 2011
  3. By: Peter C. Mancall; Joshua L. Rosenbloom; Thomas J. Weiss
    Abstract: We employ the conjectural approach to estimate the growth of GDP per capita for the colonies and states of the mid-Atlantic region (Del., NJ, NY and Penn). In contrast to previous studies of the region’s growth that relied heavily on the performance of the export sector, the conjectural method enables us to take into account the impact of domestic sector, in particular the production of agricultural products for the domestic market. We find that the region experienced modest growth of real GDP per capita. Although the rate of growth was modest in comparison to what would materialize in the late nineteenth century, it was faster than that of the Lower South in the eighteenth century, and at times as fast as that for the U.S. in the first half of the nineteenth century. In its heyday of growth from 1740 to 1750—before the dislocations produced by the spread of the Seven Years’ War--real GDP per capita rose at 0.7 percent per year, driven by the growth of output per worker in both agriculture and nonagriculture, and by capital accumulation.
    JEL: N1 N11 N71 N9 N91 O19
    Date: 2011–07
  4. By: Westermann, Frank; Dieckmann, Katharina
    Abstract: In this paper we re-evaluate the hypothesis that the development of the financial sector was an essential factor behind economic growth in 19th century Germany. We apply a structural VAR framework to a new annual data set from 1870 to 1912 that was initially recorded by Walther Hoffmann (1965). With respect to the literature, the distinguishing characteristic of our analysis is the focus on different sectors in the economy and the interpretation of the findings in the context of a two-sector growth model. We find that all sectors were affected significantly by shocks from the banking system. Interestingly, this link is the strongest in sectors with small, non-tradable goods producing firms, such as services, transportation and agriculture. In this regard, the growth patterns in 19th century Germany are reminiscent to those in today's emerging markets. --
    Keywords: Economic Growth,Financial Development,Sectoral asymmetries
    JEL: C22 N13 N23 O11
    Date: 2011
  5. By: Carsten Burhop (Max Planck Institute for Research on Collective Goods, Bonn and University of Cologne); David Chambers (Judge Business School, University of Cambridge); Brian Cheffins (Faculty of Law, University of Cambridge)
    Abstract: This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received “law and finance” wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official quotations on the London Stock Exchange performed as well as Berlin IPOs despite the Berlin market being more extensively regulated than the laissez faire London market. Moreover, the IPO failure rate on these two stock markets was lower than it was with better regulated US IPOs later in the 20th century.
    Keywords: Regulation, Financial history, Law and finance, initial public offering, investor protection
    JEL: G32 K22 N23 G18 G38 G14 G24
    Date: 2011–07
  6. By: Palivos, Theodore; Wang, Ping; Yip , Chong
    Abstract: We construct a staged development framework with multi-period discrete choices to study the colonization of Hong Kong, which facilitated the trade of several agricultural and manufactured products, including opium, between Britain and China. The model is particularly designed based on historical data and documentation collected from various sources. We show theoretically how institutions changed in response to the underlying key primitives and lead to the transition from the pre-Opium War era, to the post-Opium War era and then to the post-opium trade era, which span the period 1773-1933. Finally, we support our theoretical findings with historical evidence.
    Keywords: Colonial Economy; Opium Trade; Endogenous Policy and Institutions; Staged Development.
    JEL: O53 E65 D78 N40
    Date: 2011–07–13
  7. By: Jean-Paul Carvalho; Mark Koyama
    Abstract: Jewish emancipation in nineteenth century Europe produced drastically different responses. In Germany, a liberal variant known as Reform developed, while ultra-Orthodox Judaism emerged in eastern Europe. We develop a model of religious organization which explains this polarization. In developed regions, religious authorities embrace the prospect of cultural integration by relaxing probhibitions and benfitting from greater financial contributions. In poorer regions, religious authorities adopt a strategy of cultural resistance, enforcing prohibitions to elicit greater contributions of effort. In regions of intermediate development, religious schisms and cycles occur. This analytic narrative sheds light on how economic development can lead to cultural change.
    Keywords: Club goods, religious polarization, Community, Jewish emancipation
    JEL: D23 N33 Z12 J24
    Date: 2011
  8. By: Benjamin Coriat; Olivier Weinstein
    Abstract: This paper analyses the evolution of the intellectual property regime (IPR), and more precisely the patent regime, in the USA since the 19-th century. To do so, we consider intellectual property laws within the context of wider changes in capitalism, focusing on two main historical phases: firstly, the period covering the formation and development of 'corporate capitalism' dominated by large corporations and then the new phase, which opened up in the 1980s, marked by the rise to power of finance. From a perspective of institutional complementarities, we seek to show how the characteristics and implications of patent regimes can only be understood in relation to changes in the main institutional forms of capitalism: forms of the firm, the status of labour (the 'wage-labour nexus') and market forms.
    Keywords: firms, financialization, institutional complementarities, knowledge based economy, labor law, property rights
    JEL: O34 P1
    Date: 2011–07–19
  9. By: A. Johansen; I. Simonsen
    Abstract: It is demonstrated that the US economy has on the long-term in reality been governed by the Keynesian approach to economics independent of the current official economical policy. This is done by calculating the two-point correlation function between the fluctuations of the DJIA and the US public debt. We find that the origin of this condition is mainly related to the wars that the USA has fought during the time period investigated. Wars mean a large influx of public money into the economy, thus as a consequence creating a significant economical upturn in the DJIA. A reason for this straight-cut result of our analysis, is that very few wars have been fought on US-territory and those that have, were in the 18th century, when the partial destruction of cities, factories, railways and so on, was more limited and with less effect on the over-all economy.
    Date: 2011–07
  10. By: Jane Humphries (University of Oxford)
    Abstract: The newly dominant interpretation of the British industrial revolution contends that Britain was a high wage economy (HWE) and that the high wages themselves caused industrialization by making profitable labour-saving inventions that were economically inefficient in the context of other relative factor prices. Once adopted these macro inventions put Britain on a growth path that transcended the trajectories associated with more labour-intensive production methods. This account of the HWE economy is misleading because it focuses on men and male wages, underestimates the relative caloric needs of women and children and bases its views of living standards on an ahistorical and false household economy. A more realistic depiction of the working-class family in these times provides an alternative explanation of inventive and innovative activity based on the availability of cheap and amenable female and child labour and thereby a broader interpretation of the industrial revolution.
    Date: 2011–07–19
  11. By: Arimoto, Yutaka
    Abstract: This paper studies an early participatory rural development program implemented during the 1930s in Japan. This program selected several villages each year to draft and implement their own original development plans. I discuss the implications of the features of the program on its effectiveness. A detailed baseline survey conducted by the villagers themselves helped them to objectively diagnose their economic situations and understand their issues. The plans defined clear numerical targets, allowing them to share goals and monitor progress. The implementation of the plan was reinforced by frequent communication and monitoring among neighbors and by an incentive scheme that involved competition within a village. I use a village-level panel dataset from the Hyogo prefecture to examine the effects, under the difference-in-differences strategy. I find suggestive evidence that the program helped foster the adoption of cattle raising and diversify agricultural production.
    Keywords: Participatory development, Rural development program, Crop diversification, Great Depression, Japan
    JEL: O10 N55 R58
    Date: 2011–07
  12. By: Xu, Guo
    Abstract: Exploiting Tangshan 1976 - the deadliest earthquake in the 20th century - as a source of exogenous variation, we estimate the cohort-specific effects of a historical shock on contemporary socio-economic outcomes. While cohorts born after the earthquake were considerably larger, the adverse post-disaster conditions did not translate into lasting impacts on schooling and labour market outcomes. Cohorts at schooling age during the earthquake, however, exhibit considerably lower education levels today, particularly among the female. Despite lower education, there is no evidence for adverse labour market outcomes. We conduct extensive robustness checks and argue that the effect is causal. --
    Keywords: Environmental shock,earthquake,natural disaster,education,fertility
    JEL: I20 J00 O18
    Date: 2011
  13. By: Alves, Helena; Stepanova, Alexandra; Vázquez Burguete, José Luis
    Abstract: Prior to properly considering the analysis of any phenomenon or circumstance it is worthwhile to determine it from a conceptual and historical view. This is a reality in case of Marketing, a number of authors focusing their efforts on the delimitation and analysis of the stages in the historical development of the discipline as well as on the evolution of the marketing concept. However, the situation is not so clear in case of some marketing specific branches, as public sector marketing. In this paper, we present an overview on the stages in the historical evolution of public and social dimensions of marketing as well as a review on literature looking for a concept of public sector marketing. Different approaches (sometimes even contradictory positions) and lack of a "formal" agreed definition are concluded.
    Keywords: public sector marketing historical evolution; public sector marketing concept; theoretical developments; marketing historical evolution; Marketing c oncept
    Date: 2011
  14. By: Drelichman, Mauricio; Voth, Hans-Joachim
    Abstract: Contingent sovereign debt has the potential to create important welfare gains – but actual issuance is rare. Using hand-collected archival data, we examine the first known case of large-scale issuance of contingent sovereign debt in history. Philip II of Spain entered into hundreds of contracts whose value and due date was contingent upon verifiable, exogenous events such as the arrival of silver fleets. This allowed for effective risk-sharing between the king and his bankers. The defaults that occurred were excusable, occurred in bad states of the world, and under conditions that could not be foreseen or contracted on ex ante.
    Keywords: Sovereign Debt, Excusable Default, Rollover Crisis, Spain
    Date: 2011–07–04
  15. By: Fialho, Djalita
    Abstract: Why have 94% of LDCs not escaped poverty during the last four decades? This paper analyses the motivation behind the UN decision to establish the LDC category in 1971. The reviewed literature highlights the conflicting interests of the actors involved. It provides a historical account of the creation of the category and an international political economy analysis of that process. Based on this literature, I argue that the initial LDC identification process - which set a precedent for future LDC categorizations - was manipulated in order to generate a reduced list of small and economically and politically insignificant countries. Contrary to the LDC official narrative, this list served the interests of both donors (by undermining the UN's implicit effort to normalize international assistance) and other non-LDC developing countries (disturbed by the creation of a positive discrimination within the group, favoring the most disadvantaged among them). As a result of this manipulation, considerably less development-promoting efforts have been demanded from donors, which has, in turn, not significantly distressed the interests of other non-LDC developing countries. --
    Keywords: LDCs,aid,trade,preferential treatment,graduation
    JEL: N20 O19
    Date: 2011
  16. By: Drelichman, Mauricio; Voth, Hans-Joachim
    Abstract: Lending to early modern monarchs could be very profitable, yet highly risky. International financiers unlocked the excess returns in sovereign debt markets by parceling out the risk and transferring it to downstream investors in exchange for financial intermediation fees. We link two sovereign loans to Philip II of Spain to a downstream Genoese partnership. After examining the performance of the loans through the 1596 bankruptcy and its ensuing settlement, we conclude that the risk diversification scheme used by international bankers worked. Shares in sovereign loans were held within highly diversified portfolios, enhancing their returns in normal times and not posing excessive risks when caught in a default.
    Keywords: sovereing debt, syndication, diversification, Spain, Genoa
    Date: 2011–07–06
  17. By: Eric B. Schneider (History Faculty and Nuffield College, University of Oxford, Oxford, OX1 1NF)
    Abstract: This paper employs multiple regression analysis to evaluate the effectiveness of yield-raising techniques available to medieval farm managers (reeves) using a panel dataset of 49 manors held by the Bishop of Winchester from 1349-70. There are three main interesting findings. First, annual weather variation, modelled with climate reconstructions, was highly significant in explaining annual yield variation in wheat, barley, and oat yields, though the weather influenced each grain differently. Second, there is evidence that planting leguminous fodder crops and livestock stocking rates had small or even negative effects on grain yields. Finally, there is indirect evidence that reeves responded to economic incentives in allocating labour inputs such as manuring, weeding, harvesting, and gleaning among their crops, giving them a small ability to adjust their output based on economic incentives. These findings complicate our understanding of the agricultural revolution. The ineffectiveness of short-run yield-raising strategies employed in open field agriculture would support Overton’s traditional argument of the importance of enclosure for the gains in agricultural productivity. However, the whispers of price responsiveness on the manors might suggest that open fields were becoming more efficient, supporting Allen’s argument that the first agricultural revolution was carried out by small farmers on open fields.
    Date: 2011–07–18
  18. By: Casais, Beatriz; Proença, João F
    Abstract: Findings on the effectiveness of positive and negative appeals in social marketing are contradictory. This research proposal focuses on the three-decade historical use of positive and negative appeals in European HIV prevention social marketing ads in order to understand when, how and why these appeals have been used. This information is important for social marketers understanding of the role of both approaches and how they may be used most effectiv ely
    Keywords: Historical Research; Positive Appeals; Fear Appeals; Social Marketing
    Date: 2011
  19. By: Richard Bluhm; Adam Szirmai; UNICEF Innocenti Research Centre
    Abstract: The difference in the development experiences between the most developed countries and the least developed countries of today is vast. Luxembourg’s per capita income is 200 times larger than Liberia’s. Even within the developing world, growth is very unequal. East Asia and parts of Latin America are growing at impressive rates, while many other countries - especially in Sub-Saharan Africa - struggle with sluggish and volatile growth. This study discusses the theoretical challenge posed in identifying the mechanisms that link institutions and equitable economic growth at various levels of aggregation. The relationship between governance modes and institutions on the one hand, and economic growth and development on the other hand, may take very different forms. This relates to the question of whether a single and unique combination of institutions and governance modes is optimal for (equitable) growth, or whether different governance modes and institutions may lead to good or equitable growth performance in different locations and historical contexts.
    Keywords: development administration; growth policy; institutional framework;
    JEL: H1
    Date: 2011
  20. By: Bertocchi, Graziella
    Abstract: This essay investigates the determinants of the growth performance of Africa. I start by illustrating a broader research agenda which accounts not only for basic economic and demographic factors, but also for the role of history and institutional development. After reporting results from standard growth regressions, I analyze the role of Africa’s peculiar history, which has been marked by its colonization experience. Next I discuss the potential growth impact of state fragility, a concept which reflects multiple facets of the dysfunctions that plague the continent. The last topic I address is the influence, in and out of Africa, of the slave trades. The essay ends with critical conclusions and suggestions for further research.
    Keywords: Africa; colonization; Growth; history; institutions; slavery; state fragility
    JEL: H11 N17 O43
    Date: 2011–07
  21. By: Bhalotra, Sonia; Venkataramani, Atheendar
    Abstract: We exploit the introduction of sulfa drugs in 1937 to identify the impact of exposure to pneumonia in infancy on later life well-being and productivity in the United States. Using census data from 1980-2000, we find that cohorts born after the introduction of sulfa experienced increases in schooling, income, and the probability of employment, and reductions in disability rates. These improvements were larger for those born in states with higher pre-intervention pneumonia mortality rates, the areas that benefited most from the availability of sulfa drugs. Men and women show similar improvements on most indicators but the estimates for men are more persistently robust to the inclusion of birth state specific time trends. With the exception of cognitive disabilities for men and, in some specifications, work disability for men and family income, estimates for African Americans tend to be smaller and less precisely estimated than those for whites. Since African Americans exhibit larger absolute reductions in pneumonia mortality after the arrival of sulfa, we suggest that the absence of consistent discernible long run benefits may reflect barriers they encountered in translating improved endowments into gains in education and employment in the pre- Civil Rights Era. --
    Keywords: early childhood,infectious diseases,pneumonia,medical innovation,antibiotics,schooling,income,disability,mortality trends
    JEL: I18 H41
    Date: 2011
  22. By: Carmiña O: Vargas
    Abstract: La evidencia muestra que la oferta y el precio del trabajo calificado relativo al trabajo no calificado han cambiado significativamente en los últimos decenios en Colombia. Los resultados sugieren que Colombia ha experimentado un cambio tecnológico sesgado hacia trabajadores universitarios. Usando regresión por cuantiles, se encontró convergencia en los salarios de los grupos educativos más bajos y disminución en la dispersión de salarios de esos grupos desde mediados de los 90s. Así mismo, el diferencial de salarios entre los trabajadores más y menos educados se ha incrementado a partir de la segunda mitad de los 90s.
    Date: 2011–07–10
  23. By: Baltas, Nicholas C.
    Abstract: Agriculture is a vital element not only in the rural economy but also in the wider national economy of Greece. Greece's agriculture occupies the first place in terms of its share in GDP, population and balance of trade among the old member states of the European Union (EU-15). Specifically, Greece's agriculture contributes in terms of GDP, the active population and its value exports 6,16 and 23 percent respectively against 2,4 and 8 percent at an average level in the EU. The accession of Greece into the European Community in 1981 resulted in the immediate implementation of the Common Agricultural Policy (CAP) and the gradual (within 5 years) removal of tariffs on the trade of agricultural products with other member countries. Consequently, the institutional framework within which Greek agriculture had developed in the post-war period changed radically and the regulating ability of the Greek state was significantly limited (Maraveyias, 1994). The question which we will try to answer in this paper is, to what degree the change in the institutional framework of the development of Greek agriculture, due to the implementation of the CAP1 and the freeing of trade in agricultural products within the Community, affected Greek agriculture. Specifically, after a short review of agricultural policy in Greece before accession and the changes made during the transition period, an attempt is made in this paper to assess quantitatively and qualitatively developments in key indicators of Greek agriculture. Moreover, the agricultural sector's prospects are examined after the 1992 CAP reform for important for our country products, the implementation of the Uruguay Agreement, the Berlin Agreement, enlargement of the EU, the Mid-Term CAP reform and the recent developments in the CAP and its prospects.
    Keywords: Common Agricultural Policy; Greek Agriculture
    Date: 2011
  24. By: Stefania Mignani (Università di Bologna); Michele Costa (Università di Bologna)
    Date: 2011
  25. By: Michaelowa, Katharina; Humphrey, Chris
    Abstract: In this paper we investigate how country shareholding arrangements affect the lending of multilateral development banks (MDBs) under different economic conditions and over time. To do so, we consider three different types of MDBs - one dominated by non-borrowers (the World Bank), another controlled by borrowing countries (the Corporación Andina de Fomento, CAF), and a third where control is more evenly split between borrowers and non-borrowers (the Inter-American Development Bank, IADB) - and a common set of borrowing countries in Latin America. Descriptive statistics as well as econometric analysis based on seemingly unrelated regression estimation (SURE) and panel regressions indicate that the lending of the three MDBs does indeed react in a systematically different way to specific economic conditions. As a general trend, countries increasingly favor the CAF and IADB as a source of multilateral borrowing, while during crisis times World Bank lending tends to increase significantly and more strongly than lending by the CAF. IADB lending also increases very strongly during crises, but remains at a relatively high level throughout. In line with expectations based on the different shareholder arrangements, the paper also finds links between borrower government policy stances and World Bank/IADB lending, but none for the CAF. --
    Date: 2011
  26. By: Abdul Khalid, Siti Nabiha; Basri, Hasan
    Abstract: Over the last 20 years, non-profit organizations (NPOs) have become important providers of social services in many countries. They make up a significant proportion of organizational activities in many countries and tend to manage a sizeable proportion of human, financial, and other resource of the society. However, there are concerns that accounting and accountability practices in this kind of organizations are less than satisfactory. Consequently, there is a growing amount of literature of non-profit organizations that attempts to understand accounting and accountability practices of such organizations The purpose of this paper is to gain understanding of the accounting and accountability of non-profit organizations by evaluating the accounting and accountability researches literature on non-profit organizations. Various aspects of the concept of accountability and it's related topics will be discussed in this paper. This includes a brief explanation of the nature of non-profit organization and increasing demand for accountability in non-profit organization. The meaning, concept and the principles of accountability in non-profit organization will also be discussed. The paper will also elaborate the issues of trust, government regulation and the role of financial reporting in enhancing accountability of non-profit organization.
    Keywords: accountability and non-profit organizations; Accounting
    Date: 2011
  27. By: Westling, Tatu
    Abstract: This paper explores the link between economic development and penile length between 1960 and 1985. It estimates an augmented Solow model utilizing the Mankiw-Romer-Weil 121 country dataset. The size of male organ is found to have an inverse U-shaped relationship with the level of GDP in 1985. It can alone explain over 15% of the variation in GDP. The GDP maximizing size is around 13.5 centimetres, and a collapse in economic development is identified as the size of male organ exceeds 16 centimetres. Economic growth between 1960 and 1985 is negatively associated with the size of male organ, and it alone explains 20% of the variation in GDP growth. With due reservations it is also found to be more important determinant of GDP growth than country's political regime type. Controlling for male organ slows convergence and mitigates the negative effect of population growth on economic development slightly. Although all evidence is suggestive at this stage, the `male organ hypothesis' put forward here is robust to exhaustive set of controls and rests on surprisingly strong correlations.
    Keywords: Economic growth; development; male organ; penile length; Solow model
    JEL: O47 O10
    Date: 2011–07–11

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