New Economics Papers
on Business, Economic and Financial History
Issue of 2013‒06‒16
27 papers chosen by

  1. Dutch Corporate Finance, 1602-1850 By Jong, A. de; Jonker, J.; Roëll, A.
  2. Selection and Economic Gains in the Great Migration of African Americans: New Evidence from Linked Census Data By William J. Collins; Marianne H. Wanamaker
  3. The European Crisis in the Context of the History of Previous Financial Crises By Michael D. Bordo; Harold James
  4. A primer on farm mortgage debt relief programs during the 1930s By Jonathan D. Rose
  5. Introduction [to Handbook of Post-Keynesian Economics: Oxford University Press: USA]. By Geoffrey Harcourt; Peter Kriesler
  6. Agricultural development during early industrialization in a low-wage economy: Saxony, c. 1790-1830 By Michael Kopsidis; Ulrich Pfister
  7. Distributive patterns in settler economies: agrarian income inequality during the first globalization (1870-1913) By Henry Willebald
  8. El crédito bancario y el fomento industrial: una mirada sobre el crédito destinado a los industriales por el Banco República entre 1943 y 1958 By Cecilia Moreira Goyetche
  9. Siting the New Economic Science: The Cowles Commission’s Activity Analysis Conference of June 1949 By Till Düppe; E. Roy Weintraub
  10. Inicios de la protección a los trabajadores desempleados en Uruguay 1904-1958): la jubilación por despido By Nicolás Bonino Gayoso; Ulises García Repetto
  11. Base de datos histórica sobre gasto público social y revisión de sus principales tendencias (1950-2008) By Paola Azar; Sebastián Fleitas
  12. Protección frente al desempleo estacional y bolsas de trabajo en Uruguay (1944-1979) By Nicolás Bonino Gayoso; Ulises Garcia Repetto
  13. Historical Housing-related Statistics for Australia 1881-2011 – A Short Note. By Nigel Stapledon
  14. The Monetary Theory of Kalecki and Minsky By Jan Toporowski
  15. Market potential and city growth : Spain 1860-1960 By Rafael González-Val; Daniel A. Tirado Fabregat; Elisabet Viladecans-Marsal
  16. The Female Labor Force and Long-run Development: The American Experience in Comparative Perspective By Claudia Olivetti
  17. La evolución de los mayores negocios familiares en España (1964-2010). Nuevas fuentes, nuevos métodos, nuevos resultados By Paloma Fernández Pérez
  18. Does it Matter Which Citation Tool is Used to Compare the H-Index of a Group of Highly Cited Researchers? By Hadi Farhadi; Hadi Salehi; Melor Md Yunus; Aghaei Chadegani Arezoo; Maryam Farhadi; Masood Fooladi; Nader Ale Ebrahim
  19. Persistence of high income inequality and banking crises: 1980-2010 By G. Bellettini; F. Delbono
  20. From Comparative Effectiveness Research to Patient-Centered Outcomes Research: Policy History and Future Directions. By Laura P. D'Arcy; Eugene C. Rich
  21. The euro as a proxy for the classical gold standard? Government debt financing and political commitment in historical perspective By Hoffmann, Andreas
  22. An Empirical Guide to Hiring Assistant Professors in Economics By John P. Conley; Ali Sina Onder
  23. The Data Revolution and Economic Analysis By Liran Einav; Johnathan Levin
  24. Creating Markets out of Nothing:The Case of the Continuing Education System in Greece By Ioannidis, Yiorgos
  25. A Review of Research into Smith, Suchanek and Williams Markets By Stefan Palan
  26. Les institutions françaises de la sûreté nucléaire : un point de vue historique et ethnographique By Grégory Rolina
  27. Centro de Estudios Económicos Regionales, 15 años de historia (1997-2012) By Andrea Otero Cortés

  1. By: Jong, A. de; Jonker, J.; Roëll, A.
    Abstract: Early Modern Dutch corporate finance had two notable features, a remarkable ease of raising large amounts of capital and a flexible legal framework. Having pioneered new corporate forms with two intercontinental trading companies, Dutch business adopted such forms on a wider scale only during the 18th century, when economic concentration and consolidation led to the appearance of business units large enough to need them. The financial intermediation and legal institutions available also facilitated early industrialization during the 19th century, up to and including the railways. The large export of capital throughout the period under consideration failed to harm economic development at any point or in any way.
    Keywords: corporate finance
    Date: 2013–06–04
  2. By: William J. Collins; Marianne H. Wanamaker
    Abstract: The onset of World War I spurred the “Great Migration” of African Americans from the U.S. South, arguably the most important internal migration in U.S. history. We create a new panel dataset of more than 5,000 men matched from the 1910 to 1930 census manuscripts to address three interconnected questions: To what extent was there selection into migration? How large were the migrants’ gains? Did migration narrow the racial gap in economic status? We find evidence of positive selection, but the migrants’ gains were large. A substantial amount of black-white convergence in this period is attributable to migration.
    JEL: J15 J61 N32 N92 R23
    Date: 2013–06
  3. By: Michael D. Bordo; Harold James
    Abstract: There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the gold standard was a contingent rule—in the case of an emergency like a major war or a serious financial crisis --a country could temporarily devalue its currency. The EMU has no such safety valve. Capital flows in both regimes fueled asset price booms via the banking system ending in major crises in the peripheral countries. But not having the escape clause has meant that present day Greece and other peripheral European countries have suffered much greater economic harm than did Argentina in the Baring Crisis of 1890.
    JEL: E00 N1
    Date: 2013–06
  4. By: Jonathan D. Rose
    Abstract: This paper describes New Deal farm mortgage debt relief programs, implemented through the Federal Land Banks and the Land Bank Commissioner. Along with the Home Owners' Loan Corporation, the analogous program for nonfarm residential mortgage borrowers, these were the first large-scale mortgage debt relief programs in US history.
    Date: 2013
  5. By: Geoffrey Harcourt (The University of New South Wales); Peter Kriesler (The University of New South Wales)
    Abstract: In this Introduction, we discuss the main themes of post-Keynesian economics, and the manner in which they are dealt with by the contributors to the Handbook. In particular, the important aspects of post-Keynesian analysis are identified, and their main critiques of mainstream theory are discussed. According to Joan Robinson “post-Keynesian has a definite meaning; it applies to an economic theory or method of analysis which takes account of the difference between the future and the past”. In other words, historical time forms the basis of post-Keynesian analysis, which also stresses the importance of history, uncertainty, society and institutions in understanding economic phenomena.
    Keywords: history of economic thought, post-Keynesian, equilibrium and disequilibrium, path-dependency, hysteresis, cumulative causation and the evolutionary
    JEL: B00 B52 D5 E12
    Date: 2012–05
  6. By: Michael Kopsidis (Leibniz Institute of Agricultural Development in Central and East-ern Europe (IAMO)); Ulrich Pfister (University of Muenster)
    Abstract: The characteristics of regional paths of industrialization had a deep impact on agricultural development during early industrialization in Germany. From 1840 rising incomes in the course of a “high wage-low energy cost” industrialization based on coal and steel and a rapid urbanization triggered a demand driven agricultural revolution in Northwest Germany. In contrast, Saxony’s early industrialization c. 1800-1860 followed a “low wage-high energy cost” trajectory based on textile production and slow urbanization. The low level and slow growth of income meant that up to 1830 the adaptation of agricultural innovations neither followed demand impulses transmitted through markets, nor did they facilitate inter-regional specialization according to comparative advantage. Rather, regional agriculture ac-commodated to population growth by expanding the cultivation of subsistence crops, mainly potatoes, probably at the detriment of animal husbandry. Whereas the increase of sown area indicates an intensification of land use yield ratios remained at best stable between the early 1790s and the late 1820s. Hence, local supply could barely cope with population growth, and since grain market integration did not evolve over time imports did not com-pensate for the shortcomings of domestic production. Our evidence of a deteriorating food standard goes a long way toward explaining the decline of the biological standard of living during Saxony’s early industrialization.
    Keywords: Agriculture and industrialization, regional specialization, Agricultural Revolution
    JEL: N93 O13 Q11
    Date: 2013–06
  7. By: Henry Willebald (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)
    Abstract: The aim of this paper is to identify different distributive patterns in the settler economies (Argentina, Australia, Canada, Chile, New Zealand and Uruguay) during the First Globalization (1870-1913). I present the methodological decisions, discuss my results and propose some conjectures about the long-run evolution of inequality. As agriculture was the most important productive activity in the settler economies and one of the main sectors in leading the land frontier expansion, a study of the generation of income and the evolution of the distribution in this sector is of main interest. First, I estimate the income (or product) per worker in the agriculture and concern for relative performance within the club focusing on (total and sectoral) growth and convergence. After that, I present the notion of functional income distribution and discuss the existence of two distributive patterns. In one of these, the territories that were British colonies and where the capitalist relationships predominated, and in the other, in former colonies of Spain, economic relationships were based on agrarian rental incomes. During the period, income distribution worsened in the Australasian economies and Canada, but it worsened even more in the South American Southern Cone countries. These differences among settler economies are consistent with dissimilar dynamics of expansion onto new land and the conformation of institutional arrangements that promoted unlike patterns of distribution.
    Keywords: agriculture, functional income distribution, settler economies
    JEL: N36 N37 N56 N57 O47
    Date: 2013–05
  8. By: Cecilia Moreira Goyetche (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)
    Abstract: This paper attempts to follow in consonance with the recent economic historiography that has started to pay more attention to the history of credit, the banking sector and, in particular, development banks in Latin America. The paper examines the credit directed towards industry by the Banco de la República between 1943 and 1958. The objective is to learn the incidence of bank credit on the financing and encouragement of industrial activities during a period in which the government sphere, through state direction, put into practice industrialization policies. This research shows that the official bank was the only institution that was able to explicitly extend development credit to the productive sectors, adapting it to their needs. At the same time, in light of the interest in promoting industry, the creation of a development bank was proposed. However, this project did not come to fruition, and ultimately ratified the responsibility of the República in this area. The bank advanced with the specialization of credit and deepened financial support for industry. However, because it continued to operate under traditional banking criteria and lacked resources specifically dedicated to meeting the credit needs of industry, its ability to play the role of a development bank was limited.
    Keywords: Development bank, Credit, State led industrialization
    JEL: G21 N26
    Date: 2012–12
  9. By: Till Düppe (University of Quebec at Montreal); E. Roy Weintraub (Duke University)
    Abstract: In the decades following WWII, the Cowles Commission for Research in Economics came to represent new technical standards that informed most advances in economic theory. The public emergence of this community was manifest at a conference held in June 1949 titled Activity Analysis of Production and Allocation. Our history of this event situates the Cowles Commission among the institutions of post-war science in-between National Laboratories and the supreme discipline of Cold War academia, mathematics. Although the conference created the conditions under which economics, as a discipline, would transform itself, the participants themselves had little concern for the intellectual battles that had defined prewar university economics departments. The conference bore witness to a new intellectual culture in economic science based on shared scientific norms and techniques un-interrogated by conflicting notions of the meaning of either science or economics.
    Keywords: Cowles Commission, activity analysis, linear programming, general equilibrium theory, von Neumann, Koopmans, Dantzig, fixed point theorems
    JEL: B2 C0
    Date: 2013–06
  10. By: Nicolás Bonino Gayoso (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Ulises García Repetto (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)
    Abstract: Protection of unemployed workers constituted a subject of concern in the Uruguayan politic agenda already in the early 20th century. The problem was tried to be solved basically through three instruments: retirement by dismissal (“jubilación por despido”) and unemployment insurance, directed to protect from non-seasonal unemployment,and funds for unemployment compensation, directed to seasonal unemployment. During the first half of the 20th century the instrument applied was the retirement by dismissal. This working paper investigates the characteristics of this instrument and its performance, both in terms of unemployed’s protection and with respect to the funds´ finances. The study is based in data, reports and statements collected from the parliamentary sessions acts, messages that yearly the Executive sends to Legislative, and bulletins and yearbooks from the pensions funds.It arises from the investigation that this retirement benefit ended up distorted as a result of problems of design, organization and application. It also had negative effects on the funds´ finances. Several measures were taken in order to solve the problem, the main of them being the so-called unemployment subsidy. However, this tool also ended up distorted. It would have to wait until 1958 so that Uruguay had a system of compulsory unemployment insurance that protected unemployed workers in a more consistent way.
    Keywords: Unemployment insurance, social security, unemployment, social public expenditure, public finances
    JEL: N46 J65 H55
    Date: 2012–12
  11. By: Paola Azar (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Sebastián Fleitas (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)
    Abstract: This paper describes the compilation of an annual database on public expenditure on education, health and social security and other fiscal variables. It covers 32 upper and upper-middle income countries, between 1950 and 2008. The total includes 8 Latin American countries. The database was constructed by bringing together other datasets and information from original sources. A first approach to the trends described by the data shows that the rise in social public expenditure has been especially dynamic after the Second World War and, though GDP per capita plays a key role, it cannot totally explain its level. It also suggests that the relations between social expenditure and other fiscal variables are different depending on the countries' income and that in the Latin American case there are special features in terms of public debt interests, public debt and fiscal balances.
    Keywords: Database, Public social expenditure, Economic history
    JEL: N4 H1 H2 I00
    Date: 2012–12
  12. By: Nicolás Bonino Gayoso (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Ulises Garcia Repetto (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)
    Abstract: During the first half of the 20th century the Uruguayan government tried to implement, although with no success, a general unemployment insurance (UI) scheme for workers in the private sector, which included an employment service. The only time that employers´ traditional opposition to an employment service was overcome and a regime of this type was implemented occurred in order to address seasonal unemployment in the meatpacking and wool and leather warehousing sectors (1944-1979). These were key sectors in the Uruguayan economy of the time, considering their position as exporters and foreign currency earners, and taking into account that the government was promoting economic structural change via a process of industrialization. Although these institutions offered protection and job stability to a large number of seasonal workers, the financial design of the UI repeated a recurring defect of the Uruguayan social security system, namely structural failures in its sources of finance. A few years after the system was launched, it began registering continuous financial deficits. These deficits required government assistance, turning these benefits for seasonal workers into an economic weight for Uruguayan society as a whole.
    Keywords: Unemployment insurance, employment service, seasonal unemployment, social security, public finances.
    JEL: N46 J65 H55
    Date: 2013–05
  13. By: Nigel Stapledon (University of New South Wales)
    Abstract: This paper sets out annual series of economic, financial and demographic related to housing for Australia for the period 1881-2011. Some estimates are provided for 2012. The methodology used in constructing and/or splicing the various series are stated and explained.
    Keywords: Australia, housing stock, adult population, dwelling inflation
    JEL: G12 N97 R21 R31 R38
    Date: 2012–12
  14. By: Jan Toporowski (Department of Economics, SOAS, University of London, UK)
    Abstract: The monetary theory of Kalecki and Minsky is usually placed within the Post-Keynesian tradition, deriving from the monetary analysis of John Maynard Keynes. The paper argues that Kalecki and Minsky shared a common inheritance in Swedish and German monetary theory, rather than the Marshallian tradition. Thus the monetary analysis of Kalecki and Minsky emphasises the endogeneity of money through capitalist reproduction, rather than through the mechanisms connecting central bank money to credit creation in the banking system. This provides the link between the monetary theory of Kalecki and Minsky and modern circuit theory.
    Keywords: Keynes, Kalecki, Minsky, Money
    JEL: B30 E12 E51
    Date: 2012–03
  15. By: Rafael González-Val; Daniel A. Tirado Fabregat; Elisabet Viladecans-Marsal
    Abstract: A few attempts have been made to analyse whether market potential might also have an impact on urban structures. In this paper we employ parametric and non-parametric techniques to analyse the effect of market potential on the growth of Spanish cities during the period 1860-1960. This period is especially interesting because it is characterized by the advance in the economic integration of the national market together with an intense process of industrialization. Our results show a clear positive influence of market potential on city growth.
    Keywords: Market potential, Urban structure, City growth, Economic history
    JEL: R0 N9 O18 N64 F14
    Date: 2013–05
  16. By: Claudia Olivetti
    Abstract: This paper provides additional evidence on the U-shaped relationship between the process of economic development and women's labor force participation. The experience of the United States is studied in a comparative perspective relative to a sample of rich economies observed over the period 1890-2005. The analysis confirms the existence of a U-shaped female labor supply function, coming from both cross-country and within country variation. Further analysis of a large cross section of economies observed over the post-WWII period suggests that the timing of a country's transition to a modern path of economic development affects the shape of women's labor supply.
    JEL: J22 N11 N12
    Date: 2013–06
  17. By: Paloma Fernández Pérez (Universitat de Barcelona, Madrid, Spain)
    Abstract: Los negocios familiares son la forma dominante de propiedad empresarial. Sin embargo, apenas existe reflexión crítica sobre metodologías apropiadas para estudiarlos de forma agregada, en una perspectiva de largo plazo, y a reducir este vacío se dirige el presente trabajo. Se propone una nueva metodología que elabora bases de datos a partir de fuentes apenas utilizadas en los estudios históricos de empresa familiar, en España, para el período entre mediados de los años 1960 y 2010. Los resultados muestran: a) el papel central inicial de Madrid y el País Vasco; b) el auge a la cúpula del capitalismo familiar de regiones de la periferia peninsular a partir de la década de 1980; c) el renovado auge de Madrid como centro de la cúpula de este capitalismo familiar a principios del siglo XXI; la resiliencia de algunas dinastías; y e) la evolución en la especialización económica de las dinastías familiares
    Keywords: Empresas familiares, familias empresarias, España, Historia empresarial
    JEL: N80 L25 L26 Y10 F23
    Date: 2013–06
  18. By: Hadi Farhadi (UKM - Universiti Kebangsaan Malaysia - School of Psychology and Human Development, Faculty of Social Sciences and Humanities, Universiti Kebangsaan Malaysia (UKM), Malaysia); Hadi Salehi (IAU, Najafabad - Islamic Azad University, Najafabad - Faculty of Literature and Humanities, Najafabad Branch, Islamic Azad University, Najafabad, Isfahan, Iran); Melor Md Yunus (UKM - Universiti Kebangsaan Malaysia - Faculty Of Education, Universiti Kebangsaan Malaysia (ukm), Malaysia); Aghaei Chadegani Arezoo (IAU, Mobarakeh - Islamic Azad University, Mobarakeh - Department of Accounting, Mobarakeh Branch, Islamic Azad University, Mobarakeh, Isfahan, Iran); Maryam Farhadi (IAU, Mobarakeh - Islamic Azad University, Mobarakeh - Department of Accounting, Mobarakeh Branch, Islamic Azad University, Mobarakeh, Isfahan, Iran); Masood Fooladi (IAU, Mobarakeh - Islamic Azad University, Mobarakeh - Department of Accounting, Mobarakeh Branch); Nader Ale Ebrahim (UM - University of Malaya - Department of Engineering Design and Manufacture, Faculty of Engineering, University of Malaya)
    Abstract: h-index retrieved by citation indexes (Scopus, Google scholar, and Web of Science) is used to measure the scientific performance and the research impact studies based on the number of publications and citations of a scientist. It also is easily available and may be used for performance measures of scientists, and for recruitment decisions. The aim of this study is to investigate the difference between the outputs and results from these three citation databases namely Scopus, Google Scholar, and Web of Science based upon the h-index of a group of highly cited researchers (Nobel Prize winner scientist). The purposive sampling method was adopted to collect the required data. The results showed that there is a significant difference in the h-index between three citation indexes of Scopus, Google scholar, and Web of Science; the Google scholar h-index was more than the h-index in two other databases. It was also concluded that there is a significant positive relationship between h-indices based on Google scholar and Scopus. The citation indexes of Scopus, Google scholar, and Web of Science may be useful for evaluating h-index of scientists but they have some limitations as well.
    Keywords: h-index, Scopus, Google Scholar, Web of Science, Nobel Prize, Physics, Chemistry, Economic Sciences.
    Date: 2013
  19. By: G. Bellettini; F. Delbono
    Abstract: Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association is robust when considering Gini values for incomes after-tax as well as before-tax and transfers. Moreover, we investigate the pattern of income inequality levels before and after a group of banking crises and the relative levels of income inequality in a large sample of OECD countries that did not experience banking crises between 1980 and 2010.
    JEL: D31 G21
    Date: 2013–06
  20. By: Laura P. D'Arcy; Eugene C. Rich
    Keywords: Comparative Effectiveness Research, Health Care Costs, Patient-Centered Outcomes research, Health
    JEL: I
    Date: 2012–07–30
  21. By: Hoffmann, Andreas
    Abstract: [Introduction] In spite of the recent troubles in the euro area, Jesus Huerta de Soto (2012), a famous proponent of the gold standard, argues that the euro should be considered a 'second best to the gold standard' and is worth being preserved. From a classical liberal point of view, he sheds some light on the euros similarities with the gold standard and on some important advantages of the currency union over its alternative, flexible exchange rates in Europe. According to Huerta de Soto (2012), the main advantage of the introduction of the common currency is that - like when 'going on gold' - European governments have given up monetary nationalism. Like the gold standard, the euro limits state power as it prevents national central banks from manipulating exchange rates and inflating away government debt. Currently, he argues, the common currency - like previously the gold standard - forces important reforms and/or spending cuts upon the countries of the euro area that face severe debt and structural problems. In this respect, the euro should be seen as 'a proxy for the gold standard'. In this policy paper, I attempt to address some similarities and differences in the institutional framework of the classical gold standard (1880 - 1912) and the European Monetary Union (EMU) (1999 - ) that affect government debt financing and the way in which countries react to crisis. I argue that - in line with Huerta de Soto (2012) - giving up monetary nationalism and committing to the rules of either the gold standard or EMU initially restricted the scope of state action. Therefore, the euro - like previously the gold standard - provided some (fiscal) policy credibility. Fiscal policy credibility was the main determinant of capital market integration and low government borrowing costs in Europe under both systems. But in contrast to Huerta de Soto (2012), I shall emphasize that neither the gold standard, nor the euro itself force reforms and spending cuts upon countries that face crisis and debt problems. The political commitment to the monetary systems determines the willingness to reform or cut spending and therewith fiscal policy credibility in crisis periods: (...) --
    Date: 2013
  22. By: John P. Conley (Vanderbilt University); Ali Sina Onder (Universität Bayreuth)
    Abstract: We study the research productivity of new graduates of top Ph.D. programs in economics. We find that class rank is as important as departmental rank as predictors of future research productivity. For example the best graduate from UIUC or Toronto in a given year will have roughly the same number of American Economic Review (AER) equivalent publications at year six after graduation as the number three graduate from Berkeley, U. Penn or Yale. We also find that research productivity of graduates drops off very quickly with class rank at all departments. For example, even at Harvard, the median graduate has only 0.04 AER paper at year six, an untenurable record at almost any department. These results provide guidance on how much weight to give to place of graduation relative to class standing when hiring new assistant professors. They also suggest that even the top departments are not doing a very good job of training students to be successful research economists for any not in the top of their class.
    Keywords: Research Productivity, Academic Labor Markets, Hiring, Publication, Economics Departments, Graduate Training
    JEL: A1 J0
    Date: 2013–05–28
  23. By: Liran Einav (Stanford University); Johnathan Levin (NBER)
    Abstract: Many believe that “big data” will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary private sector data can greatly improve the way we measure, track and describe economic activity. They also can enable novel research designs that allow researchers to trace the consequences of different events or policies. We outline some of the challenges in accessing and making use of these data. We also consider whether the big data predictive modeling tools that have emerged in statistics and computer science may prove useful in economics.
    Date: 2013–05
  24. By: Ioannidis, Yiorgos
    Abstract: The development of the vocational training policy constitutes one of the most interesting examples of a policy which was introduced entirely due to the pressure exercised by the E.U., but it was implemented in such a way that it served the domestic political economy. The seven laws and the dozens of ministerial decrees issued from 1989-2004 reflect the effort made by the state to foster but also control the development of the market, the conflict of interests among the main players, the tensions generated by the pressures of the European Union, the interests of the private vocational centres, and the special needs and the objectives of the social partners. To be more specific, it will be argued that the development of the continuing education market in Greece can be described and analyzed on the basis of three distinct phases/ time periods: (a) The period of initial capital accumulation (1989-1994), (b) the period of the controlled clearing of the market (1994-2004) and, (c) the period of the liberalization of the market (2005-). In every stage the interests of the main actors –namely those of the state, the private training centers and the social partners–, were accommodated accordingly, but this was achieved at the expense of the continuing training system’s efficiency. The aim of the paper is to critically assess these developments by focusing on the latent rationality underlying the state’s regulatory actions, as well as on the political economy which these actions have engendered.
    Keywords: political economy, continuing education,vocational training,employment policy
    JEL: A14 E61 H00 H1 H11 J08 J68
    Date: 2013
  25. By: Stefan Palan (Institute of Banking and Finance, Karl-Franzens-University Graz; Department of Banking and Finance, Leopold-Franzens-University Innsbruck)
    Abstract: This article discusses the literature on bubbles and crashes in the most commonly used experimental asset market design, introduced by Smith, Suchanek and Williams (1988). It documents the main findings based on the results from 33 published articles and 25 working papers. The qualitative analysis and interpretation is furthermore complemented by summary statistics from an extensive database of close to 1600 individual bubble measure observations.
    Date: 2013–06–12
  26. By: Grégory Rolina (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris)
    Abstract: Rendue possible par les découvertes scientifiques majeures du vingtième siècle, l'exploitation de la matière fissile a édifié un marché mondial de l'énergie nucléaire. Très vite, le souci de restreindre les applications de cette énergie au domaine civil et la nécessité d'en maîtriser les conséquences quant à la santé des populations ont encouragé la communauté internationale, à réglementer et contrôler l'accès à ce marché. C'est ainsi qu'est créée en 1957 l'agence internationale de l'énergie atomique (AIEA), dont un des rôles est d'établir les standards de la sûreté nucléaire au niveau mondial. Cinquante plus tard, par le biais de cette agence et de bien d'autres organismes internationaux (OCDE, WANO) ou régionaux (WENRA, ENSREG,...), l'industrie nucléaire apparaît comme un secteur au sein duquel la coopération internationale est particulièrement intense. Néanmoins, les décisions importantes relatives à la sûreté des installations nucléaires d'un pays sont prises au niveau national. Les récentes controverses européennes relatives au périmètre, aux objectifs et aux conséquences des tests de résistance ( stress-test ) l'illustrent remarquablement : malgré le slogan " an accident somewhere is an accident everywhere ", la sûreté nucléaire demeure un objet de souveraineté nationale. Dès lors, pour le citoyen désireux de comprendre le fonctionnement de la sûreté nucléaire en France, il importe de mieux connaître les institutions nationales qui l'évaluent, l'expertisent, la contrôlent, et de qualifier la relation qu'entretiennent ces institutions avec les exploitants du secteur. C'est dans ce but que nous proposons une brève histoire de ces institutions et que nous présentons certains des résultats d'une recherche empirique menée au centre de gestion scientifique de Mines ParisTech, en collaboration avec l'IRSN. Ce travail nous permet de caractériser le mode de régulation des risques nucléaires en France, qui repose sur le maintien d'un dialogue technique et continu entre experts, autorité et exploitants, dont on soulignera en conclusion les avantages et les inconvénients.
    Date: 2012
  27. By: Andrea Otero Cortés
    Abstract: El Centro de Estudios Económicos Regionales, CEER, del Banco de la República fue creado en 1997 con el objetivo de generar información y estudios económicos actualizados sobre el Caribe colombiano y también para evitar concentrar el esfuerzo investigativo del Banco en Bogotá. Este documento busca recopilar los principales aportes del CEER en sus primeros 15 años de funcionamiento, ya que en este periodo se han producido numerosos documentos de investigación y libros sobre los principales temas económicos y sociales del país con un enfoque regional.
    Date: 2013–05–30

General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.