nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2016‒02‒29
25 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. State intervention and economic growth in Southern Italy: the rise and fall of the «Cassa per il Mezzogiorno» (1950-1986) By Felice, Emanuele; Lepore, Amedeo
  2. Agricultural cooperatives in Spain, between failure and success? (1890-2001). By Candido Roman-Cervantes
  3. Economic development in Africa and Europe: reciprocal comparisons By Stephen Broadberry; Leigh A. Gardner
  4. Benefits of empire? Capital market integration north and south of the Alps, 1350-1800 By David Chilosi; Max-Stephan Schulze; Oliver Volckart
  5. The National Wealth of Sweden, 1810–2014 By Waldenström, Daniel
  6. Bread and bullets By Akerlof, George A.; Snower, Dennis J.
  7. The tale of two great crises By Fratianni, Michele; Giri, Federico
  8. The Italian Post-World War II Experience in Human Relations and Corporate Welfare By Valerio, Varini
  9. Regional Growth with Spatial Dependence: a Case Study on Early Italian Industrialization By Carlo Ciccarelli; Stefano Fachin
  10. La crisis de un gran banco industrial: El Banco Urquijo, 1970-1988 By Núria Puig Raposo; Eugenio Torres Villanueva
  11. Moving to Shanghai: The massive internal migration to the first Chinese megacity (1927-1937) By Lei Shi
  12. Learning that milk comes from a cow: supply management and the character of neoliberalism in Spain’s dairy chain By Fernando Collantes
  13. Luxury Market and Survival: Japanfs Traditional Kimono Weaving Industry after the 1950s By Tomoko Hashino
  14. A Historical Welfare Analysis of Social Security: Whom Did the Program Benefit? By Peterman, William B.; Sommer, Kamila
  15. Le capitalisme cognitif, nouvelle forme de capitalisme ? By Jean-Marie Monnier; Carlo Vercellone
  16. How accounting can reformulate the debate on the Natural Capital and help to implement its ecological conceptualisation? By Alexandre Rambaud
  17. Can a Bank Run Be Stopped? Government Guarantees and the Run on Continental Illinois By Carlson, Mark A.; Rose, Jonathan D.
  18. Financial systems and economic growth: empirical evidence from Australia By Odhiambo, Nicholas M.; Nyasha, Sheilla
  19. La Escuela de Friburgo y los economistas españoles (1939-1964) By Mauel Martín Rodríguez
  20. Redeeming Simmel's money By Nigel Dodd
  21. Institutions, théories du changement institutionnel et déterminant de la qualité des institutions: les enseignements de la littérature économique By Joseph Keneck Massil
  22. Le régime de production des « savoirs explicités à destination des gestionnaires » de l’invention de l’imprimerie au début de la Révolution industrielle, By Cédric Poivret
  23. Series largas de algunos agregados demográficos regionales, 1950-2012 (RegDat-Dem versión 4.0) By Ángel de la Fuente
  24. The Lehman Brothers Bankruptcy D: The Role of Ernst & Young By Rosalind Z. Wiggins; Rosalind L. Bennett; Andrew Metrick
  25. Gentrification, displacement and the role of public investment: a literature review By Zuk, Miriam; Bierbaum, Ariel; Chapple, Karen; Gorska, Karolina; Loukaitou-Sideris, Anastasia; Ong, Paul; thomas, trevor

  1. By: Felice, Emanuele; Lepore, Amedeo
    Abstract: In the second half of the twentieth century, the Italian government carried out a massive regional policy in southern Italy, through the State-owned agency «Cassa per il Mezzogiorno» (1950-1986). The article reconstructs the activities of the Cassa, by taking advantage of its yearly reports. The agency was effective in the first two decades, thanks to substantial technical autonomy and, in the 1960s, to a strong focus on industrial development; however, since the 1970s it progressively became an instrument of waste and misallocation. Below this broad picture, we find important differences at the regional level, and significant correspondence between the quality of state intervention and the regional patterns of GDP and productivity.
    Keywords: Southern Italy, regional development, State intervention, industrialization, convergence.
    JEL: H54 N44 N84 N94 R12
    Date: 2016–02–11
  2. By: Candido Roman-Cervantes (University of La Laguna, Tenerife, Spain)
    Abstract: The aim of this paper is to show an overview of the Spanish agricultural cooperatives. It responds to the reasons why the agricultural associations were not consolidated enough in the early stages of development, and especially what contributed to their weakness. State action, determined for over half a century the rules of corporate governance. This was a heavy burden for its modernization and adaptation to the rules of international markets. Spanish historiography seems to be in agreement with the three cycles. The appearance of the first associative experiences during the last third of the nineteenth and early twentieth centuries marks the first phase of the process. Although they were influenced by the strained political environment, being considered as a sort of radical labor niche, they proliferated strongly in the Mediterranean and North regions where small and middle-sized farms were relatively important. This lead to the consolidation of cooperatives and in some ways, to the transformation of the agricultural sector. The second phase started after the Civil War. Cooperatives entered a period of decline and inactivity in spite of government support through tax reductions and other actions aimed at monitoring the agricultural cooperatives. Finally, it was during the last third of the twentieth century until now, that the cooperative model became rather more active in the modernization of agriculture with cooperatives. As well as that, the globalization of enterprises was also accomplished. For that, there started a tendency of mergers towards second tier cooperatives that were larger and had an international dimension.
    Keywords: agricultural cooperatives, regulation, modernization, evolution.
    JEL: N5 N4 Q1
    Date: 2015–07
  3. By: Stephen Broadberry; Leigh A. Gardner
    Abstract: Recent advances in historical national accounting have allowed for global comparisons of GDP per capita across space and time. Critics have argued that GDP per capita fails to capture adequately the multi-dimensional nature of welfare, and have developed alternative measures such as the human development index. Whilst recognising that these wider indicators provide an appropriate way of assessing levels of welfare, we argue that GDP per capita remains a more appropriate measure for assessing development potential, focussing on production possibilities and the sustainability of consumption. Twentieth-century Africa and pre-industrial Europe are used to show how such data can guide reciprocal comparisons to provide insights into the process of development on both continents.
    Keywords: GDP per capita; HDI; Africa; Europe; reciprocal comparison
    JEL: N0 N01 N1 N13 N17
    Date: 2016
  4. By: David Chilosi; Max-Stephan Schulze; Oliver Volckart
    Abstract: This paper addresses two questions. First, when and to what extent did capital markets integrate north and south of the Alps? Second, how mobile was capital? Analysing a unique new dataset on pre-modern urban annuities, we find that northern markets were consistently better integrated than Italian markets. Long-term integration was driven by initially peripheral places in the Netherlands and Upper Germany integrating with the rest of the Holy Roman Empire where the distance and volume of inter-urban investments grew primarily in the sixteenth century. The institutions of the Empire contributed to stronger market integration north of the Alps.
    Keywords: capital market; market integration; early modern Europe
    JEL: N0 F3 G3
    Date: 2016–02
  5. By: Waldenström, Daniel (Department of Economics)
    Abstract: This study presents a new database, the Swedish National Wealth Database (SNWD), which contains annual data on private, public and national wealth and sectoral saving rates in Sweden over the past two centuries. The paper reviews previous investigations of national wealth, compares their estimates with the new ones and discusses method approaches and measurement problems. Then the main data series are presented for assets and liabilities and their subcomponents, for the private and public do-mestic and foreign sectors. Complementing the traditional focus on economic flow variables in the past literature on long-run economic developments, this new database offers potentially new perspec-tives of a number of important issues in the modern economic history of Sweden.
    Keywords: National wealth; Household portfolios; Saving; Pension wealth; Economic history
    JEL: E21 H31 N33 N34
    Date: 2015–09–11
  6. By: Akerlof, George A.; Snower, Dennis J.
    Abstract: Standard economics omits the role of narratives (the stories that people tell themselves and others) when they make all kinds of decisions. Narratives play a role in understanding the environment; focusing attention; predicting events; motivating action; assigning social roles and identities; defining power relations; and establishing and conveying social norms. This paper describes the role narratives play in decision making, as it also juxtaposes this description against the backdrop of the Bolshevik-spawned narrative that played a critical role in the history of Russia and the Soviet Union in the 20th Century.
    Keywords: narrative,motivation,attention,prediction,identity,social assignment
    JEL: A12 A13 A14 D03 D04 D20 D23 D30 D62 D71 D72 D74 E02
    Date: 2016
  7. By: Fratianni, Michele; Giri, Federico
    Abstract: The great depression of 1929 and the great financial crisis of 2008 have been the two big events of the last 75 years. Not only have they produced serious economic consequences but they also changed our view of economics and policymaking. The aim of this work is to compare these two great crises and highlight similarities as well as differences. Monetary policy, the exchange rate system and the role of the banks are our fields of investigation. Our findings are that two big events have more similarities than dissimilarities.
    Keywords: Great Depression,Great Financial Crisis,gold standard,Eurozone,money multiplier,shadow banking
    JEL: E5 E31 E42 G21
    Date: 2015
  8. By: Valerio, Varini
    Abstract: The relevance of interventions in welfare and social security systems in the twentieth century has become the subject of extensive historical research. In particular from a prevalent focus on State intervention to a more in-depth historiographic reconsideration of the work performed by private institutions, including an important role played by industry. The focus of this paper is precisely the Corporate Welfare in the context of action after IIWW, by addressing the transformation in practices in terms of welfare and social security for workers, the essence of which is capable of revealing the participatory and communal nature of companies. In specific, I concentrate my attention on the relevance of the Human Relations in Italy and their effects on the Corporate Welfare. The paper examines some cases of HR as OM, Pirelli, Falck and Unilever. Finally there is a specific attention on the job training of the "leader" and the "social worker of the factory".
    Keywords: Human relations, welfare capitalism, firm.
    JEL: N34 N94 L31 L33
    Date: 2016–02–08
  9. By: Carlo Ciccarelli (Department of Economics and Finance, University of Rome Tor Vergata); Stefano Fachin (Department of Statistics, Sapienza University of Rome)
    Abstract: The paper estimates a conditional ß-convergence model of labor productivity growth in Italy’s manufacturing industry during 1871-1911, accounting for spatial dependence. The empirical evidence is based on a recent set of data at provincial (NUTS 3) level on manufacturing value added at 1911 prices, and a new set of data on human and social capital, political participation, and infrastructures. By focusing on a country and a time when the agglomeration forces and spillover effects advocated by the new economic geography were only starting to operate, we can investigate a particularly interesting case study. Our results suggest that human capital, a cooperative culture, and initial productivity in neighboring provinces can explain much of the geographical variability of productivity growth in manufacturing in nineteenth-century Italy.
    Keywords: ß-convergence, manufacturing, nineteenth-century, Italy, spatial dependence, labor productivity, human capital
    JEL: R11 O47 N64
    Date: 2016–02
  10. By: Núria Puig Raposo (Universidad Complutense, Madrid, Spain); Eugenio Torres Villanueva (Universidad Complutense, Madrid, Spain)
    Abstract: El Banco Urquijo ha sido el banco industrial español por antonomasia durante el siglo XX. Desde su constitución en 1918, su estrategia fue impulsar la industrialización y el desarrollo del país promoviendo, gestionando y financiando un amplio número de empresas en casi todos los sectores económicos, especialmente en sectores estratégicos para la industrialización (minería, energía, siderometalurgia, bienes de equipo, química, servicios financieros, etc.). El Urquijo y su grupo de empresas alcanzaron su mayor tamaño en los primeros años setenta, justo al final del periodo desarrollista. La crisis económica posterior representó un gran desafío para el mantenimiento de su estrategia de banco industrial. A finales de 1982, el Banco de España diseñó una operación de salvamento de la entidad mediante su toma de control por el principal accionista, el Banco Hispano Americano. En 1os años siguientes, éste creó el Banco Urquijo Unión como resultado de la fusión del Urquijo con Bankunión. Planteamos nuestro trabajo en dos partes. En la primera, aportamos elementos –tanto internos al Urquijo (cambios corporativos y de estrategia) como externos (regulatorios, de política económica y de coyuntura)— para explicar las dificultades por las que atravesó entre 1974 y 1982 y las razones que justificarían la necesidad de su salvamento por el regulador bancario. En la segunda, además de explicar el proceso de salvamento mismo, damos cuenta de la estrategia que aplicaron los responsables del Urquijo Unión para sanear y reflotar la nueva entidad entre 1983 y 1988.
    Keywords: Palabras clave: Banca industrial, crisis bancaria y financiera, crisis industrial, España, siglo XX.
    JEL: G21 N24
    Date: 2015–01
  11. By: Lei Shi (Universitat Autònoma de Barcelona, Barcelona, Spain)
    Abstract: As a result of the massive rural-urban migration, Shanghai transformed from a small costal city into the largest metropolis in China. During Nanjing Government Era (1927-1937), more than one million immigrants flocked into Shanghai and formed almost 80% of its population. Relying on the official statistics published by Nanjing Government and the historical archives and surveys, this article is one of the first attempts to quantify the population of Shanghai and the internal migration during the Republican China, and to analyze the characteristics of the immigrants to Shanghai. The study shows that the majority of the immigrants were young males from nearby rural areas. There was a high geographical concentration of the immigrants and existed the segmentation in the labour market and social status. The Great Depression had a late influence to China’s economy, and after 1932 large number of rural workers lost jobs, and the rate of immigration to Shanghai reduced. The industrial development and employment opportunities brought by migrants are the most important reason to attract people to Shanghai.
    Keywords: rural-urban migration, industrialization, China, Great Depression.
    JEL: J61 N45
    Date: 2015–07
  12. By: Fernando Collantes (Universidad de Zaragoza, Zaragoza, Spain)
    Abstract: This article takes Spain’s dairy chain as a study case of the transformations in the political economy of the food system in the West since the Second World War. I find that there is much to support the prevailing narrative in food regime analysis: the organised capitalism of 1952-1986 was gradually weakened by a policy agenda of deregulation stemming from both internal and external pressures. I also find, however, a thread of continuity between the period 1952-1986and the post-1986 period – in both periods there were strategies of supply chain management by means of which the power of political or business elites joined the market as a mechanism for the coordination of decisions. I argue that there is a case for reassessing the degree up to which the term “neoliberalism” does a good job at describing the new historical era that started in the food system in the latter decades of the twentieth century.
    Keywords: neoliberalism, organised capitalism, food regimes, supply chain management, dairy chain
    JEL: N54 N64 N74 B52
    Date: 2015–06
  13. By: Tomoko Hashino (Graduate School of Economics, Kobe University)
    Abstract: This study investigates the market for traditional dress in Japan in the second half of the 20th century. The textile industry has been regarded as a gdecliningh or mature industry in Japan since around the 1970s, and imports from developing countries with lower wages have increased rapidly. Although domestic production of textiles has decreased, increasing imports have not destroyed all subsectors. Instead, the market for Japanese kimono (traditional dress) and obi (belts) has expanded with the increase in disposable income accompanying Japanfs economic growth. While the scale of the kimono market has shrunk in favor of Western clothes for everyday wear, the market for high-quality kimono as formal dress or luxury goods for special or formal occasions has survived. Production changes in Nishijin, the most advanced weaving district in Japan, provide a good example of this transition from low- to high-quality kimono.
    Date: 2015–02
  14. By: Peterman, William B. (Board of Governors of the Federal Reserve System (U.S.)); Sommer, Kamila (Board of Governors of the Federal Reserve System (U.S.))
    Abstract: A well-established result in the literature is that Social Security tends to reduce steady state welfare in a standard life cycle model. However, less is known about the historical effects of the program on agents who were alive when the program was adopted. In a computational life cycle model that simulates the Great Depression and the enactment of Social Security, this paper quantifies the welfare effects of the program's enactment on the cohorts of agents who experienced it. In contrast to the standard steady state results, we find that the adoption of the original Social Security tended to improve these cohorts' welfare. In particular, we estimate that the original program benefited households alive at the time of the program's adoption with a likelihood of over 80 percent, and increased these agents' welfare by the equivalent of 5.9% of their expected future lifetime consumption. The welfare benefit was particularly large for poorer agents and agents who were near retirement age when the program was enacted. Through a series of counterfactual experiments we demonstrate that the difference between the steady state and transitional welfare effects is primarily driven by a slower adoption of payroll taxes and a quicker adoption of benefit payments during the program's phase-in. Overall, the opposite welfare effects experienced by agents in the steady state versus agents who experienced the program's adoption might offer one explanation for why a program that potentially reduces welfare in the steady state was originally adopted.
    Keywords: Social Security; Recessions; Great Depression; Overlapping Generations
    JEL: D91 E21 H55
    Date: 2015–09–24
  15. By: Jean-Marie Monnier (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Carlo Vercellone (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The paper deals with the definition of the concept of cognitive capitalism as a new historical phase of capitalism. Two main features are very important for this definition: the cognitive and immaterial dimension of labour becoming the leading factor of value creation and the central role played by the control of the production of knowledge and their transformation into goods. We show that the cognitive capitalism dynamics lies on four major transformations occurred since fordism's crisis: the information revolution, the rise of the part of immaterial capital that, incorporated into men, is closely linked to the development of the institutions of welfare state, the cognitive division of labour founded on the knowledges of workforce and its versatility, the relocation of value towards upstream, that is towards the work of conception and elaboration of prototypes.
    Abstract: L'article est centré sur la définition du concept de capitalisme cognitif comme nouvelle phase historique du capitalisme. Deux traits essentiels dominent cette définition : la dimension cognitive et immatérielle du travail qui devient l'élément-clé de la production de valeur et la place centrale du contrôle de la production et de la transformation marchande des connaissances. On montre que la dynamique du capitalisme cognitif s'appuie sur quatre transformations majeures intervenues depuis la crise du fordisme : la révolution informationnelle, la hausse de la part du capital immatériel qui, incorporé dans les hommes, est étroitement liée au développement des institution du salaire socialisé, la division cognitive du travail qui se fonde sur les savoirs et la polyvalence de la force de travail, le déplacement de la valeur vers l'amont, c'est-à-dire vers le travail de conception et d'élaboration des prototype.
    Keywords: capitalism,cognitive capitalism,knowledg based economy,labour division,capitalisme,capitalisme cognitif,économie de la connaissance,division du travail
    Date: 2014–03–03
  16. By: Alexandre Rambaud (DRM - Dauphine Recherches en Management - Université Paris IX - Paris Dauphine - CNRS - Centre National de la Recherche Scientifique)
    Abstract: In this presentation, we firstly give a critical analysis of Natural Capital (NC), in order to clarify the differences between its economic and ecological approaches. Secondly, we connect this debate with the concept of capital in accounting. We argue that accounting theory provides a relevant framework to structure the debate on NC and to implement its ecological conceptualisation. Thus, in the first part, we question the notion of “capital” itself and assert that “capital” is not prima facie money or a mean of production but is a type of power (Nitzan & Bichler, 2009). Indeed, this concept is consubstantial of Modernity, characterized by the Subject/Object dichotomy (Latour, 2004), and of capitalism – a particular modality of the Modern cosmology –, defined as a societal institution based on the unlimited expansion of the rational mastery of Subjects over Objects (Castoriadis, 1998): Capital is the operationalization of this rational mastery. Therefore, by definition, NC is not another type of capital: NC is the natural part of Capital, i.e. the recognition that the Capital partially stems from environmental Objects and so that, these Objects, in the same time, are means under the control of Subjects and contribute to the growth of the power and welfare of these last ones. Now, in economics, Capital has two fundamental forms that we will detail: the fundist one and the materialist one (Hicks, 1974). Their application to NC can clarify the concepts of weak and strong sustainability: in particular, strong sustainability is a specific materialist conceptualisation of NC and so remains based on a capitalist approach. In these conditions, the utilization of the notion of NC by ecologists gives raise to confusion, because it does not rely on capitalism. Ecological NC (ENC) is not “welfare-based” but “stuff-based” (Norton, 2005), i.e. ENC is really another type of capital, whose role is to focus on the preservation of environmental entities. So we will explain what a capital is in this context. In the second part, we firstly claim that double-entry bookkeeping accounting is relevant to reformulate the different viewpoints about NC. Indeed, for capitalism, firms are automated tools which manage some assets in order to develop the Capital of shareholders, the “real” Subjects. Thus, at the corporate level, the economic notion of Capital is not a liability, whose specific conservation implies accountability issues, but is an asset. Therefore the capitalist NC is also an asset, a mere mean. Now, for traditional accounting, capital is a liability. The standard accounting capital is money: its maintenance is the cornerstone of accounting and led to the creation of powerful instruments, like the planned depreciation. So we argue that ENC must also be seen as a liability: therefore, at the corporate level, the difference between a capitalist and an ecological NC relies on the difference between assets and liabilities. In these conditions, we finally suggest that the development of an ecological conceptualisation of NC naturally rests on the extension of the traditional accounting maintenance instruments to this new capital (cf. (Rambaud & Richard, 2013). References Castoriadis, C. (1998). The Imaginary Institution of Society. (K. Blamey, Trans.) (p. 426). MIT Press. Hicks, J. R. (1974). Capital Controversies: Ancient and Modern. American Economic Review, 64(2), 307–316. Latour, B. (2004). Politics of Nature: How to Bring the Sciences into Democracy (p. 307). Harvard University Press. Nitzan, J., & Bichler, S. (2009). Capital as Power. A Study of Order and Creorder (p. 463). Routledge. Norton, B. G. (2005). Sustainability (p. 607). The University of Chicago Press. Rambaud, A., & Richard, J. (2013). The Triple Depreciation Line ( TDL ) against the Triple Bottom Line ( TBL ): Towards a genuine integrated reporting (p. 40).
    Keywords: Balance sheet,Capitalism,Environmental accounting,Natural capital,Asset,Capital,Strong sustainability,Weak sustainability
    Date: 2015–07–08
  17. By: Carlson, Mark A. (; Rose, Jonathan D. (Board of Governors of the Federal Reserve System (U.S.))
    Abstract: This paper analyzes the run on Continental Illinois in 1984. We find that the run slowed but did not stop following an extraordinary government intervention, which included the guarantee of all liabilities of the bank and a commitment to provide ongoing liquidity support. Continental's outflows were driven by a broad set of US and foreign financial institutions. These were large, sophisticated creditors with holdings far in excess of the insurance limit. During the initial run, creditors with relatively liquid balance sheets nevertheless withdrew more than other creditors, likely reflecting low tolerance to hold illiquid assets. In addition, smaller and more-distant creditors were more likely to withdraw. In the second and more drawn out phase of the run, institutions with relative large exposures to Continental were more likely to withdraw, reflecting a general unwillingness to have an outsized exposure to a troubled institution even in the absence of credit risk. Finally, we show that the concentration of holdings of Continental's liabilities was a key dynamic in the run and was importantly linked to Continental's systemic importance.
    Keywords: Bank runs; deposit guarantee; deposit insurance; financial crisis
    JEL: G01 G21 H12
    Date: 2016–02–03
  18. By: Odhiambo, Nicholas M.; Nyasha, Sheilla
    Abstract: This paper has examined the dynamic impact of both bank- and market-based financialdevelopment on economic growth in Australia ??? during the period 1980 to 2012. The studyuses the autoregressive distributed lag bounds (ARDL) testing approach to examine thislinkage. Unlike some previous studies, this study uses financial sector development indices tomeasure both bank- and market-based financial development. These indices were computedusing the method of means-removed average. The empirical results of this study show that whilebank-based financial development has a short-run positive impact on economic growth in Australia,market-based financial development has no significant impact on economic growth, both in the shortrun or in the long run.
    Keywords: Australia, Bank-Based Financial Development, Market-Based Financial Development, Economic Growth
    Date: 2015–07
  19. By: Mauel Martín Rodríguez
    Abstract: Al finalizar la guerra civil española, el nuevo Estado buscaba un nuevo orden económico. Aunque hubo intentos de adoptar un modelo propio, pronto se pusieron los ojos en las distintas corrientes vigentes entonces en Europa. Una de ellas era la Escuela de Friburgo, liderada por Eucken, que en principio podía resultar muy atractiva para el régimen instaurado en España. Defendía el mercado, preconizaba un Estado fuerte para preservar el orden de la competencia y redistribuir la renta, estaba en contra de los monopolios y buscaba en el pasado los valores morales y espirituales que se habían perdido. Junto a ello, una serie de circunstancias favorables hicieron posible su recepción intelectual en España e incluso que sus ideas llegaran a aplicarse efímeramente en el Plan de Estabilización de 1959
    Keywords: Escuela Friburgo, economistas españoles
    Date: 2016–02
  20. By: Nigel Dodd
    JEL: F3 G3
    Date: 2015
  21. By: Joseph Keneck Massil
    Abstract: Given the lack of universally accepted definition of the word ‘institution’, studying the institutional change as well as the determinants of institutional quality remains a difficult and even perilous exercise. Therefore, this article aims to achieve a threefold objective. First, it proposes a definition of the term ‘institution’. Second, it reviews the extensive literature on the theories of institutional change. Third, it highlights the existent empirical literature on the determinants of institutional quality.
    Keywords: Institutions, Institutional change theory, Determinants of institutional quality.
    JEL: D02 D72 P48
    Date: 2016
  22. By: Cédric Poivret (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)
    Abstract: A l’aide d’un inventaire des ouvrages destinés aux gestionnaires parus en langue française avant 1800, nous déterminons les grandes caractéristiques des savoirs explicités à destination des gestionnaires avant 1800. Un programme d’étude de l’histoire de la pensée gestionnaire, de l’invention de l’imprimerie jusqu’à aujourd’hui est proposé en conclusion de ce travail.
    Keywords: Histoire de la gestion comme science, ère préindustrielle, négociants, arithmétique commerciale, comptabilité, Jacques Savary, ingénieurs, physiocrates
    Date: 2014–03–19
  23. By: Ángel de la Fuente
    Abstract: El presente trabajo resume los resultados de la primera fase de un proyecto cuyo objetivo es el de ofrecer series homogéneas de los principales agregados económicos y demográficos de las regiones españolas para el período desde 1950 hasta nuestros días. En él se recopilan, extienden o construyen series de movimientos naturales de población, población de derecho, saldos migratorios netos y estructura por edades de la población. También se construye una nueva serie de población residente corregida por migraciones no declaradas que intenta aproximar la población que realmente reside de forma habitual en cada territorio.
    Date: 2015–01
  24. By: Rosalind Z. Wiggins; Rosalind L. Bennett; Andrew Metrick
    Abstract: For many years prior to its demise, Lehman Brothers employed Ernst & Young (EY) as the firm’s independent auditors to review its financial statements and express an opinion as to whether they fairly represented the company’s financial position. EY was supposed to try to detect fraud, determine whether a matter should be publicly disclosed, and communicate certain issues to Lehman’s Board audit committee. After Lehman filed for bankruptcy, it was discovered that the firm had employed questionable accounting with regard to an unorthodox financing transaction, Repo 105, which it used to make its results appear better than they were. EY was aware of Lehman’s use of Repo 105, and its failure to disclose its use. EY also knew that Lehman included in its liquidity pool assets that were impaired. When questioned, EY insisted that it had done nothing wrong. However, Anton R. Valukas, the Lehman bankruptcy examiner, concluded that EY had not fulfilled its duties and that probable claims existed against EY for malpractice. In this case, participants will consider the role and effectiveness of independent auditors in ensuring complete and accurate financial statements and related public disclosure.
    Keywords: Systemic Risk, Financial Crises, Financial Regulation
    JEL: G01 G28
    Date: 2014–10
  25. By: Zuk, Miriam (University of California, Berkeley); Bierbaum, Ariel (University of California, Berkeley); Chapple, Karen (University of California, Berkeley); Gorska, Karolina (University of California, Los Angeles); Loukaitou-Sideris, Anastasia (University of California, Los Angeles); Ong, Paul (University of California, Los Angeles); thomas, trevor (University of California, Los Angeles)
    Date: 2015–08–24

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