nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2018‒11‒05
35 papers chosen by

  1. Social mobility in nineteenth century Spain : Valencia, 1841-1870 By Santiago Caballero, Carlos
  2. The Europe of the five parts of the world: François Perroux on European Integration By Alexandre Mendes Cunha
  3. Wages, income distribution and economic growth in Scandinavia By Eric Bengtsson; Engelbert Stockhammer
  4. David Kynaston's till time's last sand: a history of the Bank of England, 1694-2013: a review essay By Bean, Charles R.
  5. Three Quarter-Centuries of Central Banking in Ireland By Honohan, Patrick
  6. Can Economic Pressure Overcome Social Norms? The Case of Female Labor Force Participation By Cardoso, Ana Rute; Morin, Louis-Philippe
  7. Religion, Division of Labor and Conflict: Anti-Semitism in Germany over 600 Years By Sascha O. Becker; Luigi Pascali
  8. Religion, division of labor and conflict: Anti-semitism in Germany over 600 years By Sascha O. Becker; Luigi Pascali
  9. From Methodology to Practice (and Back): Georgescu-Roegen's Philosophy of Economics and the Flow-Fund Model By Quentin Couix
  10. Circle of Fortune: The Long Term Impact of Western Customs Institutions in China By Jin, Gan
  11. International Competition and Adjustment: Evidence from the First Great Liberalization By Stéphane Becuwe; Bertrand Blancheton; Christopher M. Meissner
  12. Birthplace Diversity and Economic Growth: Evidence from the US States in the Post-World War II Period By Docquier, Frédéric; Turati, Riccardo; Valette, Jérôme; Vasilakis, Chrysovalantis
  13. Deriving the factor endowment--commodity output relationship for Thailand (1920-1927) using a three-factor two-good general equilibrium trade model By Yoshiaki Nakada
  14. Of gold and paper money By Chadha, Jagjit S.
  15. The Relationship between Macroeconomic Overheating and Financial Vulnerability : A Quantitative Exploration By Elena Afanasyeva; Seung Jung Lee; Michele Modugno; Francisco J. Palomino
  16. El problema de la transformación de valores en precios de producción. Una revisión de literatura en torno a las soluciones de Marx, Bortkiewicz-Winternitz y Morishima By Fahd Boundi Chraki
  17. L'évolution des structures de production agricole en Bretagne de 1850 à nos jours By Pierre Daucé; Yves Léon
  18. The dear old holy Roman realm. How does it hold together? Monetary policies, cross-cutting cleavages and political cohesion in the age of reformation By Volckart, Oliver
  19. The Relationship between Macroeconomic Overheating and Financial Vulnerability : A Narrative Investigation By Elena Afanasyeva; Seung Jung Lee; Michele Modugno; Francisco J. Palomino
  20. Contract Choice in the Interwar US Residential Mortgage Market By Rose, Jonathan D.
  21. Instituciones y conflicto en Colombia: la metáfora del espejo By Álvaro Albán Moreno
  22. Mesure du temps et temps de la mesure. Cliométrie des prix de gros en Allemagne avant la Première Guerre mondiale By Claude Diebolt; Magali Jaoul-Grammare
  23. The Confederacy and the American Civil War, 1861-1865: Greed Or Grievance? By Paul Hallwood
  24. Minimum Wage and the Labor Market: What Can We Learn from the French Experience? By Jérôme Gautié; Patrice Laroche
  25. Entre el Estado Empresario y el Estado Regulador. El encaje de los intereses privados en el primer programa nuclear español (c.1951-1964) By Josean Garrués-Irurzun; Juan A. Rubio-Mondéjar
  27. El movimiento de la Calidad en Colombia 1930-2010. Una mirada desde las políticas públicas By Myriam Escobar Valencia; Constanza Gómez Villarreal; Miguel Camacho Aranguren
  28. Competencia vs. Monopolio: un análisis insumo-producto de las tasas de ganancia y markups en la economía de los EE.UU.: 1958-1977 By Paul Cooney
  29. La secreta travesía de Miguel S. Wionczek By Joseph Hodara
  30. Geert Hofstede et al's set of national cultural dimensions - popularity and criticisms By Kiril Dimitrov
  31. Economic Shocks and Temple Desecrations in Medieval India By Ticku, R.; Shrivastava, A.; Iyer, S.
  32. John Stuart Mill on Wage Inequalities Between Men and Women. By Virginie Gouverneur
  33. Information Transmission under Increasing Political Tension – Evidence for the Berlin Produce Exchange 1887-1896 By Martin T. Bohl; Alexander Pütz; Pierre L. Siklos; Christoph Sulewski
  34. Productivity, the real exchange rate and the aggregate demand: an empirical exercise applied to brazil from 1960 to 2011 By Douglas Alcantara Alencar; Frederico Gonzaga Jayme Jr.; Gustavo Britto
  35. Agricultural landscape change and land footprint from 1970 to 2010: the case study of Sardinia, Italy By Ginevra Virginia Lombardi,; Rossella Atzori

  1. By: Santiago Caballero, Carlos
    Abstract: The central decades of the nineteenth century were a key period for the economic development of Spain. An increasing industrial sector, unprecedented economic growth, rising domestic and international economic integration, the creation of modern communication and transport networks and radical institutional reforms. However, our knowledge of the economic history of those key years is far from been perfect. This paper attempts to shed some light on this fundamental period of the economic history of Spain by looking at an almost unexplored field in premodern Spain, the changes in social mobility using an extensive sample of marriage records from the region of Valencia, one of the main economies of the country. During the period under analysis, Valencia followed a particular path of growth based on agrarian capitalism focused on international markets. Our results suggest that social mobility improved between 1840 and 1850 but that the situation quickly reversed during the following decades. The opportunities offered to individuals raised by poorer families in agriculture and manufacturing disappeared, and by 1870, Valencia was a much less mobile society. The analysis of the determinants of upward mobility suggests that in a society where education was directly correlated with the income of the household, the status of the family was a key factor improving the mobility of the upper social classes and limiting that of the lower. Inequality also played a role and more equal locations improved the chances of upward mobility, supporting the idea of the Great Gatsby curve. By 1870 Valencia had become a polarised society, where the benefits of the rising domestic integration and globalisation were enjoyed by a small elite, while the lowest part of the income distribution suffered increasing pauperisation.
    Keywords: globalisation; industrialisation; inequality; social mobility
    JEL: O14 N93 N33 D63
    Date: 2018–10
  2. By: Alexandre Mendes Cunha (Cedeplar-UFMG)
    Abstract: Although seldom remembered in this respect, François Perroux exerted direct and indirect influence on the debate on European integration in the immediate post-war period in France. The theme of European integration serves in Perroux’s work as a concrete case study on which a series of his recurrent themes could be explored, such as his theory of domination, his reflection on economic spaces, development and the costs of man ("coûts de l’homme"), or even as an extension of topics from his work in the 1930s related to corporatism and communitarianism. Perroux deals with the theme of European integration fundamentally in an extensive book from 1954, L’Europe sans rivages, but also in several others of his books and articles from the period, forming a complex and multifaceted analysis of the problematic that, nevertheless, insists in a central message: the importance of the global aspect of the European integration, thinking in a Europe of the “five parts of the world”. This paper offers an analysis of this set of writings, connecting it to the institutional and political context of the debate on European integration in France. The goal is to situate the effective influence Perroux’s ideas and his concrete personal influence on important names of Jean Monnet entourage. Taking these general questions as a reference, and starting with Perroux’s perspectives on topics such as national accounts, planning and liberal interventionism, the article also explores the critical thinking undertaken by Perroux, throughout the 1950s, on the institutional and political paths taken in the first years of the European integration process, approximating his analysis to other voices that critically discussed those paths, such as, for example, Gunnar Myrdal. Doing this, the paper also explores important connections, not frequently visited in the literature of the history of economic ideas, between the European integration and the field of economic development or regarding the debates on regional inequalities that took shape in the midst of the postwar European reconstruction projects.
    Keywords: François Perroux, Jean Monnet, European integration, Postwar Europe, National accounts, planning, liberal interventionism.
    JEL: B29 B31 B59 F02
    Date: 2018–10
  3. By: Eric Bengtsson; Engelbert Stockhammer (King’s College London)
    Abstract: Wage restraint plays an important role in the conventional economic history explanation of the post-war golden growth experience of industrialized economies. Conversely, wage increases harming investment and increasing unemployment have been proffered as explanations for some of the high unemployment during the interwar period. This article argues that the conventional account implicitly only considers effects of wage growth on investment and not the advantageous effects on consumption. Thus, the evaluation of the effects on GDP growth is lop-sided. We employ a Post-Keynesian model to estimate effects of growth in the wage share of national income on consumption, investment, exports and imports separately, and weigh the effects together to estimate total effects on GDP growth, in Scandinavia (Denmark, Norway and Sweden) 1900–2010. Furthermore, we estimate the positive effects of wage pressure on productivity, showing it to be significant and positive in all three countries. We show that the postwar wage push had small positive effects on GDP growth in Denmark and Sweden, and a small negative effect in Norway. Thus, wage restraint is not a valid explanation for the postwar growth miracle. We propose a more comprehensive macroeconomic framework for understanding the implications of labour-capital distribution.
    Keywords: functional income distribution, inequality, consumption, investment, Scandinavia, Bhaduri-Marglin model, economic history
    JEL: E12 N10 N14
    Date: 2018–10
  4. By: Bean, Charles R.
    Abstract: This essay reviews Till Time's Last Sand, David Kynaston's history of the Bank of England from its foundation in 1694 to the present day. I focus on three themes running through his narrative. First, for much of that time the Bank was a private company playing a public role; how did it manage to do this and why was it eventually brought into public ownership? Second, I examine the various attempts to constrain the Bank's monetary policy to follow a simple rule; these almost invariably proved unsustainable unless the rule provided enough room for discretion. Finally, I cover the Bank's journey to becoming the lender of last resort, together with its evolving attitude to the associated risk of moral hazard.
    JEL: E52 E58 G1 N13 N14 N23 N24
    Date: 2018–09–13
  5. By: Honohan, Patrick
    Abstract: The 75-year history of the Central Bank of Ireland falls neatly into three contrasting quartercenturies. For the first quarter-century (1943-68) Irish banking continued to operate as a kind of satellite of the British system, with the Central Bank maintaining the non-interventionist approach that had characterised the currency board regime in place from 1927. The second quarter century (1968-93) was a period of monetary instability with double-digit inflation and repeated devaluations. Hyper-globalisation has defined the most recent 25 years (1993-2018) of the Central Bank’s operations, with the Irish economy experiencing a damaging episode of over financialisation followed by a collapse, from which the Bank sought to navigate a recovery that would minimise economic damage. Evaluating national economic performance in each of the three periods on price stability and average job growth, the most recent quarter century outperforms the other two; but it has been more volatile.
    Date: 2018–04
  6. By: Cardoso, Ana Rute (IAE Barcelona (CSIC)); Morin, Louis-Philippe (University of Ottawa)
    Abstract: We investigate the potential channels that drive female labor force participation to rise in response to unbalanced sex ratios, in the presence of strong social norms against female employment. One such channel is women's desired labor supply, operating through the marriage market, and the other is employers' demand for female labor. If faced with a reduction in male workforce, do employers turn to women to fill in the gap? Do women enter traditionally male occupations and industries, so that segregation decreases? Does the gender pay gap decline? We exploit exogenous variation in sex ratios across cohorts and regions, by using instruments based on casualties from the Portuguese Colonial War and massive emigration in the 1960s combined with its historical regional patterns. We find that as the sex ratio declined, female participation increased, women entered traditionally male-dominated occupations and industries, and the gender pay gap declined. These findings are consistent with a demand shock. Our estimated impact of sex ratios on marriage market points to a muted supply channel. We complement the quantitative analysis with an archival case. Our findings help to explain an apparent puzzle, a decades-long high female participation in Portugal, as opposed to the other Southern European countries.
    Keywords: labor demand, labor force participation, gender segregation, pay gap
    JEL: J21 J23 N34 J22
    Date: 2018–09
  7. By: Sascha O. Becker; Luigi Pascali
    Abstract: We study the role of economic incentives in shaping the co-existence of Jews, Catholics and Protestants, using novel data from Germany for 1,000+ cities. The Catholic usury ban and higher literacy rates gave Jews a specific advantage in the moneylending sector. Following the Protestant Reformation (1517), the Jews lost these advantages in regions that became Protestant. We show 1) a change in the geography of anti-Semitism with persecutions of Jews and anti-Jewish publications becoming more common in Protestant areas relative to Catholic areas; 2) a more pronounced change in cities where Jews had already established themselves as moneylenders. These findings are consistent with the interpretation that, following the Protestant Reformation, Jews living in Protestant regions were exposed to competition with the Christian majority, especially in moneylending, leading to an increase in anti-Semitism.
    Keywords: Anti-Semitism, Religion, conflict, division of labor
    JEL: Z12 O18 N33 N93 D73
    Date: 2018–10
  8. By: Sascha O. Becker; Luigi Pascali
    Abstract: We study the role of economic incentives in shaping the co-existence of Jews, Catholics and Protestants, using novel data from Germany for 1,000+ cities. The Catholic usury ban and higher literacy rates gave Jews a specific advantage in the moneylending sector. Following the Protestant Reformation (1517), the Jews lost these advantages in regions that became Protestant. We show 1) a change in the geography of anti-Semitism with persecutions of Jews and anti-Jewish publications becoming more common in Protestant areas relative to Catholic areas; 2) a more pronounced change in cities where Jews had already established themselves as moneylenders. These findings are consistent with the interpretation that, following the Protestant Reformation, Jews living in Protestant regions were exposed to competition with the Christian majority, especially in moneylending, leading to an increase in anti-Semitism.
    Keywords: Anti-semitism, religion, conflict, division of labor
    JEL: Z12 O18 N33 N93 D73
    Date: 2018–10
  9. By: Quentin Couix (Université Paris 1 Panthéon-Sorbonne - Centre d'Economie de la Sorbonne)
    Abstract: Despite his early contribution to the rise of mathematics in economics, Georgescu-Roegen's later methodological criticism of models has received little attention from historians and philosophers of economics. This paper attempts to fill this gap following two lines. First, I examine his explicitly methodological claims and connect them with related topics in economic methodology. Building on the distinction between dialectical and arithmomorphic concepts, I characterise his approach to theory-making as a three steps process of idealisation, isolation and arithmetisation. In this framework, models perform two functions, checking for logical consistency and facilitating understanding, which can be related to the idea of modelling as theorising. I then confront these general principles with Georgescu-Roegen's flow-fund model of production. I use the methodology as a reading grid of this theory, while examining its limits and complementary principles in practice. This shows a great deal of consistency, where idealisation provides conceptual foundations, isolation determines the relevant problems, and models are built according to structural consistency. The two functions of models are then illustrated by the logical derivation of older principles formulated by Babbage and Smith, and the understanding of the different organisational patterns of production. But some slightly different functions also appear when specific configurations of the model enable to check the conceptual consistency of other theories, or the understanding provided by the model contributes to the formation of new concepts. Hence, the consistency and the complementarity between Georgescu-Roegen's methodology and practice of theory-making provide interesting insights and a useful background for further investigations
    Keywords: Georgescu-Roegen; methodology; philosophy; models; flow-fund; production function; input-output; substitution
    JEL: B16 B31 B41 C02 C65 D24 E23 O10
    Date: 2018–07
  10. By: Jin, Gan
    Abstract: This paper studies the persistent impact of good institutions on economic development in China. By exploiting a British-driven institutional switch in part of China's customs stations in 1902, I find that counties that were more affected by the British customs institutions are also better developed today. Moreover, I show that the institutional switch was exogenous to the pre-colonial development, and I provide different estimation models to reveal a robust and causal relationship between good institutions and economic development.
    Keywords: Institutions,Economic development,Treaty ports,Chinese Maritime Customs Service (CMCS),China
    JEL: N15 O10 P51 N15 O10 P51
    Date: 2018
  11. By: Stéphane Becuwe; Bertrand Blancheton; Christopher M. Meissner
    Abstract: France and Great Britain signed the Cobden Chevalier treaty in 1860 eliminating import prohibitions and lowering tariffs with Britain. This policy change was unexpected by French industry and entirely free from lobbying efforts. A series of commercial treaties with other nations followed in the 1860s lowering tariffs with France’s largest trade partners. We study the dynamics of French trade patterns using product level exports and imports for France with all partners and at the bilateral level before and after these tectonic trade policy shocks. We find a significant rise in intra-industry trade in leading manufactured products. Cotton, woolen and silk cloth “held their ground,” rising imports being met with rising exports. Rather than shifting or destabilizing French patterns of specialization, liberalization allowed for an expansion of exports in differentiated products. The findings are consistent with the “smooth adjustment” hypothesis. The return to discussion of higher tariffs from 1878 should not be regarded as a backlash to international competition, but rather the outcome of anti-competitive protectionist lobbying.
    JEL: F13 F14 N7
    Date: 2018–10
  12. By: Docquier, Frédéric (Université catholique de Louvain); Turati, Riccardo (IRES, Université catholique de Louvain); Valette, Jérôme (CES, University of Paris); Vasilakis, Chrysovalantis (Bangor University)
    Abstract: This paper empirically revisits the impact of birthplace diversity on economic growth. We use panel data on US states over the 1960-2010 period. This rich data set allows us to better deal with endogeneity issues and to conduct a large set of robustness checks. Our results suggest that diversity among college-educated immigrants positively affects economic growth. We provide converging evidence pointing at the existence of skill complementarities between workers trained in different countries. These synergies result in better labor market outcomes for native workers and in higher productivity in the R&D sector. The gains from diversity are maximized when immigrants originate from economically or culturally distant countries (but not both), and when they acquired part of their secondary education abroad and their college education in the US. Overall, a 10% increase in high-skilled diversity raises GDP per capita by about 6%. On the contrary, low-skilled diversity has insignificant effects.
    Keywords: immigration culture, birthplace diversity growth
    JEL: F22 J61
    Date: 2018–09
  13. By: Yoshiaki Nakada
    Abstract: Feeny (1982, pp. 26-28) referred to a three-factor two-good general equilibrium trade model, when he explained the relative importance of trade and factor endowments in Thailand 1880-1940. For example, Feeny (1982) stated that the growth in labor stock would be responsible for a substantial increase in rice output relative to textile output. Is Feeny's statement plausible? The purpose of this paper is to derive the Rybczynski sign patterns, which express the factor endowment--commodity output relationship, for Thailand during the period 1920 to 1927 using the EWS (economy-wide substitution)-ratio vector. A 'strong Rybczynski result' necessarily holds. I derived three Rybczynski sign patterns. However, a more detailed estimate allowed a reduction from three candidates to two. I restrict the analysis to the period 1920-1927 because of data availability. The results imply that Feeny's statement might not necessarily hold. Hence, labor stock might not affect the share of exportable sector in national income positively. Moreover, the percentage of Chinese immigration in the total population growth was not as large as expected. This study will be useful when simulating real wage in Thailand.
    Date: 2018–10
  14. By: Chadha, Jagjit S.
    Abstract: We consider the role of money as a means of payment, store of value and medium of exchange. I outline a number of quantitative and qualitative experiences of monetary management. Successful regimes have sprung up in a variety of surprising places, and been sustained with state (centralised) interventions. Although the link between state and money, and its standard of identity and account may be clear, particularly in earlier stages of economic development, the extent to which the state is widely felt to hold responsibility for 'sound money' is less clear in modern democracies, where there are many other public responsibilities implying ongoing trade-offs.
    Keywords: money; gold standard; paper money; Samuelson.
    JEL: B22 E31
    Date: 2018–07–11
  15. By: Elena Afanasyeva; Seung Jung Lee; Michele Modugno; Francisco J. Palomino
    Abstract: In this note, we explore the link between indicators of financial imbalances and macroeconomic performance, focusing on the experience of the United States. In an accompanying note, The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Narrative Investigation, we follow a narrative approach to review historical episodes of significant financial imbalances and examine whether these episodes were linked to macroeconomic overheating.
    Date: 2018–10–12
  16. By: Fahd Boundi Chraki
    Keywords: Valor; precios de producción; transformación; invariante; iteración. Value; prices of production; transformation; invariant; iterative method
    JEL: B14 B24 B51
    Date: 2018–01–01
  17. By: Pierre Daucé (ESR - Unité de recherche d'Économie et Sociologie Rurales - INRA - Institut National de la Recherche Agronomique); Yves Léon (ESR - Unité de recherche d'Économie et Sociologie Rurales - INRA - Institut National de la Recherche Agronomique)
    Abstract: Ce fascicule fait suite à l'étude sur la population agricole en Bretagne de 1850 à nos jours. Ici sont recherchées les évolutions connues par les structures de production agricole en Bretagne à partir du milieu du 19e siècle.
    Keywords: Histoire rurale,Faire-valoir,Exploitations agricoles,Surfaces,Bretagne
    Date: 2018–10–19
  18. By: Volckart, Oliver
    Abstract: Research has rejected Ranke’s hypothesis that the Reformation emasculated the Holy Roman Empire and thwarted the emergence of a German nation state for centuries. However, current explanations of the Empire’s cohesion that emphasise the effects of outside pressure or political rituals are not entirely satisfactory. This article contributes to a fuller explanation by examining a factor that so far has been overlooked: monetary policies. Monetary conditions within the Empire encouraged its members to cooperate with each other and the emperor. Moreover, cross-cutting cleavages – i.e. the fact that both Catholics and Protestants were split among themselves in monetary-policy questions – allowed actors on different sides of the confessional divide to find common ground. The paper analyses the extent to which cleavages affected the negotiations about the creation of a common currency between the 1520s and the 1550s, and whether monetary policies helped bridging the religious divide, thus increasing the Empire’s political cohesion.
    Keywords: Holy Roman Empire; reformation; political cohesion; monetary policies.
    JEL: H11 H77 N13 N43
    Date: 2018–10–01
  19. By: Elena Afanasyeva; Seung Jung Lee; Michele Modugno; Francisco J. Palomino
    Abstract: In this note, we follow a narrative approach to review historical episodes of significant financial imbalances and examine whether these episodes were linked to macroeconomic overheating.
    Date: 2018–10–12
  20. By: Rose, Jonathan D.
    Abstract: This paper studies mortgage contract choices in US history using a first-of-its-kind sample of residential loans from 1930 and 1940, linked to the decennial censuses. Contract choices reflected borrowers' reactions to the risks posed by different contracts. The majority of borrowers chose contracts with the longest available terms, despite required frequent amortization, likely in order to avoid refinancing risk and to maximize leverage. In contrast, the most creditworthy borrowers with high socioeconomic status preferred short-term contracts, confident that they could refinance at will. The combination of short terms and frequent amortization was unpopular, used disproportionately by the least creditworthy. Between 1930 and 1940, contract use shifted toward longer term contracts, reflecting the advent of federal involvement in the residential mortgage market.
    Keywords: Contract; mortgages; mortgage loans
    JEL: G21 G28
    Date: 2018–09–05
  21. By: Álvaro Albán Moreno
    Keywords: Instituciones; conflicto colombiano; proceso de paz. Institutions; Colombian conflict; peace process
    JEL: N01 N10 O19 O43 Z13
    Date: 2017–01–01
  22. By: Claude Diebolt (BETA, Université de Strasbourg); Magali Jaoul-Grammare (BETA, Université de Strasbourg)
    Date: 2018
  23. By: Paul Hallwood (University of Connecticut)
    Abstract: A contribution to the literature on the causes of civil war, specifically the American Civil War, 1861 – 1865, looking from the secessionist’s side. A model is developed allowing for the quantification of greed (retention of income flows deriving from the system of slavery) and grievance (assertion of state’s rights) as causes of Confederacy secession. War costs and preferences over how quickly war costs needed to be recouped are central in the analysis. A key finding is, even if the Confederate states did not under-estimate war costs, there was still a strong case for attempting secession to protect the economic return on slavery. While in many scenarios this makes it unnecessary to invoke willingness to pay to assert state’s rights, this too is not ruled out, but it is reasoned that greed was quantitatively the stronger motive. Given sufficient data the methodology can be applied to quantify motives in other civil wars.
    Keywords: American civil war, Confederacy, greed, grievance, secession.
    JEL: N41 F54
    Date: 2018–10
  24. By: Jérôme Gautié (Université Paris 1 Panthéon-Sorbonne - Centre d'Economie de la Sorbonne); Patrice Laroche (ESCP Europe et Université de Lorraine - CEREFIGE)
    Abstract: Since it was introduced in 1950, and even more since it was reformed in 1970, the statutory minimum wage has been playing a key role in the French labor market. It has very specific fixing mechanisms, and from the eighties, it has been one of the highest among the OECD countries - both in relative and absolute terms. After presenting the specific features of the minimum wage setting regime in France as well as the minimum wage policies implemented since the 1950s, we provide a comprehensive survey of existing empirical evidence on the impacts of the minimum wage on the French labor market. We use a meta-analysis to draw the lessons from the empirical studies on its effects on employment. We also survey the other potential effects, such as the impact on wage bargaining and other wages, on inequalities, on profit and prices, on working conditions
    Keywords: Minimum wage; France; wage bargaining; wage regulation
    JEL: J31 J32 J38 J23 C18
    Date: 2018–07
  25. By: Josean Garrués-Irurzun (Universidad de Granada. Spain. Department of Theory and Economic History); Juan A. Rubio-Mondéjar (University Pablo de Olavide. Spain. Department of Economics, Quantitative Methods and Economic History)
    Abstract: El uso comercial de la electricidad nuclear representó una oportunidad económica que adoptó diferentes variedades nacionales. En el caso español, el cambio de un modelo “autárquico” a un modelo “liberal” de gestión nuclear supuso la consolidación de los viejos intereses del oligopolio eléctrico nacional. El objetivo de este artículo es explicar este proceso a través de una perspectiva mesoeconómica (dialéctica inter-institucional). La principal conclusión que se alcanza es que, frente a una hipótesis general que defiende la existencia de una débil “instrumentación recíproca” entre los intereses políticos y económicos en la transición de la autarquía franquista al desarrollismo, resulta más convincente la teoría de la captura del regulador (el Estado) por parte de las compañías eléctricas.
    Keywords: :
    Date: 2018–10–24
  26. By: Arthur Mustafin (National Research University Higher School of Economics)
    Abstract: This article is devoted to a reconstruction of Soviet discussions on long cycles based on an analysis of a wide range of unknown and little-known historiographical sources and archival materials. The role of discussions in the formation of assessments and ideas about long cycles is shown. In particular, we show that the controversy between Kondratiev and Gosplan about the economic development of the USSR had a noticeable effect on the negative evaluation of Kondratiev’s method for identifying long cycles. The study defines the relations between Kondratiev’s views on the problem of long cycles and his probabilistic-statistical approach to the analysis of society.
    Keywords: long waves, Kondratiev cycles, capitalism's crisis, the Conjuncture Institute, random events, criteria of refutation, teleological method, genetic method.
    JEL: Z
    Date: 2018
  27. By: Myriam Escobar Valencia; Constanza Gómez Villarreal; Miguel Camacho Aranguren
    Keywords: Calidad; historia económica; políticas públicas. Quality; economic history; public policy
    JEL: L15 L38 L52
    Date: 2017–01–01
  28. By: Paul Cooney
    Keywords: Competencia; monopolio; tasas de ganancia. Competition; monopoly; rates of profit.
    JEL: B50 B51 C67 D22 D42 D46
    Date: 2017–01–01
  29. By: Joseph Hodara
    Keywords: Miguel Wionczek; Polonia; Segunda Guerra Mundial; México. Miguel Wionczek; Poland; Second World War; Mexico.
    Date: 2018–01–01
  30. By: Kiril Dimitrov
    Abstract: This article outlines different stages in development of the national culture model, created by Geert Hofstede and his affiliates. This paper reveals and synthesizes the contemporary review of the application spheres of this framework. Numerous applications of the dimensions set are used as a source of identifying significant critiques, concerning different aspects in model's operation. These critiques are classified and their underlying reasons are also outlined by means of a fishbone diagram.
    Date: 2018–10
  31. By: Ticku, R.; Shrivastava, A.; Iyer, S.
    Abstract: Economic downturns can create conditions for mass uprisings that threaten an authoritarian ruler. Religious authority can provide the ideological force needed to solve the collective action problem that hinders a revolution. When co-option is infeasible, the ruler can respond to economic shocks by suppressing the religious authority of the popular religion. In this paper we provide empirical evidence of this response in medieval India. Using centuries of geo-referenced data we document a positive relationship between weather fluctuations and the destruction of Hindu temples under Muslim rule. Specifically, during periods of large weather fluctuations the likelihood of a Muslim State desecrating a Hindu temple increases by about 1 percentage point (relative to the baseline of 0.7%). We explore various mechanisms that could drive the ruler’s response and show that regime stability is the likely explanation for this relationship. The paper contributes to our understanding of the behaviour of authoritarian regimes in diverse societies.
    Keywords: Religious repression, Regime stability, Weather shocks, Temple desecration.
    JEL: D74 N35 N45
    Date: 2018–10–25
  32. By: Virginie Gouverneur
    Abstract: A section of Mill’s Principles (1848) is about women’s low wages. Contemporary commentators who have studied it minimize its normative content. According to them, Mill’s belief in the naturalness of the traditional sexual division of roles prevent him from proposing efficient remedies to male-female wage differentials and occupational segregation by sex. We propose another reading of Mill’s analysis, as a protest against power relations which, pervading Victorian society, cause wage differences unjustified by differences in efficiency. Its focus is not occupational segregation by sex. Mill addresses the issue elsewhere, then identifying distinct causes of women’s limited entry into skilled occupations.
    Keywords: John Stuart Mill, gender pay gap, discrimination, occupational segregation by sex.
    JEL: B1
    Date: 2018
  33. By: Martin T. Bohl; Alexander Pütz; Pierre L. Siklos; Christoph Sulewski
    Abstract: This article studies the effects of increasing political uncertainty on the functioning of futures markets. For this purpose, we utilize a unique natural experiment, namely the discussions around and the final coming into force of the German Exchange Act of 1896. Using static and time-varying vector error correction models, the empirical analysis shows that, although early futures markets exhibit a high degree of operational efficiency, increasing political tensions were related to a declining dominance of the futures market in the price discovery process. In summary, we provide a strong illustration of the negative consequences of misplaced regulatory attempts caused by strong political interests.
    Keywords: Early commodity futures markets, Berlin Produce Exchange, Uncertainty, Price discovery, Regulation
    JEL: N23 N44 G14 G28 Q14 Q18
    Date: 2018–10
  34. By: Douglas Alcantara Alencar (UFPA); Frederico Gonzaga Jayme Jr. (Cedeplar-UFMG); Gustavo Britto (Cedeplar-UFMG)
    Abstract: This research analyses, from a Post-Kaleckian perspective, the interactions among the aggregate demand, the real exchange rate, productivity and real wages in the Brazilian economy from 1960 to 2011. It adopts the longstanding perspective that demand is the driver of capital accumulation and economic growth. The research comprises the following steps: i) a critical assessment of the growth regime literature, with a particular emphasis on issues related to productivity and the real exchange rate; ii) understanding the relationship between the real exchange rate and the productivity and growth regimes; iii) proposing a theoretical model that relates the real exchange rate, productivity and the growth regime; and iv) an empirical test of the interaction between the real exchange rate, productivity and the growth regime. Theoretically the study develops a model showing the interactions between the aggregate demand, the real exchange rate, productivity and real wages. Furthermore, this research attempts to address the lack of theoretical and empirical studies about the relationship between the aggregate demand, the real exchange rate, productivity and real wages.
    Keywords: Post-Kaleckian, aggregate demand, real exchange rate, productivity, real wages.
    JEL: O11 O15 O41
    Date: 2018–10
  35. By: Ginevra Virginia Lombardi,; Rossella Atzori
    Abstract: Urban population growth has triggered a process of change in rural areas and landscape patterns. This transformation has a twofold consequence. On one hand, land conversion causes loss of biodiversity and habitat destruction (Deng et al., 2017). On the other hand, higher levels of food demand, together with the reduction of available land, endanger the capability of supplying food at local level. The local food systems and food security is increasingly dependent by trade and transport costs. Local food system conservation is increasingly recognized as a key factor in the pursuit of sustainable and bio based economy perspective. Land food footprint is a significant tool in assessing food self-sufficiency, land displacement and thus food system sustainability. In this paper we adopt a landscape approach to analyse the evolution of land food footprint and landscape diversity in Sardinia over the period 1970-2010 to assess the impact of land use change and food systems evolution. Time series show a decrease in landscape diversity and greater degrees of few landscape elements dominance, agricultural specialization and land food footprint unbalance. In summary, these results show that diversified and traditional landscape have been replaced by specialised, less diverse landscape where labour-intensive crops and intensive agriculture results in environment impact and in integration of local food systems by food imports, resulting in land unbalance (land displacement), in landscape features simplification and in rural settlements abandon.
    Keywords: Land food footprint; Landscape diversity; Food planning; Landscape quantitative analysis; Land use.
    JEL: Q56
    Date: 2018

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.