nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2019‒04‒15
23 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Hur ekonomisk historia blev en egen disciplin vid de svenska universiteten By Krantz, Olle
  2. Why Was Unemployment so Low in Postwar Sweden? An Analysis with New Unemployment Data by Manufacturing Industry, 1935-1948 By Molinder, Jakob
  3. Monetary Systems and the Global Balance-of-Payments Adjustment in the Pre-Gold Standard Period, 1700-1870 By Esteves, Rui; Nogues-Marco, Pilar
  4. A Century of High Frequency UK Macroeconomic Statistics: A Data Inventory By Jagjit S. Chadha; Ana Rincon-Aznar; Sylaja Srinivasan; Ryland Thomas
  5. The Prewar Financial System and the Dynamics of Corporate Financing By Konishi, Masaru; Yoshida, Takashi
  6. Body weight and United States economic development, 1840-1940. By Scott A. Carson
  7. Effects of Electrification on the Production and Distribution in the Coal Industry: Evidence from 1900s Japan By Morimoto, Mayo
  8. How the 1906 San Francisco Earthquake Shaped Economic Activity in the American West By Philipp Ager; Katherine Eriksson; Casper Worm Hansen; Lars Lønstrup
  9. Fading Legacies: Human Capital in the Aftermath of the Partitions of Poland By Andreas Backhaus
  10. The Phenomenon of Summer Diarrhea and Its Waning, 1910-1930 By Anderson, D. Mark; Rees, Daniel I.; Wang, Tianyi
  11. Out-Of-Partnership Births in East and West Germany By Jirjahn, Uwe; Struewing, Cornelia
  12. The Human Capital Cost of Radiation: Long-run Evidence from Exposure outside the Womb By Benjamin Elsner; Florian Wozny
  13. Quantification and Revolution: An Investigation of German Capital Flight after the First By Christophe Farquet
  14. Teaching and Learning Schumpeter: A Dialogue Between Professor and Student By Dalton, John; Logan, Andrew
  15. All-time low period fertility in Finland: drivers, tempo effects, and cohort implications By Julia Hellstrand; Mikko Myrskylä; Jessica Nisén
  16. Crisis, adjustment and resilience in the Greek labour market: an unemployment decomposition approach By Monastiriotis, Vassilis; Martelli, Angelo
  17. The Effect of Social Connectedness on Crime: Evidence from the Great Migration By Stuart, Bryan; Taylor, Evan J.
  18. The Determinants of Economic Growth: The Role of Infrastructure By Fosu, Prince
  19. The impossible institutionalization of scientific property, 1919-1939 By Gabriel Galvez-Behar
  20. Intelligence and Slave Exports from Africa By Asongu, Simplice; Kodila-Tedika, Oasis
  21. Allan Meltzer and the Search for a Nominal Anchor: a speech at the "Meltzer's Contributions to Monetary Economics and Public Policy, Philadelphia, Pa. By Bullard, James B.
  22. The Multi-Entity Structure and Control in Business Groups By Mazumdar, Surajit

  1. By: Krantz, Olle (Umeå University)
    Abstract: Economic history became a discipline with its own chair professors at the Swedish universities at the end of the 1940s. The well-known economic historian Eli Heckscher played a central role for the establishment and his work led to a stronger position for economic history in Sweden than in most other countries. However, his influence was not strong in the formation of the discipline. He always emphasized use of economic theory as essential for the economic-historical methodology. Nevertheless, traditional historical methods became dominating; historians –except for Heckscher –were experts at the appointments of the professors and all candidates were educated in history. Economists were not interested in promoting economic history. Thus, Heckscher’s methodological views did not gain acceptance and a bias towards traditional history came to dominate for a long time. In the 1960s, however, interest in theoretical and quantitative methods increased but then, paradoxically, the inspiration came from the USA and not from Heckscher.
    Keywords: ekonomisk historia; nationalekonomi; historia; ekonomisk teori; preceptorat; professur; sakkunniga
    JEL: N01
    Date: 2019–02–28
  2. By: Molinder, Jakob (Department of History, Uppsala University)
    Abstract: Sweden is often cited as one of the starkest examples of a country where corporatist policy structures and centralized wage bargaining produced remarkable economic and social outcomes in the postwar golden years. Not surprisingly, previous explanations for Sweden’s full employment period have emphasized this set of labor market institutions which was in place from the 1950s. Alternatively, temporary demand-factors in connection with the Second World War have been stressed as a cause. In this paper, I examine the development of unemployment in Sweden in the 1930s and 1940s and establish two facts: i) unemployment fell continuously from the mid-1930s until immediately after the end of the Second World War, resulting in the low levels of unemployment that would characterize the postwar period, and ii) inflation did not spiral as a result, suggesting restraint in wages over the same period. The fact that unemployment fell before the establishment of Sweden’s postwar labor market institutions suggest that they were not the cause for the full employment economy. The absence of escalating inflation likewise rules out temporary demand-factors such as Keynesian economic stimulus and military conscription. The failure of these factors to explain the change suggests instead that exogenous forces shifted the relationship between wages and unemployment during this period, lining up with similar observations for the UK. The results have implications for the literature on the determinants of unemployment, indicating that neither corporatist institutions nor expansionary fiscal policy played a role in the shift to full employment in Sweden - one of the marking examples of postwar economic success.
    Keywords: unemployment; Sweden; labor markets; corporatism; interwar period; postwar period
    JEL: E24 J64 N14 N34 N64
    Date: 2019–04–08
  3. By: Esteves, Rui; Nogues-Marco, Pilar
    Abstract: We divide this paper into four sections. The first section outlines the taxonomy of commodity-based monetary regimes in Europe and their advantages and costs. The second section describes the main international monetary flows in the Early Modern period and relates them to East-West balance-of-trade adjustments and monetary systems in Asia (1700-1800). In the third section, we turn to the development of the foreign exchange market, which was mostly based on bills of exchange in this period. We explain the expansion of bills-of-exchange market from the European to the intercontinental network in the mid-19th century. The final section then investigates how nominal exchange rates and relative prices contributed to the global current account adjustments in the near pre-gold standard period (1820s-1870s).
    Keywords: Balance of Payments; Monetary Systems; Price-specie flow mechanism; Real effective exchange rates (REERs)
    JEL: E42 F31 N10
    Date: 2019–04
  4. By: Jagjit S. Chadha; Ana Rincon-Aznar; Sylaja Srinivasan; Ryland Thomas
    Abstract: This paper provides an inventory of the available macroeconomic statistics in the UK for the last hundred years or so. The focus is on documenting the higher frequency (daily, monthly and quarterly) macroeconomic data that are available after the World War 1, rather than longer run annual time series which has been the focus of other collections. It discusses some of the challenges that need to be overcome in order to create a continuous historical dataset over this period. The inventory follows the structure of the Economic Trends Annual Supplement (ETAS) that was produced for many years by the Office for National Statistics. It covers statistics on National Accounts, prices, labour market indicators, selected demand and output indicators and financial market data (including money and credit aggregates). Using this structure the paper explores to what extent it is possible to create a consistent, usable and comprehensive high frequency macroeconomic dataset back to the 1920s and earlier.
    Keywords: National Accounts, Macroeconomics, UK Statistics
    JEL: C82 E01 N1
    Date: 2019–04
  5. By: Konishi, Masaru; Yoshida, Takashi
    Abstract: The literature that documents the positive association between financial development and growth raises the question, in a historical context, of whether financial systems were well developed enough to promote growth even in the early stages of economic growth. This study examines whether firms used the financial system (capital markets and financial intermediaries) for financing in the prewar period as actively as they do today. Applying the survival analysis to the financial data of Japanese listed nonfinancial firms in the 1914–1929 and 1999–2013 periods, we show that prewar firms used the financial system to meet their needs for funds equally or more actively compared with present-day firms; however, they did not use it to realize their optimal capital structures as actively as present-day firms do. Prior studies show that the Japanese financial system was well developed in the early 20th century in terms of the size of capital markets compared with the recent period. Our results related to meeting financing needs are consistent with this. However, the results related to the realization of optimal capital structure imply that the Japanese financial system was not as sophisticated in the prewar period as it is today in terms of allowing firms optimal choices between debt and equity for adjustments of capital structure.
    Keywords: Financial development, financial markets, capital structure, leverage
    JEL: G10 G20 G32
    Date: 2019–03–15
  6. By: Scott A. Carson
    Abstract: When traditional measures for material and economic welfare are scarce or unreliable, height and the body mass index (BMI) are now widely accepted measures that represent cumulative and current net nutrition in development studies. However, as the ratio of weight to height, BMI does not fully isolate the effects of current net nutrition. After controlling for height as a measure for current net nutrition, this study uses the weight of a sample of international men in US prisons. Throughout the late 19th and early 20th centuries, individuals with darker complexions had greater weights than individuals with fairer complexions. Mexican and Asian populations in the US had lower weights and reached shorter statures. Black and white weights stagnated throughout the late 19th and early 20th centuries. Agricultural workers’ had greater weights than workers in other occupations.
    Keywords: weight, 19th century current net nutrition, US race relations
    JEL: I10 J11 J71 N31
    Date: 2019
  7. By: Morimoto, Mayo (Institute of Social Science, The University of Tokyo)
    Abstract: This paper studies how electrification affected the economic performance and industrial relations of the Japanese coal mining industry in the 1900s. We find that electrification considerably improved productivity and increased the number of workers, but had statistically zero effects on miners’ wages and significantly declined the labor income share, using difference-in-differences estimation. We explain this phenomenon by using the “superstar firm†hypothesis, which provides a consistent explanation of the recent declines in labor income share in the US economy.
    Keywords: Electrification, labor income share, productivity, industrial revolution, technological change, coal mining.
    JEL: D24 L94 O13 O14 Q40
    Date: 2019–03–22
  8. By: Philipp Ager; Katherine Eriksson; Casper Worm Hansen; Lars Lønstrup
    Abstract: This paper examines the long-run effects of the 1906 San Francisco Earthquake on the spatial distribution of economic activity in the American West. Using variation in the potential damage intensity of the earthquake, we show that more severely affected cities experienced lower population increases relative to less affected cities until the late 20th century. This long lasting effect is largely a result of individuals’ high geographical mobility at that time. Less affected areas became more attractive migration destinations in the immediate aftermath of the earthquake, which permanently changed the spatial distribution of economic activity in the American West.
    JEL: N9 O15 O40 R11 R12
    Date: 2019–04
  9. By: Andreas Backhaus (Centre for European Policy Studies)
    Abstract: This paper studies the longevity of historical legacies in the context of the formation of human capital. The Partitions of Poland (1772-1918) represent a natural experiment that instilled Poland with three different legacies of education, resulting in sharp differences in human capital among the Polish population. I construct a large, unique dataset that reflects the state of schooling and human capital in the partition territories from 1911 to 1961. Using a spatial regression discontinuity design, I find that primary school enrollment differs by as much as 80 percentage points between the partitions before WWI. However, this legacy disappears within the following two decades of Polish independence, as all former partitions achieve universal enrollment. Differences in educational infrastructure and gender access to schooling simultaneously disappear after WWI. The level of literacy converges likewise across the former partitions, driven by a high intergenerational mobility in education. After WWII, the former partitions are not distinguishable from each other in terms of education anymore.
    Keywords: Poland, Human Capital, Education, Persistence
    JEL: N34 I20 O15 H75
    Date: 2019–03
  10. By: Anderson, D. Mark (Montana State University); Rees, Daniel I. (University of Colorado Denver); Wang, Tianyi (University of Pittsburgh)
    Abstract: During the first two decades of the 20th century, diarrheal deaths among American infants and children surged every summer. Although we still do not know what pathogen (or pathogens) caused this phenomenon, the consensus view is that it was eventually controlled through public health efforts at the municipal level. Using data from 26 major American cities for the period 1910-1930, we document the phenomenon of summer diarrhea and explore its dissipation. We find that water filtration is associated with a 15-17 percent reduction in diarrheal mortality among children under the age of two during the non-summer months, but does not seem to have had an effect on diarrheal mortality during the summer. In general, we find little evidence to suggest that public health interventions undertaken at the municipal level contributed to the dissipation of summer diarrhea. Our results are relevant for many parts of the developing world today, where climate change is expected to affect the length and intensity of seasons as well as the incidence of diarrheal diseases.
    Keywords: diarrheal mortality, infant mortality, public health
    JEL: I10 I18 N3 Q54
    Date: 2019–03
  11. By: Jirjahn, Uwe (University of Trier); Struewing, Cornelia (University of Trier)
    Abstract: Using data from the German Socio-Economic Panel (SOEP), we show that single women in East Germany are significantly more likely to give birth to a child than single women in West Germany. This applies to both planned and unplanned births. Our analysis provides no evidence that the difference between East and West Germany can be explained by economic factors or the higher availability of child care in East Germany. This suggests that the difference in out-of-partnership births is rather driven by behavioral and cultural differences. However, these behavioral and cultural differences do not only reflect different gender role models that evolved under the former communist regime in East Germany and the democratic one in West Germany. Partly, they also reflect a long historical divide that predates the 1945 separation of Germany.
    Keywords: unpartnered birth, gender role models, culture, East Germany, West Germany, politico-economic systems
    JEL: J12 J13 P20
    Date: 2019–03
  12. By: Benjamin Elsner (University College Dublin, School of Economics); Florian Wozny (Institute of Labor Economics (IZA))
    Abstract: This paper studies the long-term effect of radiation on cognitive skills. We use regional variation in nuclear fallout caused by the Chernobyl disaster in 1986, which led to a permanent increase in radiation levels in most of Europe. To identify a causal effect, we exploit the fact that the degree of soil contamination depended on rainfall within a critical ten-day window after the disaster. Based on unique geo-coded survey data from Germany, we show that people who lived in highlycontaminated areas in 1986 perform significantly worse in standardized cognitive tests 25 years later. This effect is driven by the older cohorts in our sample (born before 1976), whereas we find no effect for people who were first exposed during early childhood. These results are consistent with radiation accelerating cognitive decline during older ages. Moreover, they suggest that radiation has negative effects even when people are first exposed as adults, and point to significant external costs of man-made sources of radiation.
    Keywords: Environment, Human Capital, Radioactivity, Cognitive Skills
    JEL: J24 Q53
    Date: 2019–01
  13. By: Christophe Farquet (Swiss National Foundation, Département d’histoire contemporaine, Université de Fribourg)
    Abstract: It is well known that after the First World War there was a massive flight of capital from the major European countries to foreign financial centres. It is surprising, however, to note that no historian to date has actually taken the trouble to make a detailed study of the phenomenon. The aim of this article is to go beyond the impressionism that characterises the historical approach to the study of capital flight following the First World War. In order to show what can and cannot be established, the subject of study will be Germany. After presenting the main difficulties encountered in quantifying the flight of German capital, the article will go on to provide a new estimate of it. A wide range of sources were referred to for the survey: national archives, expert reports, bank statistics, and balances of payments. The application of rigorous historical method, with crosschecking and critical analysis of documents, have made it possible to establish new relevant facts regarding the flight of German capital following the First World War. The final figure obtained is greater than those generally accepted.
    Keywords: Capital flight, tax havens, interwar period, hyperinflation, Germany, Switzerland
    JEL: G15 H26 N24 N44 Z11
    Date: 2019–03
  14. By: Dalton, John; Logan, Andrew
    Abstract: Joseph Schumpeter's contributions to economics, including theories about innovation and entrepreneurship, creative destruction, and the debate over capitalism versus socialism, all remain relevant today. There is evidence, however, that Schumpeter's ideas have long received less attention in the classroom than they deserve given the importance economists attach to them. This paper provides a description of a discussion-based course on Schumpeter. Using a dialogue between professor and student before, during, and after the course, we describe the structure of the course and specific details related to content. We also include a syllabus, sources for class materials, and a list of over forty discussion questions. The dialogue allows us to show the dynamic nature of a discussion-based class, something we think Schumpeter would approve.
    Keywords: Joseph Schumpeter; Innovation; Entrepreneurship; Creative Destruction; Education
    JEL: A2 O3 P0
    Date: 2019–04–11
  15. By: Julia Hellstrand; Mikko Myrskylä (Max Planck Institute for Demographic Research, Rostock, Germany); Jessica Nisén (Max Planck Institute for Demographic Research, Rostock, Germany)
    Abstract: In several European countries previously characterized by relatively high and stable cohort fertility, and particularly in the Nordic countries, period total fertility rates (TFR) have declined since 2010. The largest of these declines has been observed in Finland, where the TFR reached an all-time low of 1.49 in 2017. We analyze the decrease in the TFR in Finland since 2010, and assess the consequences of this trend for the completed fertility of women currently of childbearing age using complementary approaches that build on existing parametric and novel nonparametric methods. Decomposition of the fertility decline shows that this trend has been close to universal, with all age groups and parities contributing, but with first-order births and ages 25-29 making the largest contributions. At older ages, we document an important qualitative shift in fertility dynamics: for the first time since the early 1970s, women aged 30+ are experiencing a sustained fertility decline. All of our forecasting methods suggest that cohort fertility is likely to decline from the 1.85-1.95 level that was reached by the 1940-1970 cohorts, to a level of 1.75 or below among women born in the mid-1980s. The tempo-adjusted TFR also suggests that quantum change is driving the decline. These findings are evidence of a strong quantum effect, and are particularly striking because they call into question whether Finland will continue to be part of the Nordic fertility regime, which has been characterized by high and stable fertility.
    Keywords: Finland, cohort fertility, forecasts
    JEL: J1 Z0
    Date: 2019–04
  16. By: Monastiriotis, Vassilis; Martelli, Angelo
    Abstract: The crisis in Greece led to one of the largest economic shocks in European history, withunemployment increasing three-fold within the space of four years. Drawing on micro-datafrom the Greek Labour Force Survey, we utilise standard micro-econometric methods andnon-linear decomposition techniques to measure the size of the shock exerted on the Greeklabour market and the quantitative and price adjustments in response to this shock. We findelements of economic dynamism, with some sizeable price adjustments in the economy ofthe Greek capital, Athens; but overall our results show that adjustment has been partial andlimited, in terms of both labour quality (sorting, selection) and labour quantity (migration).Our use of the decomposition techniques for the analysis of macro-level developments in thelabour market offers a novel perspective to the application of the decompositionmethodology
    Keywords: unemployment risk; non-linear decomposition; Greek crisis; shock; adjustment
    JEL: N0 R14 J01
    Date: 2019–03–01
  17. By: Stuart, Bryan (George Washington University); Taylor, Evan J. (University of Chicago)
    Abstract: This paper estimates the effect of social connectedness on crime across U.S. cities from 1970 to 2009. Migration networks among African Americans from the South generated variation across destinations in the concentration of migrants from the same birth town. Using this novel source of variation, we find that social connectedness considerably reduces murders, rapes, robberies, assaults, burglaries, and motor vehicle thefts, with a one standard deviation increase in social connectedness reducing murders by 21 percent and motor vehicle thefts by 20 percent. Social connectedness especially reduces murders of adolescents and young adults committed during gang and drug activity.
    Keywords: crime, social connectedness, Great Migration
    JEL: K42 N32 R23 Z13
    Date: 2019–03
  18. By: Fosu, Prince
    Abstract: The main objectives of the study were to examine the effect of infrastructure (i.e. railway network) on economic growth and to examine the direction of causality between economic growth and infrastructure using historical data covering the period of 1980 to 2016 and cointegration analysis. The findings from the study revealed a positive and significant effect of infrastructure on economic growth in the long-run however, the effect of infrastructure on economic growth was not significant in the short-run analysis. Also, the test of causality found a unidirectional causality running from economic growth to infrastructure. To increase economic growth in the United States, this study recommends that both the Federal and the State Government should increase its investments in infrastructure spending especially in railways.
    Keywords: economic growth, infrastructure, inflation, trade deficit, United States
    JEL: O4 O44 R1 R4 R42
    Date: 2019–04–01
  19. By: Gabriel Galvez-Behar (IRHiS - Institut de Recherches Historiques du Septentrion (IRHiS) - UMR 8529 - CNRS - Centre National de la Recherche Scientifique - Université de Lille)
    Abstract: L'adoption du Bayh-Dole Act en 1980 aux États-Unis est bien souvent considéré comme une rupture dans le rapport que les institutions scientifiques entretiennent avec la propriété intellectuelle et, au-delà, avec la sphère économique. Rares sont les travaux, cependant, qui replacent cette loi dans un contexte historique plus large que celui du « tournant néo-libéral » et la période qui précède la Seconde guerre mondiale reste encore mal connue. L'entre-deux-guerres constitue pourtant un moment important, caractérisé par l'extension du domaine de la propriété intellectuelle et par l'apparition, aux États-Unis, des premières politiques des universités en la matière. Par ailleurs, au lendemain de la Première Guerre mondiale émergent de nombreux débats sur la « propriété scientifique » qui n'ont pas retenu toute l'attention qu'ils méritent.
    Date: 2019
  20. By: Asongu, Simplice; Kodila-Tedika, Oasis
    Abstract: This article examines the role of cognitive ability or intelligence on slave exports from Africa. We test a hypothesis that countries which were endowed with higher levels of cognitive ability were more likely to experience lower levels of slave exports from Africa probably due to comparatively better capacities to organise, corporate, oversee and confront slave traders. The investigated hypothesis is valid from alternative specifications involving varying conditioning information sets. The findings are also robust to the control of outliers.
    Keywords: Intelligence; Human Capital; Slavery
    JEL: I20 I29 N30
    Date: 2019–01
  21. By: Bullard, James B. (Federal Reserve Bank of St. Louis)
    Abstract: In a speech in Philadelphia, St. Louis Fed President James Bullard paid tribute to the late Allan Meltzer, a monetary economist, economic historian and “a great friend of the St. Louis Fed.” Bullard cited Meltzer’s research on the run-up to the Great Inflation of the 1970s and early 1980s and contrasted that period with the inflation targeting era of the past two decades, when inflation was brought under control. “Inflation targeting has worked well because it deals more directly with the coordination of macroeconomic expectations than other approaches. By committing to an inflation target, inflation has generally been kept lower and less variable, and inflation expectations have also been less variable,” Bullard said. “This has been a major achievement of U.S. monetary policy, and one to which Allan Meltzer made an outsized contribution.”
    Date: 2018–01–04
  22. By: Mazumdar, Surajit
    Abstract: The literature on business groups in ‘emerging’ markets emphasizes several dimensions along which the group form may differ from its presumed opposite – the stand-alone firm. However, what does not usually capture too much attention is that the business group structure in India can and does incorporate several companies/firms which are neither publicly listed nor even individually large. So much so that several apparently stand-alone companies can also be parts of networks connecting them to other such companies/firms. The interconnections which link these several entities are, however, crucial inter alia to the exercise of control by business families over capital and wealth far in excess of what is legally owned by them. Concentrated control over assets as well as concentrated ‘ownership’ of companies are the related outcomes of these – and this provides an important reason for the resilience of the multi-entity group structure. The specific structure of the network of individual business groups and their participating entities, however, change over time in response to changing institutional contexts as well as due to its endogenous dynamics. This paper will seek to develop these propositions using the specific case of the Reliance group as an illustration and further argue that liberalization, instead of developing a “market for corporate control”, has only served to reinforce this method of “entrenchment”.
    Keywords: India, Business Groups, Corporate Control
    JEL: K2 L2 L5 N8 N85
    Date: 2018–12
  23. By: Leonor Freire Costa; Pedro Neves; Tomás Pinto de Albuquerque
    Abstract: As companhias coloniais são um exemplo da conjugação de interesses entre o Estado e grupos empresariais, no que hoje chamamos uma parceria público-privada. Neste contrato, o Estado concede às empresas o direito de explorar e administrar um território e os investidores fornecem os fundos, esperando taxas de retorno gratificantes em resultado do monopólio legal. Este é um modelo comum a muitas potências coloniais europeias desde o século XVII. A historiografia tem questionado o potencial deste modelo para impulsionar o desenvolvimento financeiro e tem assumido que foi mais eficaz no Norte do que no Sul da Europa. Basicamente, a solução empreendedora para explorar regiões coloniais com base em sociedades anónimas poderá ter levado a resultados diferentes no que diz respeito ao funcionamento do mercado de capitais. Embora esta ideia prevaleça na literatura, não sabemos muito sobre o caso português. Até agora, nenhum estudo analisou a evolução da estrutura de propriedade dessas empresas. Se esta se alterou ao longo do período de vigência do contrato com o Estado é um tema em aberto que aguarda uma investigação que contribuirá para a compreensão das características do mercado de capitais em Portugal. Neste Documento de Trabalho apresentamos os primeiros resultados de um projeto de investigação sobre o desenvolvimento do mercado de capitais no Portugal do século XVIII. Analisamos a estrutura de propriedade de duas empresas coloniais, a Companhia Geral do Grão-Pará e Maranhão e a Companhia Geral de Pernambuco e Paraíba, fundadas em 1755 e 1759, respetivamente. O estudo das transações das suas ações revela uma mudança significativa na estrutura de propriedade que resultou da Oferta Pública Inicial. Trazendo novos dados, e contrariando a ideia predominante na historiografia portuguesa, este Documento de Trabalho mostra que estas companhias tiveram um papel no desenvolvimento do mercado de capitais em Portugal.
    Keywords: mercado de capitais, companhias pombalinas JEL classification: N2, G3
    Date: 2019

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