|
on Business, Economic and Financial History |
|
Issue of 2021‒07‒19
35 papers chosen by |
| By: | Colvin, Christopher L.; McLaughlin, Eoin; Richmond, Kyle J. J. |
| Abstract: | This is a dataset of vital statistics and cohort component population estimates at a spatially-disaggregated level for the island of Ireland for the period 1911-1920. The raw data were digitised by the authors using official UK government statistics. The population estimates were then derived by the cohort component method. These data provide novel intercensal population estimates at the county level that will be beneficial for researchers working in historical demography, as well as in economic and social history. The data provided can be readily reused and extended by other researchers to produce further series and indicators. An example application of the data in this manner can be seen in Colvin and McLaughlin (2021), which combines the population estimates discussed here with mortality statistics from the Spanish flu pandemic in order to demonstrate how demographic composition affects the interpretation of data on public health crises. |
| Keywords: | Demography,historical demography,population studies,population estimates,vital statistics,mortality,migration,Ireland,twentieth century |
| JEL: | J11 N33 N34 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:qucehw:201206&r= |
| By: | Claude Diebolt (University of Strasbourg, Strasbourg, France); Michael Haupert (University of Wisconsin-La Crosse) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:afc:wpaper:06-21&r= |
| By: | Dairo Alonso Cañón-Murcia |
| Abstract: | Resumen El presente artículo sintetiza la evolución de la economía del desarrollo desde el siglo XVI hasta la actualidad. Describe el enfoque estructuralista y reconstruye el proceso de desarrollo económico del Municipio de Tausa (Cundinamarca – Colombia) desde la época precolombina hasta comienzos del siglo XXI. Con base en el método histórico-estructural, analiza el problema del desarrollo económico de Tausa bajo las administraciones municipales entre 2004 y 2019. Por último, se realizan recomendaciones en relación con el desarrollo económico del Municipio. Abstract This article synthesizes the evolution of the development economy from the 19th century to nowadays. It describes the structuralist approach and reconstructs the process of economic development in the Municipality of Tausa (Cundinamarca – Colombia) from the pre-Columbian period to the beginning of the 21st century. Based on the historical-structural methods, it analyses the problem of Tausa’s economic development under the municipal administrations from 2004 to 2019. Lastly, it makes recommendations regarding the economic development of the Municipality. |
| Keywords: | agricultura; desarrollo económico; estructuralismo; Tausa–Colombia. |
| Date: | 2021–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019350&r= |
| By: | Alex Albright; Jeremy A. Cook; James J. Feigenbaum; Laura Kincaide; Jason Long; Nathan Nunn |
| Abstract: | The 1921 Tulsa Race Massacre resulted in the looting, burning, and leveling of 35 square blocks of a once-thriving Black neighborhood. Not only did this lead to severe economic loss, but the massacre also sent a warning to Black individuals across the country that similar events were possible in their communities. We examine the economic consequences of the massacre for Black populations in Tulsa and across the United States. We find that for the Black population of Tulsa, in the two decades that followed, the massacre led to declines in home ownership and occupational status. Outside of Tulsa, we find that the massacre also reduced home ownership. These effects were strongest in communities that were more exposed to newspaper coverage of the massacre or communities that, like Tulsa, had high levels of racial segregation. Examining effects after 1940, we find that the direct negative effects of the massacre on the home ownership of Black Tulsans, as well as the spillover effects working through newspaper coverage, persist and actually widen in the second half of the 20th Century. |
| JEL: | J62 J69 N32 N42 N92 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:28985&r= |
| By: | Ishizu, Mina |
| Keywords: | financial agents; inter-regional financial relatinships; provincial towns; early industrialisation |
| JEL: | N20 N23 N25 N83 N85 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110963&r= |
| By: | Bukowski, Paweł; Clark, Gregory; Gáspár, Attila; Pető, Rita |
| Abstract: | This paper measures social mobility rates in Hungary 1949-2017, for upper class and underclass families, using surnames to measure social status. In these years there were two very different social regimes. The first was the Hungarian People's Republic, 1949-1989, a Communist regime with an avowed aim of favouring the working class. Then the modern liberal democracy, 1989-2020, a free-market economy. We find five surprising things. First, social mobility rates were low for both upper- and lower-class families 1949- 2017, with an underlying intergenerational status correlation of 0.6-0.8. Second, social mobility rates under communism were the same as in the subsequent capitalist regime. Third, the Romani minority throughout both periods showed even lower social mobility rates. Fourth, the descendants of the noble class in Hungary in the eighteenth century were still significantly privileged in 1949 and later. And fifth, while social mobility rates did not change measurably during the transition, the composition of the political elite changed fast and sharply. |
| Keywords: | Social mobility,Status Inheritance,Institutions,Transition |
| JEL: | J62 N34 P36 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:889&r= |
| By: | Karen Clay; Akshaya Jha; Joshua A. Lewis; Edson R. Severnini |
| Abstract: | The passage of landmark government regulation is often the culmination of evolving social pressure and incremental policy change. During this process, firms may preemptively adjust behavior in anticipation of impending regulation, making it difficult to quantify the overall economic impact of the legislation. This study leverages newly digitized data on the operation of virtually every fossil-fuel power plant in the United States from 1938-1994 to examine the impacts of the 1970 Clean Air Act (CAA) on the power sector. This unique long panel provides an extended pre-regulation benchmark, allowing us to account for both anticipatory behavior by electric utilities in the years leading up to the Act’s passage and reallocative effects of the CAA across plant vintages. We find that the CAA led to large and persistent decreases in output and productivity, but only for plants that opened before 1963. This timing aligns with the passage of the original 1963 CAA, which provided the federal government with limited authority to “control” air pollution, but signaled impending federal regulation. We provide historical evidence of anticipatory responses by utilities in the design and siting of plants that opened after 1963. We also find that the aggregate productivity losses of the CAA borne by the power sector were substantially mitigated by the reallocation of output from older less efficient power plants to newer plants. |
| JEL: | K32 N52 N72 Q41 Q48 Q52 Q58 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:28962&r= |
| By: | Alvaro Calderon; Vasiliki Fouka; Marco Tabellini |
| Abstract: | Between 1940 and 1970, more than 4 million African Americans moved from the South to the North of the United States, during the Second Great Migration. This same period witnessed the struggle and eventual success of the civil rights movement in ending institutionalized racial discrimination. This paper shows that the Great Migration and support for civil rights are causally linked. Predicting Black inflows with a shift-share instrument, we find that the Great Migration increased support for the Democratic Party and encouraged pro-civil rights activism in northern and western counties. These effects were not only driven by Black voters, but also by progressive and working class segments of the white population. We identify the salience of conditions prevailing in the South, measured through increased reporting of southern lynchings in northern newspapers, as a possible channel through which the Great Migration increased whites’ support for civil rights. Mirroring the changes in the electorate, non-southern Congress members became more likely to promote civil rights legislation, but also grew increasingly polarized along party lines on racial issues. |
| JEL: | D72 J15 N92 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:28965&r= |
| By: | Calderon, Alvaro (Stanford University); Fouka, Vasiliki (Stanford University); Tabellini, Marco (Harvard Business School) |
| Abstract: | Between 1940 and 1970, more than 4 million African Americans moved from the South to the North of the United States, during the Second Great Migration. This same period witnessed the struggle and eventual success of the civil rights movement in ending institutionalized racial discrimination. This paper shows that the Great Migration and support for civil rights are causally linked. Predicting Black inflows with a shift-share instrument, we find that the Great Migration increased support for the Democratic Party and encouraged pro-civil rights activism in northern and western counties. These effects were not only driven by Black voters, but also by progressive and working class segments of the white population. We identify the salience of conditions prevailing in the South, measured through increased reporting of southern lynchings in northern newspapers, as a possible channel through which the Great Migration increased whites' support for civil rights. Mirroring the changes in the electorate, non-southern Congress members became more likely to promote civil rights legislation, but also grew increasingly polarized along party lines on racial issues. |
| Keywords: | race, diversity, civil rights, Great Migration |
| JEL: | D72 J15 N92 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14488&r= |
| By: | Luca Pensieroso (Université Catholique de Louvain); Alessandro Sommacal (Department of Economics (University of Verona)); Gaia Spolverini (Université Catholique de Louvain) |
| Abstract: | This paper investigates the relation between intergenerational coresidence and mortality from Covid-19 in 2020. Using a crosssection of U.S. counties, we show that this association is positive, significant, and robust to the inclusion of several demographic and socio-economic controls. Furthermore, using historical evidence from pre-pandemic years (1980-2019) and the Spanish influenza (1918), we argue that this positive association is specific to the Covid-19 pandemic only. |
| Keywords: | family economics; Spanish influenza; mortality; disease; health economics |
| JEL: | I10 J10 J14 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ver:wpaper:10/2021&r= |
| By: | Robert W. Staiger |
| Abstract: | I explore whether the world trading system of the twentieth century can be adapted to address the challenges of the twenty-first. I first develop an understanding of how GATT functioned during the twentieth century, and which features of the economic environment were most important in determining its success. I then examine a list of changes in the global economy that are sometimes identified as warranting changes in the design of the GATT/WTO. I argue that the "terms-of-trade" theory of trade agreements provides a compelling framework for understanding the impact of GATT in the twentieth century, and I show that when viewed through this lens, the rationale for GATT’s design features transcend many, though not all, of the current challenges facing the WTO. |
| JEL: | F02 F1 F13 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:28947&r= |
| By: | Simon Jäger; Shakked Noy; Benjamin Schoefer |
| Abstract: | We provide a comprehensive overview of codetermination, i.e., worker representation in firms’ governance and management. We cover the institution’s history, implementation, and the best available evidence on its economic impacts. We argue that existing quasi-experimental estimates suggest that codetermination has zero or very small positive effects on worker and firm outcomes at the partial-equilibrium firm level. In addition, we test for general-equilibrium effects of codetermination laws using novel cross-country event studies exploiting a series of codetermination reforms between the 1960s and 2010s, and find no evidence that codetermination laws shift aggregate economic outcomes or the quality of industrial relations. We offer three potential explanations of the institution’s limited impact. First, existing codetermination laws convey relatively little authority to workers. Second, countries with codetermination laws have high baseline levels of informal worker involvement in decision-making, independently of formal codetermination. Third, codetermination laws may interact with other labor market institutions, such as union representation and collective bargaining. We close by discussing implications of these facts for recent codetermination proposals in the United States. |
| Keywords: | codetermination, unions, worker representation, wages, GDP |
| JEL: | J08 K31 M10 M50 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9156&r= |
| By: | Quentin Couix (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | his paper investigates the methodology of Nicholas Georgescu-Roegen and his conception of economic models as analytical similes. His approach has received little attention from mathematical economists and economic methodologists. Thus, the purpose of this paper is to characterize his perspective and situate it in the broader spectrum of economic methodologies. It shows that Georgescu-Roegen criticized the lack of significance of certain economic models and attempted to give philosophical foundations to this criticism. He also provided a set of methodological principles that are illustrated by his practice of economic modeling. This perspective placed Georgescu-Roegen in opposition to the axiomatic approach that dominated postwar economics, and in line with economists such as Marshall, Wicksell, and Keynes, on the limited and subordinate role of mathematics in the discipline. Overall, the paper shows that Georgescu-Roegen's methodological contribution is still relevant to contemporary debates on the status of economic models. |
| Keywords: | Georgescu-Roegen,methodology,mathematical economics,models |
| Date: | 2021–04–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03226589&r= |
| By: | Link, Albert (University of North Carolina at Greensboro, Department of Economics); Wagner, Caroline (University of North Carolina at Greensboro, Department of Economics) |
| Abstract: | In this paper, we chronicle key U.S. legislative initiatives during the post-World War II history of public policy related to the ownership of publicly funded research-based knowledge. Our motivation for recording this history is the observation that many scholars, who are appropriately concerned about taxpayer rights, have argued for the need for public policy to clarify ownership of the publicness or openness of publicly funded research results when in fact such public policies have long been in place. We conclude this historical trace with the proposition that if the past is prologue to the future, one might expect future administrations to continue to acknowledge the importance of public access to findings from publicly funded research, be that research having occurred in federal laboratories, universities, or private-sector organizations. |
| Keywords: | Publicly funded R&D; open access; National Technical Information Service; Bayh-Dole Act; Stevenson-Wydler Act; |
| JEL: | H11 H54 O34 |
| Date: | 2021–07–07 |
| URL: | http://d.repec.org/n?u=RePEc:ris:uncgec:2021_005&r= |
| By: | Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska |
| Abstract: | This paper introduces a global database that contains inflation series: (i) for a wide range of inflation measures (headline, food, energy, and core consumer price inflation; producer price inflation; and gross domestic product deflator changes); (ii) at multiple frequencies (monthly, quarterly and annual) for an extended time period (1970-2021); and (iii) for a large number of (up to 196) countries. As it doubles the number of observations over the next-largest publicly available sources, our database constitutes a comprehensive, single source for inflation series. We illustrate the potential use of the database with three applications. First, we study the evolution of inflation since 1970 and document the broad-based disinflation around the world over the past half-century, with global consumer price inflation down from a peak of roughly 17 percent in 1974 to 2.5 percent in 2020. Second, we examine the behavior of inflation during global recessions. Global inflation fell sharply (on average by 0.9 percentage points) in the year to the trough of global recessions and continued to decline even as recoveries got underway. In 2020, inflation declined less, and more briefly, than in any of the previous four global recessions over the past 50 years. Third, we analyze the role of common factors in explaining movements in different measures of inflation. While, across all inflation measures, inflation synchronization has risen since the early 2000s, it has been much higher for inflation measures that involve a larger share of tradable goods. |
| Keywords: | Prices, global inflation, deflation, inflation synchronization, global factor |
| JEL: | E30 E31 F42 |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108678&r= |
| By: | Manuel Bétin (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Umberto Collodel (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | While the recent empirical literature on macroeconomic crises focused on a limited subset of events (e.g. banking, currency and sovereign), macroeconomic crises are usually characterized by large scale domino effects that involve a much wider and heterogeneous array of sectors and transform them into highly complex events. This data limitation, in turn, hampers the understanding of these chaotic and painful episodes for researchers and policymakers alike. After building a raw corpus of roughly 23,000 International Monetary Fund country reports, we harness the power of text mining to produce a new database on crises discussion: the database covers 20 different types of economic, financial and non economic events for a sample of 181 countries over the period 1950-2019. We document a substantial rise in complexity of macroeconomic crises throughout the X X and X X I t h century and a higher centrality of the non-fundamental channel in the system. |
| Keywords: | Financial crises,Narrative Economics,IMF,Text Analysis,Complexity |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-03268889&r= |
| By: | Antonin Aviat (Direction Générale du Trésor); Frédérique Bec (ThEMA, CY Cergy Paris Université et CREST-ENSAE); Claude Diebolt (University of Strasbourg, Strasbourg, France); Catherine Doz (PSE et Université Paris I *Author-Name: Denis Ferrand; Rexecode); Laurent Ferrara (Skema Business School); Eric Heyer (OFCE); Valérie Mignon (EconomiX, Université Paris Nanterre et CEPII); Pierre-Alain Pionnier (OCDE) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:afc:wpaper:07-21&r= |
| By: | Scott R. Konzem; Virginia Lewis; Suzanna Stephens; Gretchen C. Weinbach; Michael Zhang |
| Abstract: | The Federal Reserve's oldest data collection, designed to gather weekly information about commercial banks' balance sheets, will turn 104 years old this year. Initiated in December 1917 in response to World War I, this voluntary collection currently underlies the Board's H.8 statistical release, Assets and Liabilities of Commercial Banks in the United States. This Note describes the origins of this collection, some highlights regarding its evolution, and how the data are used today. |
| Date: | 2021–06–21 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-06-21-3&r= |
| By: | Borowiecki, Karol Jan (Department of Business and Economics); Mauri, Caterina Adelaide (Department of Business and Economics) |
| Abstract: | Creative workers strive to achieve success and influence by producing original output. In this paper we introduce a model of style, which enables us to define and measure originality and influence. We apply the model to classical music composed since the 15th century. Using extensive data on the content of musical compositions, popular success, and biographical information, we apply and test the proposed methodology. We find that more original composers tend to be more influential upon the work of their later peers and more successful with present-day audiences. A positive association between originality and influence also holds across works by a given composer. This opens paths for numerous other applications of this methodology. |
| Keywords: | Creativity; innovation; influence; style; music history; creative industries |
| JEL: | J24 N30 O31 Z11 |
| Date: | 2021–07–06 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:sdueko:2021_006&r= |
| By: | Cecilia GUERRERO; MORI Tomoya; Jens WRONA |
| Abstract: | Using monthly price data from the Survey of Wholesale Markets for Fruits and Vegetables of Japan, we demonstrate that regional taste differences are an obstacle to inter-regional market integration. We propose a novel strategy for identifying the causal effect of localized tastes on bilateral market integration. We use the spatial distribution of historical dialects in Japan to measure historical-cultural proximity, which can be used as an instrument for the persistent dissimilarity in local food preferences. In accordance with the localized taste hypothesis, we find that regions which historically did not share a similar dialect/culture are characterized by persistent taste differences, explaining the lack of bilateral market integration among these regions. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:21047&r= |
| By: | Antonin Aviat (Direction Générale du Trésor); Frédérique Bec (ThEMA, CY Cergy Paris Université et CREST-ENSAE); Claude Diebolt (University of Strasbourg, Strasbourg, France); Catherine Doz (PSE et Université Paris I *Author-Name: Denis Ferrand; Rexecode); Laurent Ferrara (Skema Business School); Eric Heyer (OFCE); Valérie Mignon (EconomiX, Université Paris Nanterre et CEPII); Pierre-Alain Pionnier (OCDE) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:afc:wpaper:08-21&r= |
| By: | Marilena Marin (Ovidius University of Constanta, Romania) |
| Abstract: | This paper proposes the historical and legal analysis of a part of the matter of inheritances, namely, the succession patrimony of the monks, from the perspective of Romanian law, in the modern era and the contemporary era. We started in the study of this subject from a problem encountered in practice, which concerned the request of the relatives of a deceased monk to hand over to them the goods he owned during his life, in their capacity as successors. First, I analyzed the legal issue through the prism of civil law, as the first impulse of the legal practitioner. After that, I researched the rules of canon law and the norms in the status of various cults, which regulate the legal status of goods that are acquired by monks during the period in which they function as such within the church. In Romanian law there are few cases of this kind, which would allow outlining a judicial practice in the field, which is why we can analyze the problem from the perspective of the normative acts in force and the doctrine, even if it is quite poor. At the same time, to have a correct representation of the factual and legal situation, but also to understand as correctly as possible the issue of inheritances as it is regulated and perceived in the monastic world, I considered necessary the analysis of modern and contemporary legislation and consulted the statute of several cults, to better understand the legal regulation specific to canon law. |
| Keywords: | inheritance, succession patrimony, church patrimony, potentials successors, successors |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:smo:lpaper:0036&r= |
| By: | Antonin Aviat; Frédérique Bec; Claude Diebolt; Catherine Doz; Denis Ferrand; Laurent Ferrara; Eric Heyer; Valérie Mignon; Pierre-Alain Pionnier (CY Cergy Paris Université, THEMA) |
| Abstract: | This paper proposes a reference quarterly dating for periods of expansion and recession in France since 1970, carried out by the Dating Committee of the French Economic Association (AFSE). The methodology used is based on two pillars: (i) econometric estimations from various key data to identify candidate periods, and (ii) a narrative approach that describes the economic background that prevailed at that time to finalize the dating chronology. Starting from 1970, the committee has identified four economic recession periods: the two oil shocks 1974-75 and 1980, the investment cycle of 1992-93, and the Great Recession 2008-09 spawned by the Global Financial Crisis. The peak before the Covid-19 recession has been dated to the last quarter of 2019. |
| Keywords: | Business cycles, French economy, Dating, Narrative approach, Econometric modeling |
| JEL: | E32 E37 C24 N14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ema:worpap:2021-15&r= |
| By: | Robert Serbanescu (Member, Romanian Forensic Association, Bucharest, Romania) |
| Abstract: | The drug phenomenon represents a various and important subject in society nowadays, due to the fact that it is the cause for many studies, criminal activities, legal regulations, international co-operations and lives affected. In this manner, a good understanding of the relationship between humans and narcotics can be formed by researching its evolution throughout history. Since ancient times, people have manifested interest in these substances, either from a philosophical approach or simply by the curiosity of experimenting their effects. The perspective towards drugs suffered many variations, from a positive one, thanks to their medical properties, to a negative one, mainly caused by the severe consequences of overdose and the continuous growth of the underground network belonging to the producers, carriers and dealers. By becoming a threat to the social order, the states had to create and apply laws to counter this rapidly evolving trend. The legal norms brought into existence by the legislative powers covered different topics such as: rules in regards to the production, selling and acquiring, alongside consumption. Domains such as Psychology and Medicine joined forces, especially in the last century, to research and present the effects of long or short term consumption of narcotics. |
| Keywords: | history, narcotics, psychology, law, consequences |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:smo:lpaper:0019&r= |
| By: | Vanessa Boese; Markus Eberhardt |
| Abstract: | We motivate and empirically analyse the idea that democratic regime change is not a discrete event but a two-stage process: in the first stage, autocracies enter into an ‘episode’ of political liberalization which can last for years or even decades; in the second stage, the ultimate outcome of the episode manifests itself and a nation undergoes regime change or not. Failure to account for this chronology risks biased estimates of the economic effects of democratic regime change since this ignores the relevance of the counterfactual group in which liberalisation did not culminate in a democratic transition. Using novel Varieties of Democracy (V-Dem) data on Episodes of Regime Transformation (ERT) for a large sample of countries from 1950 to 2014 we study this phenomenon in a repeated-treatment difference-in-difference framework which accounts for non-parallel pre-treatment trends and selection into treatment. Our findings suggest that a single event approach significantly underestimates the economic benefits from lasting democratic regime change. |
| Keywords: | Democracy, Growth, Political Development, Interactive Fixed Effects, Difference-in-Difference |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:2021-01&r= |
| By: | Riko Stevens (Business School, The University of Western Australia) |
| Abstract: | This paper examines the theory of speculation in the work of prominent Cambridge School economist Arthur Cecil Pigou (1877-1959). Although his treatment of speculation has been examined insofar as it relates to his theory of the business cycle, Pigou’s microeconomic analysis of speculation has received very little attention from historians of economic thought. This study contributes to the literature by providing an exposition and interpretation of Pigou’s treatment of the subject of speculation with particular reference to organised markets. It sheds light on an aspect of Pigou’s theory of speculation that has been overlooked in the secondary literature— namely, that Pigou’s assessment of the welfare consequences of speculation depends crucially upon the nature of the institutional context within which that activity takes place. Recognising this aspect of Pigou’s analysis of speculation not only provides a more faithful representation of his views on the subject but it also allows us to identify some of the more fruitful insights contained therein. In this connection, it is argued that Pigou’s treatment of the subject of speculation yields considerable insight into how best to interpret Alfred Marshall’s views on the subject—a matter which has constituted an important unresolved question in the secondary literature. |
| Keywords: | economic welfare, institutions, organised markets, Pigou, speculation, stock exchanges |
| JEL: | B13 D84 E44 G10 G41 P48 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:uwa:wpaper:21-15&r= |
| By: | Samer Matta; Michael Bleaney; Simon Appleton |
| Abstract: | An extensive literature has examined the economic effects of non-violent political instability events. Nonetheless, the issue of whether economies react differently over time to such events remains largely unexplored. Using synthetic control methodology, which constructs a counterfactual in the absence of political instability, we estimate the output effect of 38 regime crises in the period 1970-2011. A crucial factor is whether crises are accompanied by mass civil protest. In the crises accompanied by mass civil protest, there is typically an immediate fall in output which is never recovered in the subsequent five years. In crises unaccompanied by protest, there are usually no significant effects. Furthermore, this paper provides new evidence that regime crises (with and without mass civil protest) have heterogeneous (country-specific) effects on output per capita. |
| Keywords: | Political Instability, Civil Protest, Economic Crisis, Economic Recovery, Synthetic Control Method. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:not:notnic:2021-01&r= |
| By: | Lambert, Thomas |
| Abstract: | Much has been written recently in the popular press about the rise of sports gambling, historical horse racing or instant racing (HHR), and esports. However, despite this, some note an overall decline in the popularity of gambling and gaming in general as horse racing (pari-mutuel) wagering has declined dramatically over the decades and as casino and lottery revenues have fallen slightly since before the Great Recession. This exploratory research note examines the trends in US gambling over the last several decades and explores whether the new forms of gambling will stem and reverse overall gambling stagnation in the United States. Despite reports of new gambling outlet successes, it appears that sports gambling, HHR, and esports have not done much to stop the overall fall in gambling revenues. This is probably due to stagnant disposable personal income growth. |
| Keywords: | betting, casinos, esports, gambling, horse racing, lotteries, parimutuel wagering, sports gambling |
| JEL: | Z19 |
| Date: | 2021–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108549&r= |
| By: | Gonzalo Cómbita-Mora; Óscar Eduardo Pérez-Rodríguez; Jaime Edison Rojas-Mora |
| Abstract: | Resumen Este artículo busca establecer una conexión teórica y empírica entre la distribución funcional del ingreso y el cambio estructural. En la parte teórica se recurre a una serie de autores heterodoxos que consideran no neutra la incidencia de la estructura productiva sobre la distribución. Respecto de lo empírico, se abordan las ocho economías más grandes de América Latina por actividad económica y se corrobora que estas, durante el periodo analizado, muestran una relación inversa entre la participación de los salarios en el PIB y el avance de la estructura productiva entendida como una convergencia de la productividad relativa a los países de la frontera tecnológica. A su vez, se encontró que la demanda agregada de los trabajadores es la que permite una mayor remuneración y empleo para sí mismos. Como la trayectoria reciente de estas economías ha sido la de una regresión en la estructura productiva, y por ende de la distribución del ingreso, se considera que no solo se ha bloqueado la convergencia a estructuras productivas más complejas y sofisticadas a los países de América Latina, sino que estos países se han bloqueado a sí mismos al adoptar con vehemencia las reformas de mercado que pulularon en la región luego de la debacle económica y social de los años de 1980. Abstract This article seeks to establish a theoretical and empirical connection between functional distribution of income and structural change. In the theoretical component a series of unconventional authors that consider the incidence of the productive structure over distribution not neutral are consulted. As for the empirical aspect, the eight largest economies in Latin America are observed in what concerns economic activity and it is corroborated that they, during the period under analysis, show an inverse relation between salary participation in GDP and the advance of the productive structure understood as a convergence of productivity relative to the countries at the technological cutting edge. Likewise, it was found that the workers’ aggregate demand is what allows greater remuneration and employment for themselves. Given that the recent trajectory of these economies has been that of a regression in the productive structure, and thus of the distribution of income, it is considered that not only has there been a blockage of the convergence to more complex and sophisticated productive structures of the countries in Latin America, but also these countries have blocked themselves by feverously adopting the market reforms that were rife in the region soon after the economic and social debacle of the 1980s. |
| Keywords: | distribución del ingreso; economía heterodoxa; cambio técnico; América Latina. |
| JEL: | B5 D33 O3 O4 |
| Date: | 2021–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019344&r= |
| By: | Hernando Sánchez-Ruiz; German Sánchez-Pérez |
| Abstract: | Resumen En este artículo se examina el comportamiento de la productividad laboral en Colombia, en el periodo 1975-2016, desde dos perspectivas o enfoques metodológicos: el espacio referencial y la desagregación temporal y sectorial. Desde la primera perspectiva, se concluye que el crecimiento de la inversión por empleado superó –con excepción de dos años– el aporte de la productividad; es decir, no se presentaron eventos innovadores que reflejen la concepción schumpeteriana, que abarquen toda la economía de manera persistente. Con la segunda perspectiva metodológica se aporta evidencia que confirma las grandes diferencias de productividades entre sectores en el país, el fenómeno de la heterogeneidad, y se concluye que aquellos sectores que ostentan las mayores eficiencias son los que emplean menos trabajadores. Abstract In this article the behavior of work productivity in Colombia is examined, in the period between 1975-2016, from two perspectives or methodological approaches: space of reference and time and sector disaggregation. From the perspective of the first, it is concluded that the growth in investment per employee surpassed – except for two years- the contribution of productivity. In other words, there were no innovative events that reflect the Schumpeterian conception, that encompass the economy as a whole in a persistent manner. From the second methodological perspective, evidence that confirms the large differences in productivity among the sectors in the country, the phenomenon of heterogeneity, is contributed. It is concluded that those sectors that show the greatest efficiencies are those that employ the least number of workers. |
| Keywords: | innovación; productividad; heterogeneidad; espacio referencial; sectorización. |
| JEL: | O31 O33 O4 O5 |
| Date: | 2021–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019343&r= |
| By: | Jean-Claude Daumas (CLF - Centre Lucien Febvre (EA 2273) - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE], MSHE - Maison des Sciences de l'Homme et de l'Environnement Claude Nicolas Ledoux - CNRS - Centre National de la Recherche Scientifique - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE], IUF - Institut Universitaire de France - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche) |
| Keywords: | commerce,grand magasin,France,XIXe siècle,commerce de détail,consommation |
| Date: | 2020–11–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03248313&r= |
| By: | Michael Park; Erin Leahey; Russell Funk |
| Abstract: | Although the number of new scientific discoveries and technological inventions has increased dramatically over the past century, there have also been concerns of a slowdown in the progress of science and technology. We analyze 25 million papers and 4 million patents across 6 decades and find that science and technology are becoming less disruptive of existing knowledge, a pattern that holds nearly universally across fields. We link this decline in disruptiveness to a narrowing in the utilization of existing knowledge. Diminishing quality of published science and changes in citation practices are unlikely to be responsible for this trend, suggesting that this pattern represents a fundamental shift in science and technology. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2106.11184&r= |
| By: | Quentin Couix (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03226587&r= |
| By: | Francisco Ballina Ríos |
| Abstract: | Resumen El objetivo de este artículo es indagar qué tanto ha evolucionado la disciplina administrativa como técnica o como episteme, en el contexto latinoamericano. Se plantea que la teoría latinoamericana de la administración enfrenta una doble problemática: la epistemológica, por su falta de consistencia y coherencia interna, y la sociológica, debido a que su aparato conceptual está constituido de enfoques técnicos, ligados a procesos de producción a nivel mundial de corte pragmático-racionalistas; esta teoría administrativa, se fundamenta en el liberalismo económico, en modelos gerenciales provenientes en forma dominante de Europa y Estados Unidos, así como Japón. Asimismo, se busca describir sintéticamente hacia dónde se dirigen las agendas alternativas de investigación en administración para superar este escollo, mediante una conceptualización del papel que en nuestras sociedades juegan las empresas y las organizaciones. Abstract The objective of this article is to investigate how much the discipline of business has evolved as technique or as episteme, in the Latin American context. It is proposed that the Latin American administration theory is facing a double challenge: an epistemological one, due to its lack of consistency and internal coherence; and a sociological one, given the fact that its conceptual apparatus consists of technical approaches connected to production processes on a global scale with a pragmatic-rationalist emphasis. This administrative theory is based on economic liberalism, on management models that predominantly come from Europe and USA, as well as Japan. Likewise, the aim is to make a synoptical description of where the alternative agendas for research on business are headed in order to overcome this hurdle, through a conceptualization of the role that businesses and organizations play in our societies. |
| Keywords: | América Latina; teoría administrativa; investigación; empresas y organizaciones. |
| JEL: | A12 F69 N16 |
| Date: | 2021–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019345&r= |
| By: | Sutirtha Bagchi (Department of Economics, Villanova School of Business, Villanova University); Libor Dušek (Charles University, Faculty of Law) |
| Abstract: | This paper examines the impact of introducing withholding of the personal income tax by state governments in the U.S. We exploit the staggered adoption of withholding by individual states over the period 1948–1987 to construct difference-in-differences style estimates. We obtain a robust finding: Introducing withholding led to an immediate and permanent increase in income tax revenues by about 22 percent, holding tax rates constant. The result is consistent with the crucial role of withholding and third-party reporting in improving tax compliance. We consider several alternative explanations such as changes to the tax base and increases in enforcement activity but these explanations lack support. There is some evidence that non-filing substantially decreased following the introduction of withholding. |
| Keywords: | Tax Easion; Third-Party Reporting; Withholding; Tax Base Changes; Difference-in-Differences |
| JEL: | H11 H21 H26 H71 N42 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:vil:papers:50&r= |