nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2021‒09‒06
27 papers chosen by
Bernardo Bátiz-Lazo
Northumbria University

  1. Protestant Education among Indigenous Mexicans: The Social Impact of the Summer Institute of Linguistics (SIL), 1935-1970 By Paxman, Andrew
  2. Non-Proletarianization Theories of the Jewish Worker (1902-1939). By Vallois, Nicolas
  3. Mapping the Third Republic. A Geographic Information System of France (1870–1940) By Victor Gay
  4. Review of “ Scientific History: Experiments in History and Politics from the Bolshevik Revolution to the End of the Cold War” by Elena Aronova By Klein, Ursula
  5. The Baran Ratio, Investment, and British Economic Growth and Investment By Lambert, Thomas
  6. The life and work of a South African economist: Desmond Hobart Houghton, 1906-76 By Maylam, Paul
  7. The Econometric Society European meetings 1931-1939: Influences on economics By Schilirò, Daniele; Young, Warren
  8. Migration-prone and migration-averse places. Path dependence in long-term migration to the US By Rodríguez-Pose, Andrés; von Berlepsch, Viola
  9. Which rural settlements have been depopulated? A long-term analysis of a regional case study in northeastern Spain (Aragon), 1900-2001 By María Isabel Ayuda; Pablo Gómez; Vicente Pinilla
  10. Frank Plumpton Ramsey and the Politics of Motherhood By Marouzi, Soroush
  11. Évolution de l’hôtellerie française et de l’enseignement des techniques hôtelières de1918 à 2018 By Yves Cinotti
  12. Reading Keynes’s policy papers through the prism of his Treatise on Probability: information, expectations and revision of probabilities in economic policy By Rivot, Sylvie
  13. A Universally Translatable Explication of Adam Smith’s Famous Proposition on “The Extent of the Market” By Wilson, Bart J.; Marese, Gian Marco
  14. "Intrafirm resource reallocation and labor productivity growth in the Japanese coal mining industry: Comparative study on Mitsubishi Mining Co., Mitsui Mining Co., and Hokkaido Colliery & Steamship Co. in the 1930s" By Tetsuji Okazaki
  15. From Lyon to Kyoto: Modernization of a Traditional Silk-Weaving District in Japan, 1887–1929 By Tomoko HASHINO
  16. Chronist der Banken: Alfred Lansburgh (1872-1937) By Greitens, Jan
  17. Adam Smith and The Roots of Populism By Roberto Censolo; Massimo Morelli
  18. The Revival of Private Residential Landlordism in Britain through the Prism of Changing Returns By Abdulkader Mostafa; Colin Jones
  19. Trends in inequality within countries using a novel dataset By Carlos Gradín; Annalena Oppel
  20. The Long-Run Impacts of Mexican-American School Desegregation By Francisca M. Antman; Kalena Cortes
  21. Benjamin Graham on Buffer Stocks By Woods, John E
  22. What makes a successful scientist in a central bank? Evidence from the RePEc database By Jakub Rybacki; Dobromił Serwa
  23. Expectations in Past and Modern Economic Theory By Richard Arena; Muriel Dal Pont Legrand; Roger Guesnerie
  24. An Empirical Examination of Representational Equity in Consolidated Governments, 1965-2002 By Acuff, Christopher
  25. Financiamiento mediante emisión monetaria en América Latina, 1960-2016 By Pineda Salazar, Ramón; Acevedo, N. Alejandra
  26. Inheritance rights of transgender persons in India. By Gulati, Karan; Anand, Tushar
  27. Government Debt Maturity in Japan: 1965 to the Present By Junko Koeda; Yosuke Kimura

  1. By: Paxman, Andrew
    Abstract: The purpose of this paper is to use Mexican census data to gauge as much as possible the impact of SIL missionary-linguists on local-level literacy, Spanish-acquisition, and material change. This is a longitudinal quantitative study, starting with the census of 1940 and ending with that of 1970. Analysis of census figures is complemented by perusal of the existing literature (personal, anthropological, historical), linguistic materials digitized by SIL and available at its website, and assistance with documents from the SIL Mexico Archive in Arizona.
    Keywords: Protestant, missionary, indigenous, Mexico, census, literacy, disposable income, Summer Institute of Linguistucs,
    JEL: I20 I24 I25 N36 N96
    Date: 2021–08–12
  2. By: Vallois, Nicolas
    Abstract: In the early twentieth century, an economic doctrine known as “non-proletarianization theory” became influential among left-wing Zionists in Russia. According to this theory, Jewish workers were unable to “proletarianize”—that is, to integrate large-scale industry; hence, Jewish territorial autonomy was required, whether in Palestine or elsewhere. This article analyzes this theory’s historical development, focusing on the works of three authors: Khaim Dov Horovitz, Yakov Leshchinsky, and Ber Borochov. I claim that discussions of Jewish non-proletarianization can be considered a specific and coherent intellectual tradition in the history of economic thought. I also discuss these theories’ relation to the anti-sweatshop campaign of the Progressive Era, particularly John R. Commons’s writings on Jewish immigrants that were recently debated in this journal.
    Date: 2021–08–24
  3. By: Victor Gay (IAST - Institute for Advanced Study in Toulouse , TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)
    Abstract: This article describes a comprehensive geographic information system of Third-Republic France: the TRF-GIS. It provides annual nomenclatures and shapefiles of administrative constituencies of metropolitan France from 1870 to 1940, encompassing general administrative constituencies (départements, arrondissements, cantons) as well as the most significant special administrative constituencies: military, judicial and penitentiary, electoral, academic, labor inspection, and ecclesiastical constituencies. It further proposes annual nomenclatures at the contemporaneous commune level that map each municipality into its corresponding administrative framework along with its population count. The 901 nomenclatures, 830 shapefiles, and complete reproduction material along with primary sources of the TRF-GIS database are available at TRF-GIS.
    Keywords: Third Republic,France,Toponymy,GIS,HGIS,Administrative boundaries,Nomenclature,SIG,SIGH,Limites administratives,Toponymie,Troisième République
    Date: 2021
  4. By: Klein, Ursula
    Abstract: Book Review of “ Scientific History: Experiments in History and Politics from the Bolshevik Revolution to the End of the Cold War” by Elena Aronova
    Date: 2021–08–25
  5. By: Lambert, Thomas
    Abstract: Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in England and the UK. This paper uses Zhun Xu’s Baran Ratio concept to try to develop general trends to demonstrate and to reinforce other historical accounts of these times that a productive and sufficient level of public and private investment out of accumulated capital income, taxation, and rents does not have a real impact on economic per capita growth until around the 1600s in Britain. This would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment more consistently becomes more than one hundred percent of the level of economic surplus and takes in government spending. The types of investment, threshold amounts of investment out of profits and rents along with government spending seem to matter when it comes to a growth path raising GDP per capita and national income per capita to higher levels. Although much of this knowledge perhaps is embodied in current historical accounts, the Baran Ratio nicely summarizes and illustrates the importance of levels of investment to economic growth.
    Keywords: Baran Ratio, Baran multiplier, capitalism, feudalism, Keynesian multiplier
    JEL: B51 E11 E12 N13
    Date: 2021–09–01
  6. By: Maylam, Paul
    Abstract: For forty or so years, from the 1930s to the mid-1970s, Desmond Hobart Houghton was one of South Africa’s most prominent economists, based throughout his academic career at Rhodes University. He belonged to the liberal school of economists who believed in the free market and modernization theory, being particularly influenced by W. Rostow’s stages of growth model which he applied to South Africa. The rural economy, migrant labor and regional development, with a particular focus on the Eastern Cape, were his major research interests. He authored a standard text on the South African economy. This article charts his career and thinking.
    Date: 2021–08–24
  7. By: Schilirò, Daniele; Young, Warren
    Abstract: This paper analyzes the Econometric Society European Meetings (ESEMs) over the period 1931-39, highlighting the research programs produced by the meetings to show the influence that these meetings had on economics in that period and thereafter. The examination of the European Meetings in the 1930s highlights the range of topics discussed in these meetings, connections with ideas of the past economists such as Cournot, Pareto, and Walras among others, and the interest in relevant social and economic issues that characterized the decade. Also, the paper points to the emphasis placed on the quantitative approach to economic analysis taken by the European members of the Econometric Society, and their efforts to establish new lines of research accordingly.
    Keywords: Econometric Society; European meetings 1931-1939; quantitative approach; new lines of research
    JEL: B20 B23
    Date: 2021–08
  8. By: Rodríguez-Pose, Andrés; von Berlepsch, Viola
    Abstract: Does past migration beget future migration? Do migrants from different backgrounds, origins and ethnicities, and separated by several generations always settle – in a path dependent way – in the same places? Is there a permanent separation between migration-prone and migration-averse areas? This paper examines whether that is the case by looking at the settlement patterns of two very different migration waves, that of Europeans at the end of the 19th and early 20th centuries and that of Latin Americans between the 1960s and the early 21st century. Using Census data aggregated at county level, we track the settlement pattern of migrants and assess the extent to which the first mass migration wave has determined the later settlement pattern of Latin American migrants to the US. The analysis, conducted using ordinary least squares, instrumental variable and panel data estimation techniques, shows that past US migration patterns create a path dependence that has consistently affected the geography of future migration waves. Recent Latin American migrants have flocked, once other factors are controlled for, to the same migration prone US counties where their European predecessors settled, in spite of the very different nature of both migration waves and a time gap of three to five generations.
    Keywords: counties; Europe; Latin America; long-term; migration; migration waves; US
    JEL: F22 J15 O15 R23
    Date: 2020–03–01
  9. By: María Isabel Ayuda; Pablo Gómez; Vicente Pinilla
    Abstract: The aim of this paper is to investigate to how the characteristics of the different types of human settlements explain their demographic dynamics and therefore which of these have been affected to a greater extent by depopulation processes. For this purpose, we analyze the evolution of the population of Aragon (northeastern Spain) in the period 1900-2001, according to the different types of existing population settlements. Our results show that access to public services has played an essential role, especially when the construction of the welfare state made the rural population feel that there was a penalty for residing in settlements with problems of accessibility to them. The provincial capitals benefited the most from their greater provision of services. The main settlements, headquarters of the municipal administration, also had advantages over the secondary settlements. Finally, the scattered population was the most affected and, therefore, the one that emigrated to a greater extent, until this form of residence practically disappeared. The advantages of a better geographic location also were important, as well as the greater proximity to railway networks. The initial size was also relevant, favoring a greater growth or a lesser decrease (when there was) of the larger settlements.
    Keywords: Rural human settlements, depopulation, demographic dynamics
    JEL: J11 N14 N34 N94
    Date: 2021–07
  10. By: Marouzi, Soroush
    Abstract: This paper is an attempt to historicize Frank Plumpton Ramsey’s Apostle talks delivered from 1923 to 1925 within the social and political context of the time. In his talks, Ramsey discusses socialism, psychoanalysis, and feminism. Ramsey’s views on these three intellectual movements were inter-connected, and they all contributed to his take on the then policy debates on the role of women in economy. Drawing on some archival materials, biographical facts, and the historiographical literature on the early inter-war politics of motherhood, I show that Ramsey held a positive view of the feminist campaign for family endowment. He demanded government financial support for motherhood in recognition of the economic significance of women’s domestic works and as what could bring economic independence to them. In addition, he found such economic scheme compatible with the kind of maternalism endorsed by Freudian psychoanalysis – his favorite theory of psychology.
    Date: 2021–08–23
  11. By: Yves Cinotti (ESPE Toulouse - École supérieure du professorat et de l'éducation - Toulouse Midi-Pyrénées - UT2J - Université Toulouse - Jean Jaurès)
    Abstract: Since 1918, the hotel industry has undergone many upheavals: the sector has become industrialised, and many hotel jobs have disappeared due to changes in customer expectations and the use of information technology. This study shows how, from the end of the Great War until 2018, the teaching of hotel techniques, practiced by the employees of the reception, the lobby and the floors of a hotel, has adapted. The teaching of hospitality was very "technological", with the practical work of reception and room maintenance taking the form of training periods in hotels or in the hotel application school. But since 1980, this teaching addressed the commercial dimension of the professions and the quality approach.
    Abstract: L'hôtellerie a connu depuis 1918 de nombreux bouleversements : le secteur s'est industrialisé, de nombreux métiers hôteliers ont disparu du fait de l'évolution des attentes de la clientèle et du recours à l'outil informatique. Cette étude montre comment, à partir de la fin de la Grande Guerre et jusqu'en 2018, l'enseignement des techniques hôtelières, pratiquées par les employés de la réception, du hall et des étages d'un hôtel, s'est adapté. L'enseignement de l'hébergement fut très « technologique », les travaux pratiques de réception et d'entretien des chambres prenant la forme de périodes de formation en entreprise ou dans l'hôtel d'application de l'école hôtelière. Mais depuis 1980, cet enseignement a pris en compte la dimension commerciale des métiers et les démarches qualité.
    Keywords: hospitality techniques,accommodation,hotel history,hospitality teaching,techniques hôtelières,hébergement,histoire de l'hôtellerie,Enseignement hôtelier
    Date: 2021–03–19
  12. By: Rivot, Sylvie
    Abstract: When scholars investigate the legacy of Keynes’s Treatise on Probability (1921) for the development of Keynes’s thinking, the attention usually focuses on the connections between Keynes’s probability theory, his conception of decision-making under uncertainty and the theory of the functioning of the macroeconomic system that derives from it - through the marginal efficiency of capital, the preference for liquidity and the self-referential functioning of financial markets. By contrast, the paper aims to investigate the connections between Keynes’s probability theory on the one hand, and his economic policy recommendations on the other. It concentrates on the policy recommendations defended by Keynes during the Great Depression but also after the General Theory. Keynes’s economic policy can be understood as a framework for decision-making in situations of uncertainty: fiscal policy aims to induce private agents to change their “rational” probability statements, while monetary policy aims to allow more weight to these statements.
    Date: 2021–08–24
  13. By: Wilson, Bart J.; Marese, Gian Marco
    Abstract: Following Adam Smith’s line of argument, we examine the semantics of four economic principles in Chapter III of the Wealth of Nations that compose his famous proposition “that the division of labour is limited by the extent of the market.” We apply the Natural Semantic Metalanguage framework in linguistics to produce a series of explications that are clear and plain, cross-translatable into any language, intelligible to twenty-first century readers, and faithfully close to the original text. Our paper explicates Smith’s logical argument in Chapter III and demonstrates how his ideas can be shared among speakers with different linguacultural backgrounds in line with the truly global view of economics that, we argue, Adam Smith had in mind: economics intended as the science of all people living and doing things together with other people to live well and to feel good.
    Date: 2021–08–24
  14. By: Tetsuji Okazaki (Faculty of Economics, The University of Tokyo)
    Abstract: After the World War I, the environment of the Japanese coal mining industry changed drastically concerning the labor market and the government regulation. While the wage increased around three times, working hours and labor conditions came to be strictly regulated according to the international treaty. To cope with the new environment, coal mining firms made great efforts to enhance productivity. While the basic measure was introducing labor saving technologies such as coal pick, coal cutter and belt conveyor, major firms with multiple coal mines tried to enhance average productivity by reallocating resources to relatively efficient mines. This paper explores the intrafirm resource reallocation and its productivity implication focusing on Mitsubishi Mining Co., one of the major coal mining firms, and compares it with the cases of the two other largest coal mining firms, Mitsui Mining Co. and Hokkaido Colliery & Steamship Co..
    Date: 2021–08
  15. By: Tomoko HASHINO (Graduate School of Economics, Kobe University)
    Abstract: In 1872, three craftsmen were sent by the Kyoto prefectural government to Lyon, France, to learn about power-looms and other weaving innovations. Instead of bringing back a power-loom, they brought back the Jacquard mechanism and the flying shuttle to Kyoto because they thought power-looms were too expensive and inappropriate for their sophisticated fabrics. This paper explores the production trend from 1887 to 1929 to characterize growth phases—Jacquard-led, out-weaver-based, and power-loom-assisted—in Kyoto. By doing so, the importance of selective adoption of new technologies for industrial development is discussed.
    Date: 2021–08
  16. By: Greitens, Jan
    Abstract: Jeder, der sich mit Geld und Banken im Deutschen Reich in der ersten Hälfte des 20. Jahrhunderts beschäftigt, kennt den Namen Alfred Lansburgh. Die Frankfurter Allgemeine Zeitung nannte ihn "in Sachen des Geldes vielleicht einen der klügsten Menschen, die in Deutschland je gelebt und gearbeitet haben." Seine bekannteste Schrift "Vom Gelde" erfährt bis heute immer wieder Neuauflagen. Er hinterließ ein umfangreiches Werk, das ihn als langjährigen Beobachter, Analytiker und Kommentator aller Entwicklungen von Geld und Banken im späten Kaiserreich und in der Weimarer Republik ausweist. Allerdings ist wenig über seine Person und über seine theoretischen und politischen Ansichten bekannt. Die vorliegende Arbeit rekonstruiert die Biographie Alfred Lansburghs. Lansburgh war sein Leben lang ein überzeugter liberaler Publizist. Nach einer nicht besonders erfolgreichen Karriere im Bankwesen wurde er zunächst Wirtschaftsjournalist und dann Herausgeber einer der wichtigsten Wirtschaftszeitschriften seiner Zeit. Früher als kaum ein anderer hat er die während des Ersten Weltkriegs einsetzende Zerrüttung der Währung erkannt und dagegen angeschrieben. Aufgrund seiner jüdischen Abstammung wurde er ein Opfer des Nationalsozialismus, dessen Unterdrückung ihn in den Selbstmord trieb. Der Vorgang der "Arisierung" seines Verlages zeigt aber auch die Ambivalenz, in der sich die Akteure der damaligen Zeit befanden.
    Keywords: Lansburgh,Die Bank,Arisierung,Mellinger,Bank-Akademie
    JEL: B26 B31 N14
    Date: 2021
  17. By: Roberto Censolo; Massimo Morelli
    Abstract: Industry, frugality and prudence can foster growth, and, in turn, growth can sustain individual beliefs that these virtues are the right recipe for the pursuing of happiness. This virtuous circle is an often emphasized contribution of Adam Smith. Equally important but neglected, is the Adam Smith's fear that the opposite vitious cycle can meterialize, especially at stages of development of commercial society characterized by stagnation, alienating working conditions and growming inequality: stagnation of wages, and the frustration coming from the perceived impossibility of trickle down effects from the growing wealth of the few, can degenerate moral sentiments, in ways that we can now associate to may of the current features of populism.
    Keywords: Adam Smith; Moral Sentiments; Secular Stagnation; Inequality
    JEL: B12 E71
    Date: 2021–09–03
  18. By: Abdulkader Mostafa; Colin Jones
    Abstract: Unlike many other countries Britain had a weak private rented sector (PRS) for most of the twentieth century. After long term decline for almost a century private landlordism in Britain began a revival from the turn of the millennium. This recovery has still not arguably established a mature sector and this paper examines the steps in its progress by reference to changing returns over time. The platform for this rebirth was the removal of regulation of the sector and the arrival of buy to let (BTL) mortgages that enabled private individuals to invest in property to let, without being penalised by high (previous) interest rates. The number of BTL landlords expanded dramatically in the property boom of the noughties, supported by high debt gearing and a favourable tax position. The downturn in the economy/housing market following the global finance crisis had important consequences for the still fragile BTL sector. The subsequent experience of the sector has seen its growth stabilise and it has seen increased taxation. The financial attractiveness of BTL appears severely diminished and raises questions about the viability of the sector. It also begs the question as to whether if these tax changes were in place from 1996 whether the BTL boom could have happened at all. The paper assesses these questions by a series of financial simulations that examines changing returns through the boom, bust, and recovery from the global financial crisis. In doing so this research technique offers insights into the changing economics of BTL. The research, in particular, considers the role of different levels of gearing through this cycle. It also explores to what extent outright acquisitions would have yielded significantly different returns. It considers the return differentials across eleven regions in Britain and examines the implications of recent tax changes on returns.
    Keywords: Britain; Buy-to-let; landlords; Returns
    JEL: R3
    Date: 2021–01–01
  19. By: Carlos Gradín; Annalena Oppel
    Abstract: We revisit trends in within-country income inequality using a newly integrated dataset that covers at least 70 per cent of the global population since 1980. We investigate absolute and relative inequality trends across the past four decades, combining the use of Lorenz curves with a set of inequality measures to gain insights on countries without Lorenz dominance.
    Keywords: Income inequality, Database, WIID
    Date: 2021
  20. By: Francisca M. Antman; Kalena Cortes
    Abstract: We present the first quantitative analysis of the impact of ending de jure segregation of Mexican-American school children in the United States by examining the effects of the 1947 Mendez v. Westminster court decision on long-run educational attainment for Hispanics and non-Hispanic whites in California. Our identification strategy relies on comparing individuals across California counties that vary in their likelihood of segregating and across birth cohorts that vary in their exposure to the Mendez court ruling based on school start age. Results point to a significant increase in educational attainment for Hispanics who were fully exposed to school desegregation.
    JEL: I24 I26 J15 J18
    Date: 2021–08
  21. By: Woods, John E
    Abstract: Surprisingly, Benjamin Graham, the acknowledged “Father of Value Investing”, considered his most important work to be the invention of the Commodity Reserve Currency Plan during the 1930s and 1940s. Previous studies of the Plan have overlooked the fact that, of its three main components (buffer stocks, price stability and currency–backing), Graham regarded the first as the most important and the other two as “secondary” or “subsidiary”. By focusing on the buffer–stock aspect, we demonstrate, first, the breadth and depth of Graham’s overall conception in terms of both micro– and macro-economics and, second, the considerable overlap with Keynes’s ideas developed around the same time, which are manifested particularly in their common conclusion that the inefficiency of commodity markets could be rectified only by government intervention. We also comment on Mehrling’s assessment of Graham as “not any kind of economist at all” (JHET, 2011).
    Date: 2021–08–24
  22. By: Jakub Rybacki; Dobromił Serwa
    Abstract: This research analyzes factors affecting scientific success of central bankers. We combine data from the RePEc and EDIRC databases, which contain information about economic publications of authors from 182 central banks. We construct a dataset containing information about 3312 authors and almost 80 thousand scientific papers published between 1965 and 2020. Results from Poisson regressions of citation impact measure called h-index, on a number of research features suggest that economists from the US Federal Reserve Banks, international financial institutions, and some eurozone central banks are cited more frequently than economists with similar characteristics from central banks located in emerging markets. Researchers from some big emerging economies like Russia or Indonesia are cited particularly infrequently by the scientific community. Beyond these outcomes, we identify a significant positive relationship between research networking and publication success. Moreover, economists cooperating with highly cited scientists also obtain a high number of citations even after controlling for the size of their research networks.
    Keywords: RePEc, Scientific Success, h-index, Big data.
    JEL: E58 D02 I23
    Date: 2021–04
  23. By: Richard Arena (Université Côte d'Azur, France; GREDEG CNRS); Muriel Dal Pont Legrand (Université Côte d'Azur, France; GREDEG CNRS); Roger Guesnerie (Collège de France)
    Date: 2021–08
  24. By: Acuff, Christopher
    Abstract: Research on the impacts of city-county consolidation often focus on issues relating to efficiency, effectiveness, and economic development; yet, relatively few studies have addressed the issue of racial and ethnic minority representation. While existing research is limited, findings indicate that consolidating city and county governments dilutes minority voting strength and has a disparate impact on minority representation. However, it is not clear if this is a nationwide trend, particularly in preclearance states previously covered by the Voting Rights Act. Thus, the question becomes, does consolidation negatively affect minority representation, and to what extent? This study employs a quasi-experimental interrupted time-series analysis in order to ascertain the overall impact of consolidation on the descriptive representation of African Americans since 1965. Results indicate that while representation has increased in recent decades, there are discernible declines in following consolidation, and noticeable representational disparities in counties previously covered by the Voting Rights Act.
    Date: 2021–08–27
  25. By: Pineda Salazar, Ramón; Acevedo, N. Alejandra
    Abstract: Los ingresos por emisión han sido una fuente importante de financiamiento para las economías de la región, promediando el equivalente a 2,9 puntos del PIB y a 20,7% de los ingresos fiscales para el período entre 1960 y 2016. Esta forma de “recaudación” ha cambiado a lo largo del tiempo, siendo en la década del ochenta cuando se empleó de manera más profusa en la región. Pareciera que el uso intensivo de esta forma de financiamiento se produce luego de una caída en los términos de intercambio. Adicionalmente, los datos muestran que los episodios en que este financiamiento ha sido empleado más intensamente coinciden con aumentos de la inflación, caídas del consumo privado, de la inversión y de la actividad económica.
    Date: 2021–07–29
  26. By: Gulati, Karan (National Institute of Public Finance and Policy); Anand, Tushar (National Institute of Public Finance and Policy)
    Abstract: This paper studies the inheritance rights of transgender persons in India. Using commercial databases (e.g., SCC and Manupatra), it examines the legal framework for inheritance and looks at all court decisions since 1950 that mention the term transgender. Inheritance laws are based on a binary notion of gender. They do not envisage transgender persons or a change in gender identity. This means that individuals must choose between conforming to their assigned gender or not availing their rights. Moreover, successors are often difficult to identify as individuals may lack documentation, could not marry, or cannot prove adoption. The Indian Constitution bars any discrimination based on sex and gender. Laws should not discriminate against transgender persons only because of their identities. Though courts attempt to address these challenges, they leave it to their subjective satisfaction on when to secure the rights of transgender persons. These are important issues that must be addressed through changes in the law.
    Date: 2021–08
  27. By: Junko Koeda; Yosuke Kimura
    Abstract: This study constructs a dataset of Japanese government bonds' maturity structure for the fiscal years 1965?2020. Using the maturity structure data at the end of each fiscal year for the past three decades, this study structurally estimates a canonical preferred-habitat term structure model extracting the bond supply factor. The results provide a debt maturity equation in the fiscal-year cycle and demonstrate that two yield factors (bond supply factor and short-term interest rate) can account for annual-frequency variations in Japanese bond yields. The supply factor also explains the continued decline in the long-term interest rate for the past two decades.
    Date: 2021–09

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