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on Business, Economic and Financial History |
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Issue of 2021‒10‒04
38 papers chosen by |
| By: | Pierre Penet (ENS Paris Saclay, IDHES); Juan Flores Zendejas (UNIGE - Université de Genève) |
| Abstract: | This volume offers two important contributions to the literature on sovereign debt. First, it provides a unique genealogy of debt collection practices in terms of their availability, acceptability and efficacy. We argue that creditors' tactics and methods to enforce debt repayment emerged and solidified to a large extent in relation to the threads of colonial history, from the building of empires to the decolonisation era. Second, this volume reflects critically on the relevance of neo-colonial interpretations in recent cases of sovereign debt disputes |
| Keywords: | Sovereign debt,colonial history,postcolonial transitions,hegemony |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03352711&r= |
| By: | Juan Flores Zendejas (UNIGE - Université de Genève); Pierre Pénet (ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay); Christian Suter (UNINE - Université de Neuchâtel) |
| Abstract: | The postwar era holds a special and important place in the long history of sovereign debt disputes. The majority of states suspended interest payments on their foreign obligations after 1931. In 1945, nearly half of all countries representing 40 per cent of the world income were in default (Reinhart & Rogoff, 2009, p. 73; Suter, 1992). Never before had creditors faced a wave of defaults of this magnitude. Previous scholarship has demonstrated that the economic consequences of the Great Depression were the main causes of debt defaults, and the Second World War further delayed the negotiations between borrowers and bondholders in certain cases (Eichengreen, 1991; Eichengreen & Portes, 1989). Less well known, however, are the important changes affecting the actors, tools, and forums governing the settlement of debt disputes. For debtors and creditors, the postwar settlement of debt disputes represented an enormous task not only because of the sheer amount of debt in default but also because old methods of debt settlement no longer applied. The methods that debtors and creditors use to settle debt disputes have greatly varied over time. Since the mid-nineteenth century, bondholder committees had furnished creditors with their most efficient method to protect their rights against recalcitrant states. Bondholder committees derived their authority from the capacity to sponsor market access to preferred customers and to refuse to list new bonds from a creditor in default through stock exchange regulations (Hautcoeur & Riva, 2012; Flandreau, 2013). Yet, when the question of debt repayment resurfaced in 1945, capital markets were virtually shut down. Having abandoned bond markets, states borrowed domestically or through public lending schemes from Export Promotion Agencies and multilateral organizations. Syndicate bank lending emerged as the main source of private external finance, while sovereign bond issuances would not return to prewar levels until the post Brady-plan era of financial globalization. This major shift in the structure of debt financing critically |
| Date: | 2021–03–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03352783&r= |
| By: | Pierre Penet (ENS Paris Saclay, IDHES); Juan Zendejas (UNIGE - Université de Genève) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03352759&r= |
| By: | Jean Tirole (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: | Emmanuel Farhi passed away on July 23, 2020. After depicting his scientific style and values, this tribute discusses how he transformed the theory of taxation, macroeconomics, and international finance, and describes his approach and insights through a sample of his remarkable contributions to economics. |
| Keywords: | Emmanuel Farhi,Global imbalances,New Keynesian economics,Public finance,Input-output linkages,Financial crises |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03350650&r= |
| By: | Torrregrosa Hetland, Sara (Department of Economic History, Lund University); Sabaté, Oriol (Department of Economic History, University of Barcelona) |
| Abstract: | This document presents the methodological approach used in two papers about historical income taxes: “Income taxes and redistribution in the early twentieth century” (Torregrosa-Hetland and Sabaté, 2021) and “Income tax progressivity and inflation during the World Wars” (Torregrosa-Hetland and Sabaté, 2019). We first describe the general method and sources used to obtain synthetic distributions of income and calculate the effective income tax rates and the corresponding indices of progressivity and redistribution. Secondly, we discuss the most important country-specific issues that have been taken into account in our calculations. Finally, the third section looks at the accuracy of our synthetic income distributions and tax simulations by comparing them with the original series from the tax statistics. The two aforementioned papers summarize this same information in their methodological sections, but this note goes more in depth into some details that might be of interest to some readers. |
| Keywords: | taxation; redistribution; progressivity; income tax; world wars |
| JEL: | H23 H24 N42 N44 |
| Date: | 2021–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luekhi:0223&r= |
| By: | Torrregrosa Hetland, Sara (Department of Economic History, Lund University); Sabaté, Oriol (Department of Economic History, University of Barcelona) |
| Abstract: | This paper studies the developments in the income taxes of Sweden, the United Kingdom, and the United States during the first half of the twentieth century. We present the evolution of marginal and average effective tax rates, number of taxpayers, and income tax due over the whole income distribution, and calculate the corresponding indices of progressivity and redistribution. Our results show that redistribution through the income tax increased during the period, but with varying intensity and mechanisms. During World War I this was a joint effect of increases in the amount of revenue collected (average effective tax rate) and progressivity, whereas during World War II revenue increased again but progressivity diminished, as the tax incorporated more low- and middle-income taxpayers. The income tax in the United Kingdom was always the most redistributive of the three, and after 1945 also the one that remained most progressive. |
| Keywords: | taxation; redistribution; progressivity; income tax; world wars |
| JEL: | H23 H24 N42 N44 |
| Date: | 2021–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luekhi:0224&r= |
| By: | Crafts, Nicholas (CAGE, University of Warwick and University of Sussex) |
| Abstract: | This paper reviews the claim that economic policymakers in the post-Covid UK should learn the lessons of the 1940s. Post-1945 policies relating to delivering full employment, levelling up, upgrading social security, dealing with the public debt legacy, and addressing the productivity puzzle are considered. The paper finds many reasons to criticize 1940s’ policies. Although, superficially, outcomes appear to have been good, a closer look reveals significant failings notably concerning design of the welfare state and supply-side policy for growth. The main lesson from the 1940s is not to repeat the policy errors of those days. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:1370&r= |
| By: | Douglas A. Irwin |
| Abstract: | In 1960, South Korea’s exports were about 1 percent of GDP, and the country’s ability to import depended almost entirely on US aid. After changing its foreign exchange and trade policies in the mid-1960s, Korea saw a surge in exports to more than 10 percent of GDP by the end of the decade. What factors account for the shift in policy that enabled this dramatic export growth to occur? The United States helped initiate the process by withholding financial assistance, pressuring Korea to devalue its currency and reform its foreign exchange regime. Initially, the Korean government resisted taking these steps, but in 1964 it became firmly committed to an export promotion strategy to boost foreign exchange earnings and end its dependence on American aid. |
| JEL: | F13 F31 N75 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29299&r= |
| By: | Douglas A. Irwin |
| Abstract: | Taiwan was perhaps the first developing country to adopt an export-oriented trade strategy after World War II. The factors usually associated with big shifts in policy—a macroeconomic crisis, a change in political power or institutions, lobbying by export interests, pressure from international financial institutions—were not present; it was ideas that were key. In 1954, economist S. C. Tsiang proposed that Taiwan boost export earnings rather than squeeze import spending to deal with its chronic shortage of foreign exchange. He recommended a currency devaluation to establish a realistic exchange rate and a market-based system of foreign exchange allocation to end the inefficient rationing by the government. Four years later, a leading policymaker, K. Y. Yin, fought for the adoption of Tsiang’s proposal, helping clear the way for Taiwan’s phenomenal growth in trade. |
| JEL: | F13 F31 N75 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29298&r= |
| By: | Bertrand Garbinti (Banque de France - Banque de France - Banque de France, CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique); Jonathan Goupille-Lebret (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - CNRS - Centre National de la Recherche Scientifique - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UL2 - Université Lumière - Lyon 2 - ENS Lyon - École normale supérieure - Lyon); Thomas Piketty (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: | Measuring and understanding the evolution of wealth inequality is a key challenge for researchers, policy makers, and the general public. This paper breaks new ground on this topic by presenting a new method to estimate and study wealth inequality. This method combines fiscal data with household surveys and national accounts in order to provide annual wealth distribution series, with detailed breakdowns by percentiles, age, and assets. Using the case of France as an illustration, we show that the resulting series can be used to better analyze the evolution and the determinants of wealth-inequality dynamics over the 1970–2014 period. We show that the decline in wealth inequality ends in the early 1980s, marking the beginning of a rise in the top 1% wealth share, though with significant fluctuations due largely to asset price movements. Rising inequality in savings rates coupled with highly stratified rates of returns has led to rising wealth concentration in spite of the opposing effect of house price increases. We develop a simple simulation model highlighting how changes in the combination of unequal savings rates, rates of return, and labor earnings that occurred in the early 1980s generated large multiplicative effects that led to radically different steady-state levels of wealth inequality. Taking advantage of the joint distribution of income and wealth, we show that top wealth holders are almost exclusively top capital earners, and increasingly fewer are made up of top labor earners; it has become increasingly difficult in recent decades to access top wealth groups with one's labor income only. |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:halshs-03231244&r= |
| By: | María Inés Moraes (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Rebeca Riella (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Carolina Vicario (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Pablo Marmisolle (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | There has recently been renewed interest in pre-industrial inequality among economic historians, but there are still few case studies about wealth inequality in pre-industrial Latin America, particularly involving colonial Spanish America before 1820. This paper presents a study of wealth inequality in Montevideo, an area of the Viceroyalty of the Río de la Plata, in the late colonial period. The work addresses the level of wealth inequality, the composition of wealth, and its relationship with social structure in Montevideo in the late 18th century. It uses a dataset of probate inventories and population records as the main sources, estimates a Gini index, and presents a stylized picture of the social structure, analyzing the differences in wealth between social groups in 1772-1773. The main finding is that wealth inequality in Montevideo was similar to that of the English colonies of North America in 1774, and to the less unequal pre-industrial economies in Europe at the same time. Although most of society formed a relatively wealthy middle class, however, some important assets were strongly concentrated at the top of society. |
| Keywords: | pre-industrial inequality, wealth distribution, colonial Latin-America |
| JEL: | N36 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-18-21&r= |
| By: | Elisa Jácome; Ilyana Kuziemko; Suresh Naidu |
| Abstract: | We present the first estimates of long-run trends in intergenerational relative mobility for samples that are representative of the full U.S.-born population. Harmonizing all surveys that ask about father's occupation and own family income, we develop a mobility measure that allows for the inclusion of non-whites and women for the 1910s–1970s birth cohorts. We show a robust increase in mobility between the 1910s and 1940s cohorts, about half of which is driven by absolute convergence in racial income gaps. We also find that excluding Black Americans, particularly Black women, considerably overstates mobility throughout the 20th century. |
| JEL: | H0 J15 J16 N3 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29289&r= |
| By: | Molinder, Jakob (Department of Economic History, Uppsala University); Pihl, Christopher (Department of History, Uppsala University) |
| Abstract: | We use a unique source from the Swedish royal demesnes to examine the work and relative wages of women in sixteenth century Sweden, an economic laggard in the Early Modern period. The source pertains to workers hired on yearly contracts, a type more representative for historical labour markets than day-labour on large construction sites, and allows us to observe directly the food consumed by workers. We speak to the debate on the “Little Divergence” within Europe as women’s work and gender differentials in pay is a key indicator of women’s relative autonomy and seen as a cause for the economic ascendency of the North Sea region during the period. We find small gender differentials among both unskilled and skilled workers, indicating that Sweden was a part of the “golden age” for women. We argue that despite superficial equality, women’s economic outlooks were restrained in many other ways – including their access to higher skilled work and jobs in the expanding parts of the economy – adding important nuance to the discussion about the relationship between women’s social position and economic growth in the Early Modern period. |
| Keywords: | womens work; wages; little divergence; Sweden; gender gap; Early Modern period |
| JEL: | J21 J31 N00 N33 |
| Date: | 2021–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luekhi:0227&r= |
| By: | Angeloni, Ignazio; Kasinger, Johannes; Chantawit Tantasith |
| Abstract: | We present new statistical indicators of the structure and performance of US banks from 1990 to today, geographically disaggregated at the level of individual counties. The constructed data set (20 indicators for some 3150 counties over 31 years, for a total of about 2 million data points) conveys a detailed picture of how the geography of US banking has evolved in the last three decades. We consider the data as a stepping stone to understand the role banks and banking policies may have played in mitigating, or exacerbating, the rise of poverty and inequality in certain US regions. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:safewp:321&r= |
| By: | John Kandrac |
| Abstract: | Modern central bankers confront a challenge of providing economic stimulus even when the policy rate is constrained by a lower bound. This challenge has led to substantial innovation by policymakers and a proliferation of new policy tools. In this paper, I offer evidence on the efficacy of a new tool known as funding for lending, which provides banks with subsidized funding to make additional loans. I focus on a historical episode from the United States in which the Federal Reserve provided banks with steeply subsidized loans to promote the expansion of credit within their local communities. I show that the cheap funding succeeded in generating more lending by countering banks' excessive liquidity preference. The additional credit benefited the real economy. Local areas enjoyed higher rates of small business formation and more rapid employment growth. Finally, I show that the cost of the subsidy provided by the government was more than offset by the additional payroll taxes paid out of higher wages and salaries. These results suggest that funding for lending programs deserve consideration for the modern central banker's toolkit and demonstrate that certain unconventional tools can offer monetary policymakers the means to pursue more targeted objectives. |
| Keywords: | Monetary policy; Funding for lending; Bank lending; Countercyclical policy; Discount window |
| JEL: | G28 G21 E58 E52 |
| Date: | 2021–09–24 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-61&r= |
| By: | Pau Insa-Sánchez (Department of Economic Analysis (Area of Economic History and Institutions), Universitat de València, Spain) |
| Abstract: | This paper explores access to secondary education in 19th-century Spain. To do so, secondary education graduation age is proposed as an effective way of measuring the implicit cost of acquiring education in historical contexts such as this one. Using a novel historical source on the Spanish high school network for academic year 1877-1878, I find that students from small, isolated municipalities bore increasingly larger costs than those from urban areas. Specifically, the size of the municipality of origin exerts a larger negative effect on those students bearing more costs to study. Such results suggest that a phenomenon of spatial isolation from knowledge, as well as a small and concentrated secondary education school network, created a problem of access to education and, thus, prevented an adequate transition to secondary mass schooling in the 19th century. |
| Keywords: | Secondary education, Spain, 19th century |
| JEL: | I25 N33 N93 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ahe:dtaehe:2106&r= |
| By: | Carlos Bianchi (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Pablo Galaso (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Sergio Palomeque (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | Brokers play a critical role in the evolution of innovation systems. However, accessing and diffusing knowledge into the system imply costs and requires capacities. Using patent data to analyze inter-city networks in Latin America, we revisit the debate on the benefits and costs of knowledge networks. We identify broker cities, differentiating between intra-regional and extra-regional connections, and we estimate the effects of brokerage on patenting outcomes between 2006 and 2017. Our findings reveal that cities holding a central position in the network show higher patenting activity; however, being broker, particularly bridging Latin America with extra-regional cities, negatively influences patenting outcomes. |
| Keywords: | inter-city networks, patents, brokerage, innovation systems, Latin America. |
| JEL: | O31 O54 P48 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-21-21&r= |
| By: | Irene Mosca (Department of Economics, Maynooth University.); Robert E. Wright (Adam Smith Business School and School of Education, University of Glasgow, Glasgow,UK) |
| Abstract: | A Marriage Bar is the requirement that women working in certain jobs must leave that job when they marry. In the twentieth century, Marriage Bars were not unusual internationally. In the late 1800s to early 1900s, legislative provisions that required women to resign at marriage were introduced in several countries around the world, including Australia, Canada, Ireland, the Netherlands and the UK. Spill-overs to jobs not strictly covered by the Marriage Bar were also common. This chapter critically reviews, from an economics perspective, the background, the history and the impacts of Marriage Bars. This chapter has four aims. The first is to summarise the arguments provided by government officials and employers to justify both the introduction and the retention of Marriage Bars. The second is to provide a cross-country comparison of Marriage Bars. The third is to investigate the potential impacts of the Marriage Bar on women’s behavior with respect to employment, marriage and education. The fourth is to highlight potential avenues for future research. Although Marriage Bars do not exist anymore, they are still a serious topic of current debate. Much more can be learned about important topics, such as discrimination, from carrying out research focused on Marriage Bars |
| Keywords: | Marriage Bar: international; women; behavior |
| JEL: | J2 J4 J7 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:may:mayecw:n310-21.pdf&r= |
| By: | Lindgren, Erik (Department of Economics, Stockholm University); Pettersson-Lidbom, Per (Department of Economics, Stockholm University); Tyrefors, Björn (Research Institute of Industrial Economics (IFN)) |
| Abstract: | In this paper, we analyze the effect of transport infrastructure investments in railways. As a testing ground, we use data from a new historical database that includes annual panel data on approximately 2,400 Swedish rural geographical areas during the period 1860-1917. We use a staggered event study design that is robust to treatment effect heterogeneity. Importantly, we find extremely large reduced-form effects of having access to railways. For real nonagricultural income, the cumulative treatment effect is approximately 130% after 30 years. Equally important, we also show that our reduced-form effect is likely to reflect growth rather than a reorganization of existing economic activity since we find no spillover effects between treated and untreated regions. Specifically, our results are consistent with the big push hypothesis, which argues that simultaneous /coordinated investment, such as large infrastructure investment in railways, can generate economic growth if there are strong aggregate demand externalities (e.g., Murphy et al. 1989). We used plant-level data to further corroborate this mechanism. Indeed, we find that investments in local railways dramatically, and independent of initial conditions, increase local industrial production and employment on the order of 100‒300% across almost all industrial sectors. |
| Keywords: | Railways; Transport infrastructure; Real income; Event study; Treatment heterogeneity |
| JEL: | H54 L92 N73 O22 R12 R42 |
| Date: | 2021–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1407&r= |
| By: | So Kubota (Faculty of Political Science and Economics, Waseda University, 1-6-1 Nishiwaseda Shinjuku-ku, Tokyo 169-8050, Japan.) |
| Abstract: | In this note, I investigate the circulation of money in small communities. I build a two-player repeated gift-giving game and then show that players can sustain coopera- tion by using money. An ecient outcome is obtained when players are able to hold multiple units of currency. |
| Keywords: | primitive money, repeated game. |
| JEL: | C73 E42 N10 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:wap:wpaper:2118&r= |
| By: | David, Géraldine; Li, Yuexin (Tilburg University, Center For Economic Research); Oosterlinck, Kim; Renneboog, Luc (Tilburg University, Center For Economic Research) |
| Keywords: | art markets; art price; auction; monetary policy; systemic risk; political risk; wars; financial distress; inflation; cultural economics; economic history |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:34925083-7378-4691-ba63-60e2ca45acfb&r= |
| By: | Andreea-Alexandra Maerean (European Commission (DG Economic and Financial Affairs)); Maja Pedersen (University of Southern Denmark); Paul Sharp (University of Southern Denmark) |
| Abstract: | Do emerging markets need to sacrifice economic sovereignty in order to borrow more cheaply on the international capital markets? To explore this, we exploit a natural experiment following the Treaty of Berlin in 1878 when four Balkan states - Bulgaria, Greece, Romania, and Serbia - received full or de facto independence. Using a novel dataset of monthly bond prices from the Berlin and London stock exchanges, we find that a sacrifice of national sovereignty or ‘supersanctions’ was one way for these emerging markets to receive more favourable borrowing conditions. Romania never submitted to such measures, however, but was usually able to borrow more cheaply than her neighbours. |
| Keywords: | Bulgaria, creditworthiness, emerging markets, Greece, Romania, Serbia, sovereign debt |
| JEL: | E4 E5 G1 N2 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hes:wpaper:0216&r= |
| By: | Lange, Martin |
| Abstract: | Does the politico-economic system affect preferences for immigration? In this study, I show that individuals exposed to life under state socialism have formed and persistently hold different attitudes toward immigration. By exploiting the division and reunification of Germany, I estimate the influence of state socialism on attitudes toward immigration. Drawing on rich individual panel data, I find that East Germans who lived under state socialism, are 15 percent more likely to oppose immigration than West Germans who spent their entire life in a democratic, capitalist country. This difference in attitudes toward immigration is persistent over time and across space, and largest for cohorts born and raised under state socialism. This gap in attitudes can be traced back to a longer-term deterioration in trust. Evidence from members of a group that opposed the authoritarian system highlights the importance of state socialist ideology for attitude formation. |
| Keywords: | state socialism,attitudes toward immigration,German division andreunification |
| JEL: | P20 P51 N34 Z10 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21070&r= |
| By: | pablo Marmissolle (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Henry Willebald (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | We present estimates of the gross value added of the public administration in Uruguay, in current and constant prices, for the period 1870 - 1955. Our estimations, based on previous efforts to estimate the value added of the sector, allow us to correct the previous series and, based on these corrections, open the possibility of adjusting the Gross Domestic Product series for the period before the national accounts system. Splicing the estimated historical series with the official series from 1955 to the present, continuous series were obtained that cover the period 1870 - 2017. These series are made available to the research community for its consideration, criticism and review. |
| Keywords: | public administration, national accounts, Uruguay |
| JEL: | E01 H11 N46 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-20-21&r= |
| By: | Tulun, Teoman Ertuğrul |
| Abstract: | The passage of US warships from the Turkish Straits to the Black Sea has been frequently discussed in the media and the public. Recent news regarding the additional military deployments made in Greece through the Alexandroupoli port has increased interest in this issue. According to announcement made by the US Defense Visual Information Distribution Service (DVIDS), more than 300 pieces of equipment, including 10 helicopters, were offloaded there on May 5, 2021. The Black Sea region has been brought to the top of the international agenda with the emergence of an extremely tense environment in the region. The fact that the Black Sea region was brought to the top of the international agenda with the emergence of an extremely tense environment in the region due to Russia’s annexation of Crimea and oft-repeated naval exercises by naval forces in the region remind us of the developments regarding the bombardment of some of the Turkish ports in the Black Sea by the Greek navy during the establishment period of the Republic of Turkey following the end of the First World War. In this context, Greek warships made extensive bombardments on Ereğli on the Black Sea coast on 6 June, İnebolu on 30 June, and Trabzon on 20 July in the summer of 1921.. As to Samsun, the bombardment took place in the summer of 1922.The point that draws attention in this historical event is that, at the time when the Greek navy bombarded Samsun, the destroyers belonging to the US navy were also present in the port of Samsun. According to the information provided in various publications regarding this bombardment, including academic ones, these US navy warships were Clamsen class destroyers of USS Sands (DD-243), USS, McFarland (DD-237), and USS Sturtevant (DD-240). |
| Date: | 2021–09–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:vcbg2&r= |
| By: | C. Pezon (LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM]) |
| Abstract: | In France, for nearly 150 years, the provision of water fell under the responsibility of 36,000 municipalities, which could organize water services at their own scale or within the framework of a variety of municipal associations. Municipalities also decided how to manage their services: either publicly (in-house organisation) or privately through a delegation contract. At the end of the 20 th century, water services were mostly organized within the framework of municipal associations and privately managed by three operators. In 2015, the NOTRe law transferred jurisdiction over water services from 36,600 municipalities to 2,000 urban and rural communities. This reform is the culmination of a public policy, which aims to rebalance the management models in favour of public management. This paper explores the role of public expertise in the rise and relative decline of PPP for the provision of drinking water from the middle of the 19 th century. |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03350687&r= |
| By: | Pablo Marmissolle (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | work seeks to identify how changes in the functional distribution of income have had an impact on Uruguayan economic growth in the long-run (1908-2017). Through a model of demand-led growth, the impact of changes in the wage, profit and rent shares in total product on the growth of consumption, investment, exports and imports is measured. Based on this impact, the different growth regimes that the country has transited in the aforementioned period are identified. The identification of wage-led, profit-led, or a possible rent-led, regimes depends on the influence that changes in these shares have had aggregate demand. The results show that, on the one hand, increases in the profit share harmed economic growth in Uruguay in the long-run. This negative impact has been greater since the beginning of the seventies. On the other hand, rises in the wage share and in the rent share stimulated economic growth during the entire period under study. The results of this research improve the historical-economic understanding of the effects of the functional income distribution on economic growth. Furthermore, in illuminates the discussion regarding which policies would have best promoted economic growth through their distributive impact. The estimations suggest that public policies should have favored greater participation of wages in income to promote economic growth. |
| Keywords: | Economic Growth; Functional; Economic Growth; Functional Distribution of Income; Growth Regimes; Uruguay. |
| JEL: | E12 N16 N36 O49 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-19-21&r= |
| By: | ANDREI, Dalina |
| Abstract: | This below paper focuses on the economic entity concept. Difficult to find that (part of) economic literature not dealing with economic entities and afferent issues. But there won’t be the definition the paper’s starting point – this, assumable as followed by a whole description then inclining to a rather didactic text attitude --, but, on the contrary, there will be what is supposed to come out previously of all definitions. Or, this will be the history of economic thinking and here that part of history ‚giving birth’ to micro- and macroeconomic. And this will more precisely be about the JM Keynes’ capital paper of 1936’ focus that is what was called the ‚Macro-Model’. |
| Keywords: | economic entity, firms, banks & banking system, State & Government, flows and stocks |
| JEL: | B12 C0 C00 D0 D00 |
| Date: | 2019–11–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109884&r= |
| By: | Roos, Michael W. M.; Reccius, Matthias |
| Abstract: | There is growing awareness within the economics profession of the important role narratives play in the economy. Even though empirical approaches that try to quantify economic narratives are getting increasingly popular, there is no theory or even a universally accepted definition of economic arratives underlying this research. First, we review and categorize the economic literature concerned with narratives and work out the different paradigms that are at play. Only a subset of the literature considers narratives to be active drivers of economic activity. In order to solidify the foundation of narrative economics, we propose a definition of collective economic narratives, isolating five important characteristics. We argue that, for a narrative to be economically relevant, it must be a sense-making story that emerges in a social context and suggests action to a social group. We also systematize how a collective economic narrative differs from a topic and from other kinds of narratives that are likely to have less impact on the economy. With regard to the popular use of topic modeling as an empirical strategy, we suggest that the complementary use of other canonical methods from the natural language processing toolkit and the development of new methods is inevitable to go beyond identifying topics and be able to move towards true empirical narrative economics. |
| Keywords: | Narrative economics,complexity economics,narrative turn,textual analysis,NLP |
| JEL: | D91 E44 E71 B55 B41 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:922&r= |
| By: | Balluchi, Federica; Lazzini, Arianna; Torelli, Riccardo |
| Abstract: | The aim of this research is to investigate the contribution of Giuseppe Verdi and Casa Ricordi in shaping the 19th century music culture industry by adopting a new perspective on accounting and history. In 19th century Italy, opera represented an important phenomenon, both artistically and socially, playing a fundamental role of intermediary between society and the political sphere. The complex relationships between the composer (artist) and the publisher (cultural intermediary) are analysed in the specific field of opera music, outlining the evolution and interweaving of artistic, social, and economic aspects. The study embraces the period 1839–1893 and examines the economic and private relations between Giuseppe Verdi and Casa Ricordi and their impacts on the culture industry to this day. This paper’s novelty is to adopt a historical perspective to broaden accounting into the field of high music offering possibilities for further studies. |
| Date: | 2021–08–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:5hz87&r= |
| By: | Fischer, Martin; Karlsson, Martin; Prodromidis, Nikolaos |
| Abstract: | This paper analyzes the long‐term effects on mortality and socio-economic outcomes from institutional delivery. We exploit two Swedish interventions that affected the costs of hospital deliveries and the supply of maternity wards during the 1926–46 period. Using exogenous variation in the supply of maternity wards to instrument the likelihood of institutional delivery, we find that delivery in hospital has substantial effects on later‐life outcomes such as education and mortality. We argue that a decrease in child morbidity due to better treatment of complications is a likely mechanism. This interpretation is corroborated by evidence from primary school performance, showing a large reduction in the probability of low performance. In contrast to an immediate and large take‐up in hospital deliveries as response to an increase in the supply, we find no increase in hospital births from the abolishment of fees – but some degree of displacement of high‐SES parents. |
| Keywords: | Institutional delivery, diffusion of innovations, difference‐in‐discontinuities |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:ajt:wcinch:74712&r= |
| By: | Arnaud Page (SU - Sorbonne Université); Laurent Herment (CRH - Centre de Recherches Historiques - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The second half of the nineteenth century was marked by the concomitant and entangled processes of the rise of agricultural chemistry and that of the fertiliser trade. Yet, while the two were undoubtedly related, the work of agricultural chemists was not necessarily characterized by the uniform and unequivocal promotion of fertilisers. This article looks at some of the complex ways in which chemists participated in the development of the fertiliser trade by studying how their work was used to ascribe a commercial price to a chemical element. It analyses the contested development of the idea that nitrogen, in particular, could be given a price, and shows how the rise of this quotation lay at the intersection of scientific and commercial considerations. More broadly, it argues that the importance of the new artificial fertilisers primarily lay not so much in yield increases as in inaugurating a new regime marked by a more comprehensive quantitative assessment of inputs and outputs, thereby playing a key role in the industrialisation of agriculture. |
| Keywords: | Düngemittel,Stickstoff,Chemie,Landwirtschaft,Nitrate,fertilisers,nitrogen,chemistry,agriculture,nitrates |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03352883&r= |
| By: | Andrew Metrick; Paul Schmelzing |
| Abstract: | We present a new database of banking-crisis interventions since the 13th century. The database includes 1886 interventions in 20 categories across 138 countries, covering interventions during all of the crises identified in the main banking-crisis chronologies, while also cataloguing a large number of interventions outside of those crises. The data show a gradual shift over the past centuries from the traditional interventions of a lender-of-last-resort, suspensions of convertibility, and bank holidays, towards a much more prominent role for capital injections and sweeping guarantees of bank liabilities. Furthermore, intervention frequencies and sizes suggest that the crisis problem in the financial sector has indeed reached an apex during the post-Bretton Woods era – but that such trends are part of a more deeply entrenched development that saw global intervention frequencies and sizes gradually rise since at least the late 17th century. |
| JEL: | G01 G28 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29281&r= |
| By: | Bengtsson, Erik (Department of Economic History, Lund University) |
| Abstract: | In the mid-twentieth century, Sweden distinguished itself as one of the most organized and participatory democracies in the world, with high levels of voting turnout and party membership. But in the late nineteenth century the situation was much the opposite – Sweden had for Western Europe a low degree of suffrage, and low political participation. To explain the turnaround, this paper explores extra-parliamentary political activity in the period of the very exclusive two-chamber system of 1866. The contribution of the paper is to explore and describe the evolution of political meetings in Sweden in the final third of the nineteenth century and in this way provide an analysis of the evolution of a democratic political culture, which widened the scope of those who could act and participate politically. The empirical material consists of digitalized newspapers from the south of Sweden in the period 1866 to 1900, studying about 2,700 articles that mention “popular meetings”, folkmöten, which was the contemporary description of political meetings. The findings highlight the existence of a farmer-centred democratic critique in the 1860s and 1870s, which combined proposals for widened suffrage locally and nationally with criticisms of banks and the bureaucracy. In the1880s and 1890s, the social base of the folkmöten widened as urban workers – socialist and anti-socialist – took a greater part, and the ideological composition of the meetings became more heterogeneous. The systematic investigation of newspaper coverage shows that folkmöten were numerous and involved large numbers of people. This indicates that the Swedish population was more politically active than one would infer from looking at the electoral participation, which captures only the activity of the enfranchised, a minority of the population. The folkmöten was a major arena for democratic socialization in a country with an oligarchical political system. |
| Keywords: | democratization; Sweden; democracy; political history; political participation |
| JEL: | N13 N43 N93 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luekhi:0226&r= |
| By: | Arnaud Lacheret (Arabian Gulf University) |
| Abstract: | The integration process of migrants from a different culture is an important subject in developed countries, especially in France. Due to its colonial past, France has welcomed many workers from North Africa since the 60s. This first generation was composed of non-skilled workers who occupied jobs mostly in the industrial sector. This immigration was supposed to be temporary and the immigrants, mostly men, were not supposed to become French let alone be integrated in French society. However, after several years, most of these workers arranged the immigration of their spouses and founded households in France. This settlement was not really anticipated in France and from the early 80s onward, the integration of those new French citizens became a political priority. In our research, we assumed that the integration of the second generation of French North African immigrants can be compared with one that was the subject of a previous study we conducted: a study of the integration of female managers in the Gulf. After various reforms by local Governments it had become easier for women to raise in the social scale in those countries (Lacheret, 2020; Lacheret and Farooq, 2021). |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03352227&r= |
| By: | Kanbur, Ravi |
| Keywords: | International Relations/Trade |
| Date: | 2021–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:ags:cudawp:313755&r= |
| By: | Costas Cavounidis; Vittoria Dicandia; Kevin Lang; Raghav Malhotra |
| Abstract: | We develop a tractable general equilibrium model for understanding within- and between-occupation changes in skill use over time. We apply the model to skill-use measures from the third, fourth, and revised fourth editions of the Dictionary of Occupational Titles and data from the 1960, 1970, and 1980 Censuses and March Current Population Surveys. We recover changes in skill productivity by exploiting between-occupation movements. Most importantly, finger-dexterity productivity grew rapidly while abstract-skill productivity lagged. We leverage these findings to estimate an inelastic relation between abstract and routine inputs and explain within-occupation shifts in skill use. |
| JEL: | J01 J24 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29302&r= |
| By: | Batiz-Lazo, Bernardo; Bautista-González, Manuel A; González-Correa, Ignacio |
| Abstract: | Resumen: No hay evidencia sustancial de que la pandemia de Covid-19 represente un cambio estructural hacia una economía sin efectivo (cashless) en el sector de pagos minoristas. En el corto plazo, los consumidores aumentaron su volumen de pagos digitales y sin contacto (contactless) como respuesta a los confinamientos y creencias de que el efectivo podría propagar el virus. Sin embargo, lo anterior no ha resultado en una reducción permanente en el uso o eliminación de billetes y monedas. Además, en muchos países se observó la “paradoja del efectivo”, es decir, una disminución del efectivo como medio de pago y, simultáneamente un alza en su demanda precautoria ante la incertidumbre y el deterioro en las expectativas económicas. |
| Abstract: | Definitive and uncontroversial evidence is yet to emerge that the Covid-19 pandemic brought about a structural shift to a cashless economy in the retail payments sector. In the short term, consumers increased their volume of digital and contactless payments in response to lockdowns and beliefs that cash could spread the virus. However, this has not resulted in a permanent reduction in the usage or elimination of banknotes and coins. Moreover, there was a “cash paradox” in many countries, i.e., a decrease in the demand of banknotes as means of payment and, simultaneously, a rise in its precautionary demand of cash given consumers’ heightened uncertainty and the deterioration of economic expectations. |
| Keywords: | Keywords: cash, cashless economy, cashless society, banknotes and coins, digital payments, Covid-19 pandemic, retail payments, Spain, United States, United Kingdom, Mexico. Palabras Clave: efectivo, economía sin efectivo, sociedad sin efectivo, billetes y monedas, pagos digitales, pandemia de Covid-19, sistema de pagos minorista, España, Estados Unidos, Reino Unido, México. |
| JEL: | E40 G20 L81 N20 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109943&r= |