nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2023‒03‒13
twenty-six papers chosen by
Bernardo Bátiz-Lazo
Northumbria University

  1. How well-integrated was the sixteenth-century Holy Roman Empire? By Volckart, Oliver
  2. The Impact of Industrialization on Secondary Schooling during the Industrial Revolution: Evidence from 19th Century France By Raphaël Franck
  3. Episodios de la historia de la agricultura en Colombia By Roberto Junguito; Carlos Caballero Argáez; Juan José Perfetti del Corral; Enrique López Enciso; José Leibovich Goldenberg
  4. "Social movement and economic statistics in interwar Poland. Building an alternative expert knowledge on the condition of the working class" By Morgane Labbe
  5. Competing Social Influence in Contested Diffusion: Luther, Erasmus and the Spread of the Protestant Reformation By Sascha O. Becker; Steven Pfaff; Yuan Hsiao; Jared Rubin
  6. The Last Free Traders? Interwar Trade Policy in the Netherlands and Netherlands East Indies By Kevin Hjortshøj O’Rourke; Pim de Zwart; Markus Lampe
  7. Replication Report: A Comment on Gethin, Martínez- Toledano & Piketty (2022) By Gong, Da; Hammar, Olle
  8. The Absence of Communism in Soviet Economic Planning By McMullen, David
  9. Capitalism and Global Governance in Business History: A Roundtable Discussion By Pitteloud, Sabine; Ballor, Grace; Clavin, Patricia; Perrone, Nicolas Marcelo; Rollings, Neil; Slobodian, Quinn
  10. Similarities and differences on solidarity economy between Argentina and France By Eric Dacheux; Gloria Maffet
  11. The management of working horses on the Battle Abbey manor of Barnhorn, 1325-1494 By Claridge, Jordan
  12. The role of historic amenities in shaping cities By Miquel-Àngel Garcia-López; Elisabet Viladecans-Marsal
  13. War violence, nationalism, and party support: Evidence from Italy By Giacomo Lemoli; Gloria Gennaro
  14. 'It's our turn (not) to learn': the pitfalls of education reform during post-war institutional transformation By Emily Dunlop; Yasmine Bekkouche; Philip Verwimp
  15. Power, institutions, and state-building after war: A controlled comparison of Rwanda and Burundi By Omar Shahabudin McDoom
  16. Inheriting the Royals: Royal Chartered Bodies in Ireland after 1922 By John Biggins
  17. Gold as International Reserves: A Barbarous Relic No More? By Mr. Serkan Arslanalp; Chima Simpson-Bell; Mr. Barry J. Eichengreen
  18. Cryptocurrency competition: An empirical test of Hayek's vision of private monies By Mayer, Fabian; Bofinger, Peter
  19. From export boom to private debt bubble: A macroeconomic policy regime assessment of Canada's shifting growth regime in the neoliberal era By Klassen, Theodore J.
  20. Short Squeeze in DeFi Lending Market: Decentralization in Jeopardy? By Lioba Heimbach; Eric G. Schertenleib; Roger Wattenhofer
  21. The Emergence and Viability of a medical imaging filière: the trade-unions in the French industrial policy By Samuel Klebaner
  22. Ladislaus von Bortkiewicz’s Errors and a Reliable Solution to the Marxian Problem of Transformation in Direct and Inverse Formulation By Kalyuzhnyi, Valeriy
  23. Market Access and the Arrow of Time By Klein, Marius; Rauch, Ferdinand
  24. The family as a cultural nexus By Raquel Fernández
  25. Organizing the performativity of a creative vision: a longitudinal study (1987-2013) of the rationalization of game design at Ubisoft By David Massé; Héloïse Berkowitz; Thomas Paris
  26. Regulatory barriers to climate action : Evidence from Conservation Areas in England By Fetzer, Thiemo

  1. By: Volckart, Oliver
    Abstract: The analysis presented in this article uses attendance at imperial diets (1521-1613) to estimate how politically well-integrated the Holy Roman Empire was. In doing so, it tests two conceptualisations of the political geography of the Empire: Moraw’s distinction between zones ‘close to’ and ‘distant from’ the monarch and its application to early modern history, and Schmidt’s distinction between an ‘Empire of the German nation’ and a larger ‘feudal Empire’. The analysis finds that Moraw’s zones retained at most a transient importance. Extending his model to early modern history thus risks misrepresenting political geography. The analysis also finds that geographical distance had a significant influence on the representation of the estates at the diets, with those geographically close to the diets attending increasingly often and those located in the geographical periphery increasingly staying away. Moreover, geographical distance had a consistent, strong, and significant effect on the personal presence of rulers. The Empire thus developed a well-integrated core that had the potential to form a state such as the one conceptualised by Schmidt, while the outlying regions were in increasing danger of dropping away.
    Keywords: Early Modern History; Germany; parliamentarism; political integration
    JEL: N43 P37 P48
    Date: 2023–02–01
  2. By: Raphaël Franck
    Abstract: This study explores the impact of industrialization on secondary schooling in 19th century France. As a source of exogenous variation in industrialization across the French territory, it takes advantage of the openings and closures of mines which were supervised by the Ministry of Public Works, independently from the Ministry of Education. The results suggest that industrialization had a negative but mostly insignificant effect on high-school enrollment. However, industrialization increased the share of high-school pupils in applied sections and the wages of mathematics teachers.
    Keywords: horse power, industrial revolution, secondary schooling
    JEL: I25 N33 O14
    Date: 2023
  3. By: Roberto Junguito; Carlos Caballero Argáez; Juan José Perfetti del Corral; Enrique López Enciso; José Leibovich Goldenberg
    Abstract: Los temas incluidos en el libro Episodios de la historia de la agricultura en Colombia son numerosos y recurrentes en toda la trayectoria del país. Están agrupados en bloques cronológicos que se inician con la Conquista, continúan con la Colonia, la Independencia, la Nueva Granada, el auge exportador de mediados del sigo XIX, las tierras baldías y la colonización, los inicios del siglo XX, la Gran Depresión y la Posguerra, el debate agrícola de los sesenta, la agricultura de los anos setenta, la de los anos ochenta y la de los noventa, para terminar en la del siglo XXI. En cada una de estas secciones se incluyen episodios sobre el estado de la producción, los asuntos de la política en discusión, las instituciones privadas y públicas que tenían que ver con la agricultura, los personajes sobresalientes y los informes oficiales. Al revisar los episodios es posible formarse una idea completa de lo que ocurría en cada período con la agricultura y con los personajes que la orientaban y la estudiaban. Desfilan entonces por estas páginas don Gonzalo Fernández de Oviedo con su reporte de 1536 sobre la agricultura en la Nueva Granada; los funcionarios de la Colonia, los virreyes, el oidor Mon y Velarde y su informe sobre la agricultura en Antioquia; José Celestino Mutis y la Expedición Botánica; los incentivos a la exportación de productos agrícolas en el Congreso de Cúcuta en 1821; los secretarios de Hacienda del siglo XIX; Agustín Codazzi y la Comisión Corográfica; Salvador Camacho Roldán; la Sociedad de Agricultores de Colombia; el Banco Agrícola Hipotecario; los cafeteros, la Federación Nacional de Cafeteros y los acuerdos internacionales del café; Alejandro López, Alfonso López Pumarejo, Lauchlin Currie, Albert Berry; Alberto Lleras Camargo, Carlos Lleras Restrepo y las leyes de reforma agraria de 1936, 1944, 1961, 1968 y 1972; los debates económicos sobre las crisis agrícolas, la liberación comercial, las políticas sectoriales de los treinta últimos anos del siglo XX, y los temas dominantes en la primeras dos décadas del siglo XXI, entre estos el Acuerdo de Paz de 2016, la reforma rural integral, los cultivos ilícitos, el informe de la OCDE de 2015 y el Censo Nacional Agropecuario.
    Keywords: Historia de la Agricultura, Tenencia de la Tierra, Desarrollo Rural, Comercio Exterior, Aspectos Económicos, Siglo XX, Agricultura, Colombia, History of Agriculture, Land Tenure, Rural Development, Foreign TradeEconomic Aspects, Twentieth Century, Agricultural
    JEL: Q10 Q15 Q18
    Date: 2022–11–30
  4. By: Morgane Labbe (CRH (UMR 8558 CNRS / EHESS) - Centre de Recherches Historiques (CRH) _ Unité Mixte de Recherches (UMR 8558 CNRS / EHESS) - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The growth and operation of welfare states were accompanied by a considerable public production of statistical information describing the living and working conditions of populations. However, this information was also produced by private actors (workers' unions, associations, etc.), who collected their own data either in addition to or in opposition to the publicly collected data. This was particularly the case in Poland between the two world wars: this new state aimed to take up the challenge of creating a modern system of economic and social information, but, faced with the financial crises that made a large part of the population insecure, it found itself rivalled and overtaken by the provision of information by private institutes representing workers' unions. These private institutes often pre-existed the state itself and had previously represented the voice of the populations of the Polish territories under imperial rule. This chapter shows how a private institute, the Institute of Social Economics, helped to set up a statistical information system concerning wages and prices and to organize a survey on the budgets of workers' families both in partnership and rivalry with the Polish Statistical Office in order to construct a cost-of-living index.
    Keywords: history of Poland, Economic Exchange, Cost of living index, Welfare state, World war 1
    Date: 2022–03–29
  5. By: Sascha O. Becker (Monash University and University of Warwick); Steven Pfaff (University of Washington); Yuan Hsiao (University of Washington); Jared Rubin (Chapman University)
    Abstract: The spread of radical institutional change does not often result from onesided pro-innovation influence; countervailing influence networks in support of the status quo can suppress adoption. We develop a model of multiple and competing network diffusion. To apply the contesteddiffusion model to real data, we look at the contest between Martin Luther and Desiderius Erasmus, the two most influential intellectuals of early 16th-century Central Europe. Whereas Luther championed a radical reform of the Western Church that broke with Rome, Erasmus opposed him, stressing the unity of the Church. In the early phase of the Reformation, these two figures utilized influence networks of followers, affecting which cities in the Holy Roman Empire adopted reform. Using newly digitalized data on both leaders’ correspondence networks, their travels, the dispersion of their followers, and parallel processes of exchange among places through trade routes, we employ econometric tests and network simulations to test our theoretical model. We find that Luther’s network is strongly associated with the spread of the Reformation and that Erasmus’s network is associated with the stifling of the Reformation. This is consistent with a “fire-fighting†mechanism of contested diffusion, whereby the countervailing force suppresses innovations only after they have begun to spread.
    Keywords: contested diffusion; multiplex networks; correspondence networks; Protestant Reformation
    JEL: D85 N33 Z12 Z13
    Date: 2023
  6. By: Kevin Hjortshøj O’Rourke; Pim de Zwart; Markus Lampe (Division of Social Science)
    Abstract: There has still been too little detailed work on the protectionism that emerged in the wake of the Great Depression. In this paper we explore the experiences of two countries that have been largely neglected in the literature, the Netherlands and Netherlands East Indies (NEI). How did these traditionally free-trading economies respond to the Depression? We construct a detailed product-level database of tariff and non-tariff barriers to trade based on primary sources. While ad valorem tariff increases in the Netherlands were largely due to deflation, the country protected agriculture and textiles in a number of ways. The NEI quota system was largely geared to protecting Dutch exporters, but the reverse was not true: Dutch trade policies benefited the metropole more than its largest colony.
    Date: 2023–02
  7. By: Gong, Da; Hammar, Olle
    Abstract: Gethin, Martínez-Toledano and Piketty (2022) analyze the long-run evolution of political cleavages using a new database on socioeconomic determinants of voting from approximately 300 elections in 21 Western democracies between 1948 and 2020. They find that, in the 1950s and 1960s, voting for the "left" was associated with lower-educated and low-income voters. After that, voting for the "left" has gradually become associated with higher-educated voters, while highincome voters have continued to vote for the "right". In the 2010s, there is a disconnection between the effects of income and education on voting. In this replication, we first conduct a computational reproduction, using the replication package provided by the authors. Second, we do a robustness replication testing to what extent the original results are robust to i) restricting the sample to "core" left and right parties, ii) analyzing the top 80% versus bottom 20%, iii) weighting by population, iv) dropping control variables, and v) using country fixed effects. The main results of the paper are found to be largely replicable and robust.
    Date: 2023
  8. By: McMullen, David (Simply Marxism)
    Abstract: The economic malaise in the Soviet Union was mainly due to the absence of communism rather than inherent flaws in central economic planning. The literature on the regime during its final decades mostly dwelt on the behavioral failings of the three main layers of society. These layers were (1) the reactionary, oppressive and self-serving political leadership aided by an obliging bureaucracy, (2) a bonus-seeking management stratum and (3) a completely alienated, disengaged and non-revolutionary working class. The fact that the country arrived at such a sorry state is due in large part to its backward, pre-capitalist starting point.
    Date: 2023–02–08
  9. By: Pitteloud, Sabine; Ballor, Grace; Clavin, Patricia; Perrone, Nicolas Marcelo; Rollings, Neil; Slobodian, Quinn
    Abstract: This working paper brings together a diverse group of scholars to discuss the historiography of capitalism, business history and global governance and lay the foundations for further research in this area. Grace Ballor and Sabine Pitteloud open the discussion with a historiographical survey of the ways capitalism and its actors – in particular entrepreneurs and managers, firms and business associations – have interacted with international organizations and global governance frameworks. This literature review lays the foundation for contributions from four leading scholars and their perspectives on the past, present, and future of research in this area. Patricia Clavin discusses capitalism and governance through the dynamics of international relations, while Nicolás Perrone brings a lawyer’s perspective to the public-private creation of international rules; Neil Rollings thinks about firms, governments, and global governance through both continuities and change, and Quinn Slobodian applies the analytical framework of international political economy to the evolving relationships between states and markets on a global scale. Our collective examination of business and international order aims to offer critical scholarly insight on the 20th and 21st centuries and outline future research agendas for what promises to be an increasingly rich field of study.
    Keywords: capitalism, globlal governance, business history
    JEL: N0
    Date: 2022
  10. By: Eric Dacheux (UCA - Université Clermont Auvergne); Gloria Maffet (UCA - Université Clermont Auvergne)
    Abstract: The aim of this work is to better understand the specificity of Latin American (and more precisely Argentinean) approaches to SSE by comparing it to a European (French) approach. We present the historical context and the evolution of the solidarity economy in Argentina and France (I). Then we will highlight the different conceptualization between José Luis Coraggio and Jean Louis Laville, the two most recognized researchers on the solidarity economy in these two countries. It should be noted that if these differences were important in their first respective conceptualizations (II), they seem to fade away in the more recent formalization (III).
    Abstract: El objetivo de este trabajo es comprender mejor la especificidad de los enfoques latinoamericanos (y más precisamente argentinos) de la ESS comparándolos con un enfoque europeo (francés). Presentamos el contexto histórico y la evolución de la economía solidaria en Argentina y Francia (I). A continuación, destacaremos la diferente conceptualización entre José Luis Coraggio y Jean Louis Laville, los dos investigadores más reconocidos sobre la economía solidaria en estos dos países. Cabe señalar que si estas diferencias eran importantes en sus respectivas conceptualizaciones iniciales (II), parecen desvanecerse en la formalización más reciente (III).
    Abstract: Le but de ce travail est de mieux comprendre la spécificité des approches latino-américaine (et plus précisément argentine) de l'ESS en la comparant à une approche européenne (française). Nous présentons le contexte historique et l'évolution de l'économie solidaire en Argentine et en France (I). Puis nous mettrons en lumière la conceptualisation différente entre José Luis Coraggio et Jean Louis Laville les deux chercheurs les plus reconnus sur l'économie solidaire dans ces deux pays. Il est à noter que si ces différences étaient importantes dans leurs premières conceptualisations respectives (II), elles semblent s'estomper dans la formalisation plus récente (III).
    Keywords: solidaity économy, theory, comparatism, Economía solidaria, teoría, comparatismo, economie solidaire, theorie, économie
    Date: 2021–06–29
  11. By: Claridge, Jordan
    Abstract: This aim of this paper is to examine how a single English demesne (the personal farm of a seigniorial lord, as opposed to the land of their peasant tenants) managed its stock of working horses over a period of almost 170 years. It leverages the exceptionally rich body of surviving manorial accounts from the Battle Abbey manor of Barnhorn to look very closely, not only at how the demesne managed its horses, but how it operated within the context of the larger Battle Abbey estate.
    Keywords: medieval; agriculture; horses; horse trade; farm animals; pastoral agriculture; manor; manorial accounts; monastic records
    JEL: N00 N53 N73 N83
    Date: 2023–02–01
  12. By: Miquel-Àngel Garcia-López (Universitat Autònoma de Barcelona & IEB); Elisabet Viladecans-Marsal (Universitat de Barcelona & IEB)
    Abstract: The existence of amenities matters to understanding people’s residential choices. Our theoretical model extends the standard urban model by introducing exogenous amenities to explain population allocation within cities. To estimate the model predictions, we focus on historic amenities using detailed geolocated data for 579 European cities. We analyze how the shape of city centers endowed or not endowed with these amenities is affected. We measure històric amenities with the location of buildings from the Roman, Medieval, and Renaissance-Baroque periods. Our results show that cities with historic buildings in their centers have steeper population density gradients, are more compact and centralized, and have been less affected by the suburbanization processes caused by transportation improvements. Heterogeneity analyses show that the quantity and the quality of historic buildings also matter. Several robustness checks controlling for natural and modern amenities and testing for the spatial scope of these amenities verify our main results.
    Keywords: Amenities, History, Buildings, Density, Transportation
    JEL: R4 R2 O4
    Date: 2022
  13. By: Giacomo Lemoli; Gloria Gennaro
    Abstract: Under what conditions can legacies of past violence shape political behaviour? We propose a theory of how war victimization defines attitudes over the long run, and how these can be activated by changes in the political environment. We argue that exposure to violence by members of a different ethnic group generates hostility that spills over other outgroups; this latent hostility resonates with nationalist appeals to ingroup (national) identity against non-nationals.
    Keywords: Political economy, War, Violence, Nationalism
    Date: 2023
  14. By: Emily Dunlop; Yasmine Bekkouche; Philip Verwimp
    Abstract: In this study, we investigate the relationship between education reform, institutional legacies of inequality, and changing political institutions in a poor, conflict-affected country. Burundi experienced a dramatic change in ethnic power relations after the 1993-2005 civil war. The post-war government prioritized education to previously marginalized regions and ethnic groups, both in access and in attainment. We leverage test score data from four nationwide exams in primary and secondary education from 2006 to 2018.
    Keywords: Education reform, Difference-in-differences, Inclusive institutions, Inequality, Inclusion, Education policy
    Date: 2023
  15. By: Omar Shahabudin McDoom
    Abstract: I examine whether and how the means through which a civil war ends affects the success of a country's state-building strategy after conflict. I show that two distinct modes of conflict termination—military victories and negotiated settlements—lead to differential long-run state-building outcomes and offer an explanation of the mechanism behind the divergence. In a military victory, the coercive balance-of-power at the end of war favourable to the victor enables it to dictate the post-conflict institutional design and skew power formally in its favour.
    Keywords: Civil conflict, Political settlements, Statebuilding
    Date: 2023
  16. By: John Biggins (UCD College of Social Sciences & Law and Irish State Administration Database, University College Dublin; Maynooth University)
    Abstract: The establishment of the Irish Free State (Saorstát Éireann) in 1922 did not occur on a blank canvas. A slew of administrative bodies and agencies with pre-1922 origins now found themselves under a new jurisdiction, still familiar in some respects but alien in others. The Irish State Administration Database (ISAD) indicates that the functions performed by these pre-1922 bodies ranged from the delivery of specific services to sectoral regulation. The resilience of pre-1922 bodies arguably ensured a greater degree of day-to-day administrative continuity and stability after 1922 than may otherwise have been the case.This paper focuses on a particular subset of these pre-1922 entities - royal chartered bodies - carried into Saorstát Éireann and beyond. Of special interest are the peculiar legal mechanisms through which these bodies were sustained in an altered constitutional landscape. The discontinuation, at least explicitly, of a pre-1922 royal prerogative to grant and amend royal charters presented legal conundrums for royal chartered bodies and the State. These conundrums were mitigated by a mixture of tailored public and private legislation of the Oireachtas. These dynamics are interrogated through the lenses of temporality and legal pluralism. Post-1922 Irish Governments sought an accommodation with royal chartered bodies, themselves conceived under a variant common law system predating the emergent Irish State. Faced with a temporal collision between alternative conceptions of common law authority rooted in different moments in time, the State ultimately chose to co-opt royal chartered bodies. It is argued here that this was achieved by transitioning royal chartered bodies to the legal timeline of the new State. The success of this operation is attested by the fact that a number of these bodies remain important today in discharging functions with public impacts. These dynamics are amplified using a case study of a particular royal chartered body, the Institute of Chartered Accountants in Ireland.
    Keywords: Public Administration; Royal Charters; Legal Pluralism; Legislation
    JEL: H83 K49 K15
    Date: 2023–03–02
  17. By: Mr. Serkan Arslanalp; Chima Simpson-Bell; Mr. Barry J. Eichengreen
    Abstract: After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 “active diversifiers, ” defined as countries that purchased gold and raised its share in total reserves by at least 5 percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, active diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold appeals to central bank reserve managers as a safe haven in periods of economic, financial and geopolitical volatility, when the return on alternative financial assets is low. Second, the imposition of financial sanctions by the United States, United Kingdom, European Union and Japan, the main reserve-issuing economies, is associated with an increase in the share of central bank reserves held in the form of gold. There is some evidence that multilateral sanctions imposed by these, and other countries have a larger impact than unilateral sanctions on the share of reserves held in gold, since the latter leave scope for shifting reserves into the currencies of other non-sanctioning countries.
    Keywords: International Reserves; Gold; Sanctions; aggregate gold share regression; gold appeal; share of gold; gold share; country level gold share regression; Gold reserves; Reserve assets; Gold prices; Global
    Date: 2023–01–27
  18. By: Mayer, Fabian; Bofinger, Peter
    Abstract: We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of Hayek's "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative private currencies could lead lasting currency competition instead of network effects. We argue that competition between private currencies could run on different functions of money, especially the function as a store of value and that as a means of exchange, which partly explains the differences in the set-up of private currencies that Hayek demanded and that of cryptocurrencies. Drawing on a large sample of 101 cryptocurrencies and a time frame from 2016 to 2022, we empirically examine the evolution and degree of competition on the crypto market, also taking changes in general crypto market structure into account. We find that competition is strong for unpegged cryptocurrencies that mostly compete as a speculative store of value. Competition is also strong for stablecoins when competing as a stable store of value. Competition is much less pronounced for the function as a means of exchange and network effects and monopolistic tendencies are more likely to be present on this sub-market.
    Keywords: Hayek, Cryptocurrencies, Functions of Money, Currency Competition, NetworkEffects, Monopol
    JEL: B25 D40 E42 E50 E51 L11
    Date: 2023
  19. By: Klassen, Theodore J.
    Abstract: This paper examines the emergence of private debt-led growth in Canada since the Global Financial Crisis (GFC) by means of a growth regimes and macroeconomic policy regime assessment. Examining each of the four business cycles in the 1983-2020 period, roughly encompassing the entirety of the neoliberal period, results demonstrate the emergence of a 'rising' weakly export-led growth regime in the early 1990s, a shift to a 'falling' weakly export-led regime by 2001, and a turn to a debt-led private demand regime since the GFC. The macroeconomic policy regime then identifies the structural changes and policy factors which have contributed to Canada's shifting growth regime. While price competitiveness played an important role in the first three cycles, it failed to re-establish an export-led regime in the postGFC period due to decreased non-price competitiveness. Instead, the post-GFC combination of negative real interest interests which encouraged the accumulation of private debt and fiscal policy which ex post did not address the negative financial balances of the household sector supported the turn to private debt-led growth.
    Keywords: growth regimes, macroeconomic policy regime, financialization, private debt, post-Keynesian economics, Canada
    JEL: E11 E12 E60 E65 F62 O51
    Date: 2023
  20. By: Lioba Heimbach; Eric G. Schertenleib; Roger Wattenhofer
    Abstract: Anxiety levels in the AAVE community spiked in November 2022 as Avi Eisenberg performed an attack on AAVE. Eisenberg attempted to short the CRV token by using funds borrowed on the protocol to artificially deflate the value of CRV. While the attack was ultimately unsuccessful, it left the AAVE community scared and even raised question marks regarding the feasibility of large lending platforms under decentralized governance. In this work, we analyze Avi Eisenberg's actions and show how he was able to artificially lower the price of CRV by selling large quantities of borrowed CRV for stablecoins on both decentralized and centralized exchanges. Despite the failure of his attack, it still led to approximately 1.6 Mio USD of irretrievable debt and, thereby, quadrupled the protocol's irretrievable debt. Furthermore, we highlight that his attack was enabled by the vast proportion of CRV available to borrow as well as AAVE's lending protocol design hindering rapid intervention. We stress Eisenberg's attack exposes a predicament of large DeFi lending protocols: limit the scope or compromise on `decentralization'.
    Date: 2023–02
  21. By: Samuel Klebaner (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord)
    Abstract: The aim of this paper is to question the way a trade-union may participate to the French filières policy in the medical imaging industry. The first section shows, though a qualitative analysis, how a trade-union has built a multi-scale social network to incite the State to subsidize an open-platform for innovation. In a second part, we demonstrate through an institutional analysis that despite the central position of the trade-union in this policy-making, the project's implementation and its institutional arrangement may thwart the wished industrial cooperation in this sector.
    Abstract: L'objectif de ce papier est de s'interroger sur la manière dont un syndicat peut participer à la construction d'une filière industrielle, à partir de l'étude de l'imagerie médicale. La première section montre de manière qualitative comment un syndicat de salarié a construit un réseau multi-niveau afin d'obtenir de l'Etat un engagement dans la création d'un centre d'innovations technologiques. La seconde section montre à partir d'une lecture institutionnaliste que malgré le rôle central du syndicat dans la construction de cette politique industrielle, l'implémentation et l'architecture institutionnel de ce centre peut mettre en échec la volonté de coopération industrielle espérée.
    Keywords: institutions, trade-union, medical imaging, network, filières, syndicat, imagerie médicale, réseau
    Date: 2023–02–13
  22. By: Kalyuzhnyi, Valeriy
    Abstract: The paper argues that economists still regard the solution to the problem of the transformation of values into prices of production, got by L. von Bortkiewicz, as belonging to Marx himself. After all, it was allegedly “correctly corrected” by the said author in 1907. Bortkiewicz based his solution on several erroneous interpretations’ theory of Marx. Because of Bortkiewicz’s errors, the representatives of the mainstream see no connection between the “value system” and the “production price system”. They claim that the transformation problem itself results from impossibility and that Marxist value theory is, at best, irrelevant and irremediably inconsistent. The paper shows that the solution to the transformation issue exists in both the direct and inverse formulation. We used for this purpose the Tugan-Baranowsky—Bortkiewicz three-sector model. These results are consistent with the concept of Marx within the dualistic approach. They coincide with the results generated by the author in his previous work (see In the present paper, we introduce methods and examples of transformation, including iterative and based on solving systems of simultaneous equations. We prove again with their help that at equilibrium prices, profit arises from surplus value, or more precisely, from the newly created value generated by workers’ labour and from no other source. We also show that a dualistic approach to transformation allows us to see the advantages of value prices, which, unlike production prices, do not limit the growth of the productive power of labour when enterprises introduce new machines. Value prices are in demand under socialism.
    Date: 2022–03–01
  23. By: Klein, Marius; Rauch, Ferdinand
    Abstract: We revisit the natural experiments of division and unification of Germany now that more time has passed and more data have become available. We show that local market access shocks are not symmetric in time. The negative shock to local market access following the division of Germany lead to a fast and strong downward adjustment of the size of West-German cities near the new border. In contrast, the positive shock of reunification did not lead to any change in their relative size, even three decades after the German reunification.
    Keywords: Market Access; Iron Curtain
    Date: 2023–02–14
  24. By: Raquel Fernández
    Abstract: This review paper focuses on the literature that studies the interactions between the family and culture. It does not attempt to be comprehensive, but instead illustrates via some representative papers the interaction between the family, its cultural beliefs and practices, and economic outcomes. How shocks and policies affect an economy depend on more than economic 'fundamentals'. They also depend on how the family is organized, the family institutions that are in place, and society's cultural beliefs.
    Keywords: Families, Culture, Subjective beliefs, Economic outcomes
    Date: 2023
  25. By: David Massé (Télécom Paris, I3, une unité mixte de recherche CNRS (UMR 9217) - Institut interdisciplinaire de l’innovation - X - École polytechnique - Télécom ParisTech - Mines Paris - PSL (École nationale supérieure des mines de Paris) - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); Héloïse Berkowitz (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Thomas Paris (GREGHEC - Groupement de Recherche et d'Etudes en Gestion - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)
    Abstract: In the context of a structuring video game industry and growing game development teams, this article explores how Ubisoft creates, develops and deploys a game design vision. The authors highlight the importance of creative leadership by showing the role of translators and trainers in coupling the leader's vision to his or her socio-material presence, as well as the importance of the density of devices to implement this vision.
    Keywords: PerformativityEn, creative vision, leadership, socio-materiality
    Date: 2022–12
  26. By: Fetzer, Thiemo (University of Warwick)
    Abstract: Preserving heritage is an important part of maintaining collective identity for future generations. Yet, in the context of the climate crisis, it is imperative to understand to what extent there is a tangible trade-off between conserving character vis-a-vis averting the worst of climate change – a much more existential threat to those future generations. Studying data for more than half of the English housing stock, I show that conservation area status – a special areabased designation to preserve the unique character of a neighborhood – not to be confused with preservation of historic buildings – in England may be responsible for up to 3.2 million tons of avoidable CO2 emissions annually. Using a suite of micro-econometric methods I show that properties in conservation areas have a notable worse energy efficiency; experience lower investment in retrofitting and consume notably higher levels of energy owing to poor energy efficiency. Effect sizes are very consistent comparing engineering based energ consumption estimates with actual consumption data. Effects can be directly attributed to planning requirements for otherwise permitted development that only apply to properties by virtue of them being located inside a conservation area.
    Keywords: energy efficiency ; climate crisis ; zoning ; climate adaptation JEL codes: Q54 ; Q55 ; R14 ; R48 ; N74
    Date: 2023

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