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on Business, Economic and Financial History |
|
Issue of 2023‒12‒11
fifty-one papers chosen by |
| By: | Castañeda Garza, Diego (Department of Economic History, Uppsala University) |
| Abstract: | This article presents the first complete 19th-century reconstruction of the Mexican wealth distribution, from independence to the Mexican Revolution. It uses an often underutilized source in Mexican historiography: will inventories/protocols. In addition, the present article estimates the levels and trends of historical wealth inequality using five different methods, among them the novel application of the properties of two theoretical parametric distributions to the measurement of historical inequality. The dynamics of wealth inequality in 19th century Mexico were dominated by the top 5% and the middle 40% of the wealth distribution; meanwhile, the top 10% and bottom 40% demonstrate remarkable stability. This article's main contributions are the reconstruction of historical wealth inequality combining classic and new methods, the examination of the distributive forces and their dynamics in a changing political economy environment and analyzing the historical developments in light of their potential effect on the distribution of economic resources. |
| Keywords: | Wealth Inequality; Mexico; Political Economy; Distribution dynamics |
| JEL: | D31 H20 I32 N36 |
| Date: | 2023–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2023_001&r=his |
| By: | Castañeda Garza, Diego (Department of Economic History, Uppsala University); Skoglund, William (Department of Economic History, Uppsala University); Andersson, Jonatan (Department of Economic History, Uppsala University) |
| Abstract: | In this article, we investigate the effect of encroachment policies on wealth in late 19th century conducted by the Mexican state in the state of Sonora. Using a novel database of will inventories from the Mexican state of Sonora, we find that the upper-class saw large wealth gains as a result of access to new agricultural land and irrigation. We argue that encroachment policies had a substantial effect on wealth but that this effect is heterogenous across social groups. We highlight the role of institutions in shaping wealth and inequality in the early periods of American economic development. |
| Keywords: | Wealth; Encroachment; Mexico; Inequality; Institutions |
| JEL: | D31 N36 N46 O54 P48 |
| Date: | 2023–11–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2023_003&r=his |
| By: | Ran Abramitzky (Stanford University); Leah Platt Boustan (Princeton University); Peter Catron (University of Washington); Dylan Connor (Arizona State University); Rob Voigt (Northwestern University) |
| Abstract: | The United States has admitted more than 3 million refugees since 1980 through official refugee resettlement programs. Scholars attribute the success of refugee groups to governmental programs on assimilation and integration. Before 1948, however, refugees arrived without formal selection processes or federal support. We examine the integration of historical refugees using a large archive of recorded oral history interviews to understand linguistic attainment of migrants who arrived in the early twentieth century. Using fine-grained measures of vocabulary, syntax and accented speech, we find that refugee migrants achieved a greater depth of English vocabulary than did economic/family migrants, a finding that holds even when comparing migrants from the same country of origin or religious group. Our findings are consistent with the hypothesis that refugees had greater exposure to English or more incentive to learn, due to the conditions of their arrival and their inability to immediately return to their origin country. |
| Keywords: | Refugees, Early 20th Century, Linguistic Attainment |
| JEL: | J15 N32 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:pri:econom:2023-04&r=his |
| By: | Häggqvist, Henric (Department of Economic History, Uppsala University); Karlsson, Lars (Department of Economic History, Uppsala University); Hedberg, Peter (Department of Economic History, Uppsala University) |
| Abstract: | In this paper we present new foreign trade- and price data to analyze Swedish terms of trade in the very long run, from 1780 to 2018. We examine what influenced the trend in the terms of trade in the long run, particularly in how it related to the general trade structure. We also analyze the volatility of the terms of trade, and discuss how it might have affected economic growth in Sweden. The index improved slowly but substantially over the century from 1850 to 1950, which was likely connected to another poignant trend, a steadily increasing share of manufactures and finished goods in the export basket. In comparative perspective, Sweden had more industrial exports and lower export concentration than most of the rest of the European periphery, as well as much lower terms of trade volatility. We find that the growth trend and low volatility of Swedish terms of trade was positively connected with economic growth, but only really so from about 1850 to 1913. During this period the development of the terms of trade was particularly connected to increasing investment in new industries. The years from 1914 to 1960 were on the other hand characterized by high volatility in the terms of trade, and was still connected to high growth rates, such as during the interwar period. Hence, we conclude that while low volatility was connected to the onset of Swedish industrialization, it was also possible to maintain high growth rates during periods of high terms of trade volatility. |
| Keywords: | International trade; Terms of trade; Export concentration; Volatility; Economic growth |
| JEL: | F14 N73 N74 |
| Date: | 2023–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2023_002&r=his |
| By: | Sophie Harnay (EconomiX (UMR 7235), UPL, Université Paris Nanterre, CNRS, 200 avenue de la République, 92001 Nanterre cedex, France) |
| Abstract: | The aim of the article is to explore how Richard A. Posner began to focus on judges and courts at the turn of the 1960s and early 1970s, when his focus had previously been mostly on regulation, antitrust law, and administrative agencies. We argue that Posner’s writings during this short period are critical to understanding his intellectual trajectory as they are the source of the pioneering research program that would be known as economic analysis of law a few years later. We thus emphasize the continuity between Posner’s early work of the 1969-1973 period, mostly inspired by public choice theory, and his later work, and show that the former obviously paved the way for the latter. |
| Keywords: | R. A. Posner, economic analysis of law, public choice, judicial decision-making, regulation |
| JEL: | B31 K2 K4 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:afd:wpaper:2302&r=his |
| By: | O'Connor, Fergal A.; Lucey, Brian M. |
| Abstract: | This paper presents and explains the newly rediscovered and transcribed daily market gold price from 1919-1968 for the world's main gold market during the period, the London Gold Fixing Auction. The paper highlights several novel features previously not discussed in the literature, such as gold prices fluctuating at the daily Gold Fixing even during the two Gold Standard periods when gold prices are often thought of as 'fixed'. It also describes key turning points during the evolution of the Gold Fixing such as its formation and the daily price reactions when Britain went on or came off the Gold Standard. This paper offers the first long-run examination of the weak form efficiency of the Gold Fixing from its inception, at a time when gold was the centre of the world's monetary system. We find that the Gold Fixing price was informationally efficient at its inception in 1919 but by the 1930s, when there was increased buying for speculation and investment (referred to as hoarding) the market became more predictable and inefficient. We also find that the market was inefficient during gold standard periods when central banks were limiting gold's ability to react to new information. |
| Keywords: | Daily Gold Price Data, London Market, Market Efficiency, Gold Fixing, Hoarding |
| JEL: | F3 G1 G2 N2 Q3 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:eabhps:279905&r=his |
| By: | Castañeda Garza, Diego (Department of Economic History, Uppsala University) |
| Abstract: | As war is an eminently political event, the impact of wars on inequality can be seen as an expression of the politics in society. This paper engages with the ongoing literature relating warfare to wealth inequality dynamics in a pre industrial world. It employs an unbalanced panel of wills in a combined event study and instrument variables research designs to explore the wealth inequality dynamics in Mexico during the Mexican-American War of 1846-1848. The findings suggest that weak public finances and financial crisis led to increasing wealth inequality through military expenditures and national debt. However, the formation of a regressive fiscal-military state and a levelling effect of warfare can coexist. Inequality depends on how war is financed and how destructive to capital and wealth the war is. |
| Keywords: | Wealth Inequality; Mexican-American War; Public Debt; Fiscal Military State |
| JEL: | D31 H20 I32 N33 N43 |
| Date: | 2022–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2022_002&r=his |
| By: | Sascha O. Becker; Hans-Joachim Voth |
| Abstract: | Can weakened religiosity lead to the rise of totalitarianism? The Nazi Party set itself up as a political religion, emphasizing redemption, sacrifice, rituals, and communal spirit. This had a major impact on its success: Where the Christian Church only had shallow roots, the Nazis received higher electoral support and saw more party entry. “Shallow Christianity” reflects the geography of medieval Christianization and the strength of pagan practices, which we use as sources of exogenous variation. We also find predictive power at the individual level: Within each municipality, the likelihood of joining the Nazi Party was higher for those with less Christian first names. |
| Keywords: | political religion, behavioral political economy, voting, Nazi Party, Protestantism, Shallow Christianity, political religion, Paganism |
| JEL: | N13 N14 N44 P16 Z12 Z18 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10730&r=his |
| By: | Heinemann, Isabel; Reckendrees, Alfred |
| Abstract: | In this short essay, we discuss the opportunities for German business history if it takes gender seriously as a category of inquiry and point out why historical gender research should focus more on the company as a social arena. We argue that business history should integrate gender as an analytical category and draw on methods of social and cultural history. We seek to encourage innovative research projects that explore the potential of gender – produced by social practices, values, norms and moral concepts – as an analytical category for business history. Likewise we are interested in exploring how historical gender studies might develop when they move to the social arena of the company as a field of investigation. |
| Keywords: | Business History; Germany; Gender; Historical Methods |
| JEL: | N83 N84 Y80 |
| Date: | 2023–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119086&r=his |
| By: | Chassonnery-Zaïgouche, Cléo (University of Lausanne); Goutsmedt, Aurélien (UC Louvain - F.R.S-FNRS) |
| Abstract: | Elisabeth Popp Berman’s Thinking Like an Economist unfolds a captivating and detailed historical account of the rise of economics and economists’ influence within the US Administration during the 1960s and 1970s. This transformation played a pivotal role in reshaping American policy, Berman argues. At the core of her story is the concept of an “economic style of reasoning”, inspired by Ian Hacking’s (1994) work. Berman’s “economic style of reasoning” describes a distinct approach to policy problems, one anchored in microeconomic concepts (rather than macroeconomic ones) such as incentives, externalities, and efficiency. Crucially, the “economic style of reasoning” does not designate what some economists think, but rather, a set of ideas, related to economics but not completely overlapping with it, that are used in policy—not only by economists. Throughout 230 pages, Berman masterfully traces the progressive ascension of the economic style of reasoning within US administration, from its rise in the 1960s to its relative decline during the Reagan Presidency. “Efficiency” as a policy criterion gradually supplanted other foundational values that had long justified policy actions, values such as “rights, universalism, equity, and limiting corporate power” (4). These concepts were actually loosely used by the actors Berman is interested in. Berman posits that the dissemination of this style of reasoning exerted a profound influence by eroding the legitimacy of policy propositions rooted in alternative values, notably those championed by the left-wing of the Democratic party. One strength of the book is to show how the economic style of reasoning stuck and consolidated, even in the absence of economists, and how unusual suspects—center-left technocrats, favoring government intervention—were responsible for promoting a sense of ineluctability of its use. |
| Date: | 2023–11–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:bs9xd&r=his |
| By: | Trautwein, Hans-Michael (Department of Economics, Carl von Ossietzky Universität Oldenburg) |
| Abstract: | The European Central Bank’s activities as lender of last resort are especially controversial in Germany. The overriding concern of the critics is an alleged tendency of creating moral hazard on the side of public and private borrowers in the European Monetary Union. This contrasts with the predominant views among German economists in the classical gold standard era, when the newly founded German empire merged the many currency areas in its realm into monetary union. Prominent experts and policy advisors, such as Erwin Nasse, Adolph Wagner and Friedrich Bendixen, argued that in view of the costs of system failures moral hazard ought not to be a predominant consideration at times of crisis. In critical assessments of the Currency vs. Banking debates in England, German commentators questioned the credibility and sustainability of strict rules for monetary policy in banking crises. Some even developed evolutionary views, in which monetary integration is driven by financial markets and lending of last resort becomes a constitutive characteristic of central banking, in particular in the formation of a monetary union. This paper compares the older German views about lending of last resort in monetary unions with the current discourse and explores possible explanations for the differences. |
| Keywords: | monetary union; banking crises; lending of last resort; gold standard |
| JEL: | B15 E58 F45 G01 |
| Date: | 2022–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2022_001&r=his |
| By: | Sebastian Edwards |
| Abstract: | In this essay, I analyze Salvador Allende’s economic policies in Chile during the early 1970s. I argue that the explosion of inflation during his administration (above 1, 500% on a six-month annualized measure) was predictable, and that the government’s response to it, through massive and strict price controls, generated acute macroeconomic imbalances. I postulate that the combination of runaway inflation, shortages, and black markets generated major disaffection among the middle class and that that unhappiness reduced the support for the Unidad Popular government. |
| JEL: | E31 E40 E52 F38 F42 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31890&r=his |
| By: | Kouam, Henri; Mua, kingsley |
| Abstract: | This paper presents the theory of innovation in attaining economic sciences. It equally reviews economic literature and investigates creation from different economic models. It begins with analyzing views on classical economics, including Adam Smith and David Ricardo. This is followed by discussions on theory in innovation today, as handled in the knowledge-based economy. Analyzing the achievements in economic thought outlines that innovation's importance and relevance have grown over the last decade. |
| Keywords: | Innovation, Economics, Development, Theory, Economic Growth, |
| JEL: | B1 B12 B22 O3 O40 |
| Date: | 2023–03–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119162&r=his |
| By: | Marianna Belloc; Francesco Drago; Roberto Galbiati (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Abstract This paper considers how the foundation of the first universities in Italy affected the emergence of free city-states (the communes) in the period 1000–1300 CE. Exploiting a panel dataset of 121 cities, we show that the time variant distance of the sample cities to their closest university is inversely correlated with the probability of their transition to communal institutions. Our evidence is consistent with the hypothesis that the medieval universities provided the useful juridical knowledge and skills for building legal capacity and developing communal institutions. |
| Keywords: | Institutional change Education Human capital accumulation Communal movement. JEL CODES: I20 I23 K01 N33, Institutional change, Education, Human capital accumulation, Communal movement. JEL CODES: I20, I23, K01, N33 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04278818&r=his |
| By: | William R. Emmons |
| Abstract: | The number of U.S. commercial banks peaked in 1921. Except for a period from the early 1960s to the early 1980s, it has steadily declined. |
| Keywords: | commercial banking; number of commercial banks in the United States |
| Date: | 2021–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94052&r=his |
| By: | Alvaredo, Facundo; Bourguignon, François; Ferreira, Francisco H. G.; Lustig, Nora |
| Abstract: | Drawing on a comprehensive compilation of quantile shares and inequality measures for 34 countries, including over 5, 600 estimated Gini coefficients, we review the measurement of income inequality in Latin America and the Caribbean over the last seven decades. Although the evidence from the first quarter century – roughly until the 1970s – is too fragmentary and difficult to compare, clearer patterns emerge for the last fifty years. The central feature of these patterns is a broad inverted U curve, with inequality rising in most countries prior to the 1990s, and falling during the early 21st Century, at least until the mid-2010s, when trends appear to diverge across countries. This broad pattern is modified by country specificities, with considerable variation in timing and magnitude. Whereas this broad picture emerges for income inequality dynamics, there is much more uncertainty about the exact levels of inequality in the region. The uncertainty arises from the disparity in estimates for the same country/year combinations, depending on whether they come from household surveys exclusively; from some combination of surveys and administrative tax data; and on whether they attempt to scale income aggregates to achieve consistency with National Accounts estimates. Since no single method is fully convincing at present, we are left with (often wide) ranges, or bands, of inequality as our best summaries of inequality levels. Reassuringly, however, the dynamic patterns are generally robust across the bands. (Stone Center on Socio-Economic Inequality Working Paper) |
| Date: | 2023–11–08 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:7ckzg&r=his |
| By: | Graham White |
| Abstract: | The paper considers three aspects of Joan Robinson’s writings all of which have a link to concern for the treatment of time and history in economic analysis. The first aspect is Robinson’s view of the significance of the capital-theoretic critique of orthodoxy, a critique in which she played a significant role. The second aspect relates to her concerns about the use of equilibrium in economic analysis and particularly the concept of long-period equilibrium. The third aspect is Robinson’s view of the significance of Sraffa’s Production of Commodities, and particularly as part of the positive side of the critique of orthodoxy; in particular, its potential role in an alternative non-marginalist approach. As such, the discussion inevitably to turns to the tension between Robinson’s views and those of the Sraffian camp, noting however that the possibility of some common ground remains open. stabilization policy tool by influencing the velocity. |
| Keywords: | Capital; time; equilibrium; Robinson; Sraffa |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:syd:wpaper:2023-07&r=his |
| By: | Nina Banks |
| Abstract: | Economist Nina Banks reveals her own work and the work by Sadie T.M. Alexander, the first Black American to receive a doctorate in economics. |
| Keywords: | women in economics; Black women in economics |
| Date: | 2022–01–17 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94067&r=his |
| By: | Martha Stinson; Laura Weiwu |
| Abstract: | Measures of intergenerational mobility summarize the persistence of income across generations and are important indicators of the long-run dynamics of income inequality. However, studying intergenerational mobility can be challenging as it requires data on both parental income during childhood and income in adulthood for children. The first step for this calculation is a linkage between parents and children. In this report, we document the process we undertook to construct a novel linkage between children born in the years of 1964-1979 and tax filers in IRS Form 1040 data who are candidate parents for these children. These linkages are used in Weiwu (2023) and Stinson, Wang, and Weiwu (2023) to create some of the first measures of intergenerational mobility at large-scale for children born in the mid-20th century period. We construct our linkages using the universe of parent tax filers in the 1974 and 1979 IRS Form 1040 data and the universe of children from the Census Numident in the 1964-1979 birth cohorts. This linkage is necessary because historical 1040 data files before 1994 report the presence of dependents but do not provide a list of children’s identifiers. To create these links, we first restrict to a set of children who were age 10 or under in the tax year. Next, we create blocks of parents and children who are potential matches based on agreement between birth state of the child and tax filing state of the parents. Finally, we use name-matching techniques that incorporate supervised learning methods to compare parent names attached to children’s Numident records to Numident names of adult 1040 tax filers within state blocks. These methods allow us to flexibly compare names with slightly different spellings and to choose among potential parent-to-parent matches based on match probability. To feasibly conduct the matching for a large set of comparisons, we employ parallel cloud computing on Amazon Web services through a Census Bureau pilot program. This report documents the algorithm that is used for assessing the likelihood of a match and the iterative process that identifies a final best match for as many children as possible. We provide match rates for different demographic groups and investigate the representativeness of the matched sample of children. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:cen:tnotes:23-19&r=his |
| By: | Jason Dunn; Fernando Leibovici |
| Abstract: | Recent history suggests that the sharp rise in shipping prices will lead to more container ships, but deliveries of new ships will take years. |
| Keywords: | international shipping; shipping prices; container ships |
| Date: | 2022–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94073&r=his |
| By: | Ögren, Anders (Department of Economic History, Uppsala University) |
| Abstract: | A number of central banks have started to investigate the possibility of issuing so-called Central Bank Digital Currencies (CBDCs). The aim may be to compete with cryptocurrencies of different kinds but also to replace digital commercial bank money with central bank issued digital money, i.e. replacing bank money with central bank issued base money. In this paper we study a similar experiment when the Swedish central bank, the Riksbank, in 1903 replaced private banknotes with their own notes. The result of this policy was a massive increase in commercial bank credit due to the increase in base money, spurring the ongoing boom even further. A boom that worsened the 1907 crisis. The result is thus questioning the notion that increased monetary issuance by a monetary authority to replace other financial assets as private money or cryptoassets should lead to increased financial stability – as, in fact, it led to the opposite. |
| Keywords: | Central banking; Commercial banks; Crises; Cryptoassets; Financial stability |
| JEL: | E42 N13 N23 |
| Date: | 2022–10–25 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2022_003&r=his |
| By: | Takeda, Kohei (National University of Singapore) |
| Abstract: | Economies transform at an uneven pace. This paper develops a dynamic overlapping generations model of economic geography where historical exposure to different industries creates persistence in occupational structure, and non-homothetic preferences and differential productivity spillovers lead to different rates of structural transformation. The model is calibrated to the U.S. economy from 1980 to 2010. The calibration allows us to back out measures of upward mobility and inequality, thereby providing theoretical underpinnings for the Great Gatsby Curve. The counterfactual analysis reveals that structural transformation has substantial effects on a slowdown and explains heterogeneity in upward mobility across cities. |
| Date: | 2023–11–10 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:8nfx5&r=his |
| By: | Gallagher, Catherine |
| Keywords: | Arts and Humanities |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt22m358nz&r=his |
| By: | Humphreys, Sheila |
| Keywords: | Arts and Humanities, 150 Years of Women, Zoology, University of California, Berkeley |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt28b9t9h5&r=his |
| By: | Maslach, Christina |
| Keywords: | Arts and Humanities |
| Date: | 2023–10–30 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt1fr1d7v6&r=his |
| By: | Wade, Bonnie |
| Keywords: | Arts and Humanities |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt2846x9jt&r=his |
| By: | Kohnert, Dirk |
| Abstract: | In the 1960s, sub-Saharan Africa experienced a major diplomatic offensive by Israel. Kwame Nkrumah's Ghana was the first country to establish diplomatic and economic relations. Others soon followed, so that by the mid-1960s some forty African countries were receiving agricultural and military aid from Israel and benefiting from scholarships for their students. Israel's involvement was facilitated by the CIA's activities in Africa at the time, which were conceived and funded by the United States and other Western powers as their "third force" in Africa. Since then, the situation has evolved due to Africans' growing solidarity with the Palestinians and their rejection of Israel's "apartheid" system of systematic discrimination against non-Israeli populations. Israel lost the support of most SSA countries in the early 1970s because of its collaboration with apartheid South Africa. As Nelson Mandela said, "South Africa will never be free until Palestine is free". At its 12th Ordinary Session in Kampala in 1975, the OAU for the first time identified Israel's founding ideology, Zionism, as a form of racism. Nevertheless, several African countries continued to maintain low-level contacts through thirteen foreign embassies, for example in Ethiopia, Tanzania, Uganda and Zaire, while educational and commercial exchanges continued, albeit on a much reduced scale and away from the public eye. But the scourge of Islamist terrorism necessitated a revival of relations. Military and security cooperation, including cyber security, is particularly intensive with Ethiopia, Zaire, Uganda, Ghana, Togo and South Africa, for example. It has also often served to prop up despotic African regimes. Today, sub-Saharan Africa is a lucrative market for the Israeli defence industry. |
| Keywords: | Israel; AU; Palestinians; African immigration to Israel; dispatched labour; remittances; human trafficking; smuggling; military aid; coup d'état; governance; sustainable development; informal sector; ODA; Peace and Security Council; Sub-Saharan Africa; South Africa; Nigeria; Eritrea; Rwanda; Egypt; Sudan; African Studies; |
| JEL: | D31 D62 D72 D74 E26 F22 F35 F51 F53 F54 F55 H12 H56 N47 Z13 |
| Date: | 2023–10–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118992&r=his |
| By: | François Facchini (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | L'objet de cette note est de savoir si Hayek a soutenu la dictature chilienne et inspiré son action. La réponse donnée n'est pas originale. Elle se contente de reprendre les informations rassemblées sur les deux visites d'Hayek au Chili par les Pr. Bruce Caldwell et Leonidas Montes et publiées dans la Review of Austrian Economics de 2015. Ils montrent sur la base d'un travail d'archives qu'Hayek n'a ni soutenu la dictature chilienne ni inspiré l'écriture de la constitution chilienne et en particulier ses articles les plus liberticides. Hayek a bien rencontré en 1977 le général Pinochet durant vingt minutes, il a bien réuni la société du Mont Pèlerin en 1981 au Chili à Viña del Mar, mais il n'est pas l'inspirateur des choix de politiques publiques du dictateur. La thèse d'un idéal libéral autoritaire véhiculée par de nombreux sociologues et politistes est en ce sens un contresens. |
| Keywords: | Hayek, Chili, Pinochet, Néolibéralisme, démocratie, dictature, constitution |
| Date: | 2023–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04261553&r=his |
| By: | Humphreys, Sheila |
| Keywords: | Arts and Humanities, University of California, Berkeley, 150 Years of Women, Library |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt2083k53h&r=his |
| By: | Gibbs, Philip; Zak, Nikolay |
| Abstract: | In 1997 Jeanne Calment died at a claimed age of 122 years and 164 days. The authenticity of her age was validated by Michel Allard and Jean-Marie Robine who published popular books about her case. In 2018 Nikolay Zak presented evidence that Jeanne Calment’s daughter Yvonne had assumed her mother’s identity. In 2019 the original validators and their colleagues defended their work and tried to refute the points of evidence made by Zak. In this comment we examine their arguments and find that they do not hold up. We provide new damning evidence in favour of the identity switch hypothesis. |
| Date: | 2023–11–12 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:sghfa&r=his |
| By: | Howard Bodenhorn |
| Abstract: | How far did antebellum bank notes travel? Up to now, we did not know. Using previously overlooked data on interbank holdings of bank notes and the records of a small-time note broker, I find that most bank notes circulated within about 50 miles of the issuing banks. Few notes were observed from as far as 200 miles away. Several studies of secondary markets for privately issued currencies assume that notes moved across vast geographic space, but these new findings suggest that we may need new models of bank note pricing and the efficiency of relatively unfettered markets in private currencies. |
| JEL: | N21 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31886&r=his |
| By: | Arif, Nurul Muthmainnah |
| Abstract: | Pemikiran ekonomi pada masa awal islam |
| Date: | 2023–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:fvs5y&r=his |
| By: | Goutsmedt, Aurélien (UC Louvain - F.R.S-FNRS); Sergi, Francesco; Cherrier, Beatrice; Claveau, François; Fontan, Clément; Acosta, Juan |
| Abstract: | Why do policymakers and economists within a policymaking institution choose to throw away a model and to develop an alternative one? Why do they choose to stick to an existing model? This article contributes to the literature on the history and philosophy of modelling by answering these questions. It delves into the dynamics of persistence, change, and building practices of macroeconomic modelling, using the case of forecasting models at the Bank of England (1974-2014). Based on archives and interviews, we document the multiple factors at play in model building and model change. We identify three sets of factors: the agency of modellers, institutional factors, and the material factor. Our investigation shows the diversity of explanations behind the decision to change a model: each time, model replacement resulted from a different combination of the three types of factors. |
| Date: | 2023–11–07 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:m2cet&r=his |
| By: | Rochberg, Francesca |
| Keywords: | Arts and Humanities, University of California, Berkeley, 150 Years of Women, Middle Eastern Languages and Cultures |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt1jj31190&r=his |
| By: | Garrett, Andrew |
| Keywords: | Arts and Humanities, University of California, Berkeley, 150 Years of Women, Linguistics |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt1rr2q94v&r=his |
| By: | Clubb, Louise |
| Keywords: | Arts and Humanities, University of California, Berkeley, 150 Years of Women, Comparative Literature |
| Date: | 2023–10–30 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt0qm983ws&r=his |
| By: | Praew Grittayaphong; Paulina Restrepo-Echavarria |
| Abstract: | The postwar system of fixed exchange rates forced many countries to impose capital/currency controls. Banks created a loophole with the eurodollar. |
| Keywords: | Bretton Woods; fixed exchange rates; eurodollar |
| Date: | 2022–01–20 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94068&r=his |
| By: | Matsudaira-Yee, Kristi |
| Keywords: | Arts and Humanities, University of California, Berkeley, 150 Years of Women, Leadership, sorority |
| Date: | 2023–10–30 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt0nd3775j&r=his |
| By: | Jose F. Ursua (Dodge & Cox); Alejandro Werner (Peterson Institute for International Economics) |
| Abstract: | COVID-19 led to the single largest year-over-year decline in Latin America's GDP per capita in more than 100 years. Although the region has endured several macroeconomic shocks before, mostly related to financial dislocations, none has been so deep and synchronized. The authors' analysis of the COVID-19 experience for the region and eight economies with available historical data reveals the extent of the damage. Through 2020, four economies suffered "rare disasters" (cumulative contractions by 10 percent or more): Argentina, Mexico, Peru, and Venezuela. Tragically, Venezuela's macroeconomic collapse matches the largest contraction registered by any country in modern history. In addition, Argentina, Brazil, Mexico, and Venezuela, together with the Latin America regional aggregate, are undergoing "lost decades" (prolonged periods of stagnation), which are unlikely to end soon. While Brazil, Chile, Colombia, and Uruguay did relatively better with COVID-19, they still suffered significant recessions, and their economic performance has lost steam compared with prior decades. Overall, COVID-19 will cast a long shadow in Latin America even as economic growth rebounds. The shock also offers opportunities for a reset, with the appropriate set of macroeconomic policies, advances on microeconomic reforms, and the strengthening of institutions. Whether this set of policies will materialize in the midst of challenging political contexts remains an open question. |
| Keywords: | Rare macroeconomic disasters, economic history of Latin America, COVID-19, lost decades, long-run growth |
| JEL: | F43 O47 N16 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp23-7&r=his |
| By: | Kashnitsky, Ilya (University of Southern Denmark); Callaway, Julia (University of Southern Denmark); Strozza, Cosmo (University of Southern Denmark) |
| Abstract: | This note examines the changes in the foreign-born populations of Denmark and Sweden from 1990 to 2019, using a visual representation of the proportion and composition of immigrants by country of origin. The dataviz clearly demonstrates how the diversity and size of the foreign-born populations have increased over time in both countries, and how some of the changes can be attributed to the major geopolitical and socio-economic events. It also identifies some curious patterns, such as the decline of the Finnish-born population in Sweden. The note provides a useful overview of the migration trends and dynamics in Denmark and Sweden. |
| Date: | 2023–10–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:8x5gs&r=his |
| By: | Ángel de la Fuente; Rafael Doménech |
| Abstract: | En este artículo se analiza la evolución de la renta, el empleo y otros agregados económicos en los países de la OCDE desde 1960 hasta 2022, constatándose la enorme heterogeneidad existente dentro de este grupo en términos de crecimiento durante las últimas seis décadas. Se presta especial atención a la presencia o ausencia de convergencia en renta per cápita entre países y a los determinantes inmediatos de sus niveles de esta variable, incluyendo la estructura por edades de la población, la tasa de ocupación y el nivel de productividad. En última instancia, esta última variable depende a su vez de la acumulación de capital físico, humano y tecnológico, y de la eficiencia con la que estos factores se utilizan, lo que depende de manera significativa de la calidad de las instituciones. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2023-09&r=his |
| By: | Angel De la Fuente; Rafael Doménech |
| Abstract: | En este Documento de Trabajo se analiza la evolución de la renta, el empleo y otros agregados económicos en los países de la OCDE desde 1960 hasta 2022, constatándose la enorme heterogeneidad existente dentro de este grupo en términos de crecimiento durante las últimas seis décadas. This Working Paper analyzes the trends in income, employment and other economic aggregates in OECD countries from 1960 to 2022, showing the enormous heterogeneity that exists in this group in terms of growth over the last six decades. |
| Keywords: | income, renta, Productivity, Productividad, GDP per capita, PIB per cápita, OECD, OCDE, Employment, Empleo, Global, Global, Global Economy, Economía Global, Working Paper, Documento de Trabajo |
| JEL: | O30 O40 O43 O50 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:bbv:wpaper:2308&r=his |
| By: | Zsófia L. Bárány; Moshe Buchinsky; Pauline Corblet |
| Abstract: | It is generally agreed upon that most individuals who acquire a college degree do so in their early 20s. Despite this consensus, we show that in the US from the 1930 birth cohort onwards a large fraction – around 20% – of college graduates obtained their degree after age 30. We explore the implications of this phenomenon. First, we show that these so-called late bloomers have significantly contributed to the narrowing of gender and racial gaps in the college share, despite the general widening of the racial gap. Second, late bloomers are responsible for more than half of the increase in the aggregate college share from 1960 onwards. Finally, we show that the returns to having a college degree vary depending on the age at graduation. Ignoring the existence of late bloomers therefore leads to a significant underestimation of the returns to college education for those finishing college in their early 20s. |
| JEL: | I20 I26 J30 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31874&r=his |
| By: | John Y. Campbell (Harvard University; NBER); Can Gao (University of St. Gallen; Swiss Finance Institute); Ian Martin (London School of Economics) |
| Abstract: | We introduce a new measure of a government’s fiscal position that exploits cointegrating relationships among fiscal variables and output. The measure is a loglinear combination of tax revenue, government spending and the market value of government debt that—unlike the debt-GDP ratio—is stationary in the US and the UK since World War II. Fiscal deterioration forecasts a long-run decline in spending rather than increased tax revenue or low returns for bondholders. Fiscal adjustment to tax and spending shocks occurs through mean-reversion in tax and spending growth, with a negligible contribution from debt returns. |
| Keywords: | Debt, deficits, primary surplus, stationarity, cointegration |
| JEL: | H62 H63 G12 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp23101&r=his |
| By: | Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria |
| Abstract: | In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a Passive Monetary-Active Fiscal regime (PM/AF) before the late 80s/early 90s; an Active Monetary-Passive Fiscal regime (AM/PF) with central bank independence and EMU convergence; a third regime with policy rates at the effective lower bound combined with fiscal active behavior to sustain the recovery. Our simulations reveal that the PM/AF regime in France led to price volatility and debt stabilisation, while the AM/PF regime resulted in disinflation and rising debt trajectory. Meanwhile, Italy’s procyclical fiscal policy in downturns contributed to persisting imbalances, high aggregate volatility, and low growth. JEL Classification: E63, E62, E32, E52, C32 |
| Keywords: | debt, euro area, inflation, Markov-switching, Monetary-fiscal policy mix |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20232871&r=his |
| By: | Stella, Jorge Luis |
| Abstract: | Shoshana Zuboff nació en 1951, estudió sociología y filosofía en la Universidad de Chicago, y obtuvo su doctorado en psicología social en la Universidad de Harvard. Se incorporó en 1981 como profesora emérita en la Harvard Business School y fue una de las primeras mujeres profesoras titulares de esa facultad. Como escritora publicó obras con temas sobre la revolución digital, la evolución del capitalismo, la emergencia histórica de la individualidad psicológica y las condiciones del desarrollo humano, para publicar en 2019 el libro que reseñamos aquí, cuya primera edición en español es de 2020, con 910 páginas, divididas en 18 capítulos, con 1.301 notas, citas bibliográficas, informes, encuestas y entrevistas principalmente a ingenieros y directores de empresas tecnológicas. |
| Keywords: | Revisiones Bibliográficas; |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3992&r=his |
| By: | Gallagher, Catherine |
| Keywords: | Arts and Humanities |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt1p3079w5&r=his |
| By: | Li, defu; Bental, Benjamin |
| Abstract: | The history of modern economic growth indicates that technical change is not only purely labor-augmenting, but also skill biased the 20th century. Although there are papers that have separately analyzed why technical change be purely labor-augmenting or skill biased, there is no paper analyzing why it may be both labor-augmenting and skill biased. This article develops a growth model with endogenous direction and bias of technical change, in which capital accumulation process considers investment adjustment costs, and firms can undertake capital-, skill labor- and unskilled labor-augmenting technological improvements. In the steady-state equilibrium, technical change can include all of them. However, according to the results of the model, when there is no investment adjustment cost (implying capital supply with infinite elasticity), in steady state, technical change will be purely labor-augmenting. If market size effect dominated prices effect in innovation and the relative supply of skilled labor increase continuously, then technological progress will be purely labor-augmenting and skill biased, which result that the skill premium continue to rise, while the economic growth first increases and then decreases in an inverted U-shaped change, and the labor share of income first decreases and then increases in a U-shaped change. |
| Keywords: | Endogenous direction of technical change, Skilled Labor Supply, Skill Premium, Economic Growth, Labor Share, U-shaped change, Inverted U-shaped change |
| JEL: | E13 E25 J21 J31 O15 O33 O41 |
| Date: | 2023–11–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119047&r=his |
| By: | Ajay Shah (xKDR Forum) |
| Abstract: | Indian finance went through a first phase of central planning (1947-1992) and a second phase (1992-2016) with conflicting themes of liberalisation and enhanced state control. In the first phase, the financial system was a handmaiden for state control of the economy, directing resources in harmony with the wishes of the government. State control was achieved through government ownership. In many areas, private financial firms are now important. The full ecosystem of modern finance, with information processing and risk-taking by private persons, blossomed in the equity market. For two decades there was a remarkable policy process that yielded gains in fields such as the equity market, pension reforms, bankruptcy code, etc. But alongside this there was the expansion of 'the administrativestate' in the form of financial regulators. Regulators engage in micromanagement of products and processes. While there is isomorphic mimicry with many things that look like a financial system, officials retain substantial control over how finance works. In a functional perspective, Indian finance today resembles the environment of the 1980s more than meets the eye. |
| JEL: | N25 N45 G38 O53 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:anf:wpaper:25&r=his |
| By: | Epstein, Sandra P. |
| Keywords: | Arts and Humanities, 150w, Berkeley campus, higher education, philanthropy, Phoebe Apperson Hearst, George Hearst, Hearst Mining Building |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt1gb890fc&r=his |
| By: | Carl White |
| Abstract: | While similar to a corporate board of directors, the Federal Reserve’s boards have some unique responsibilities as well as restrictions. |
| Keywords: | Federal Reserve Banks Boards of Directors |
| Date: | 2022–02–14 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94075&r=his |