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on Business, Economic and Financial History |
| By: | Jeffry Frieden (Harvard University); Richard S.Grossman (Department of Economics, Wesleyan University); Daniel Lowery (Harvard University) |
| Abstract: | We investigate how Reconstruction affected Black socio-economic advancement after the American Civil War. We use the location of federal troops and Freedmen’s Bureau offices to indicate more intensive federal enforcement of civil rights. We find that Black people made greater socio-economic advances where Reconstruction was more rigorously enforced, and that these effects persisted at least until the early twentieth century, although these advances were weaker in cotton-plantation zones. We suggest a mechanism leading from greater Black political power to higher local property taxes, through to higher levels of Black schooling and greater Black socio-economic achievement.. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:wes:weswpa:2025-009 |
| By: | Stephan Luck |
| Abstract: | Digital currencies have grown rapidly in recent years. In July 2025, Congress passed the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS) Act, establishing the first comprehensive federal framework governing the issuance of stablecoins. In this post, we place stablecoins in a historical perspective by comparing them to national bank notes, a form of privately issued money that circulated in the United States from 1863 through 1935. |
| Keywords: | digital currencies; stablecoins; national bank notes; economic history |
| JEL: | N21 N22 |
| Date: | 2025–10–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednls:101880 |
| By: | Ioan Achim Balaban (Venice School of Management, Università Ca' Foscari Venice); Valentina Fava (Venice School of Management, Università Ca' Foscari Venice) |
| Abstract: | This article examines the failures of FIAT to establish industrial cooperation in the automotive field with Romania in the early 1970s, drawing on the historical archives of the FIAT Group. The article argues that the failure of negotiations in 1973 to produce a FIAT model in communist Romania was related to the Romanian desire to export half of the production to Western Europe through FIAT's foreign distribution network. FIAT refused because it feared that the poor quality of the FIATs produced in Romania would damage the brand. The other reason for FIAT's refusal to partner with Bucharest was concern that a Romanian export deal would upset FIAT's car manufacturing agreements with Yugoslavia and Poland, as both countries would demand similar export deals. Given the experience of Renault and Citroën in Romania in the 1970s and 1980s, FIAT made the right decision to reject Bucharest's offer of a partnership through the establishment of a mixed-capital joint venture. For Romania, however, the failure of the negotiations with FIAT was a major blow to its emerging foreign economic policy based on partnerships with Western non-financial companies. The Romanian/Citroen deal was the result of the failed FIAT deal. |
| Keywords: | FIAT; Romania; car industry; Détente; Romania balance of payments; car exports |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:vnm:wpdman:219 |
| By: | Marcello D'Amato (University of Naples Suor Orsola Benincasa and CSEF.); Francesco Flaviano Russo (Università di Napoli Federico II and CSEF) |
| Abstract: | We explore the long-term economic and institutional consequences of an early exposure to a fundamental technological innovation in human history, pottery. Using a data set on radiocarbon-dated pottery discoveries, we show that regions that were ex-posed to pottery earlier have been subsequently characterized by higher historical population density and by an earlier development of complex political organizations. These results hold after controlling for the timing of the Neolithic transition, bio-geographic variables, and migratory distance from East Africa. We argue that the dual role of pottery, both as a cooking and fermentation tool that improved nutritional efficiency and as a storage technology that enabled surplus management, shifted Malthusian constraints and contributed to the emergence of social stratification, institutional complexity, and early state formation. Classification-JEL: O11; O33; O47; N00. |
| Keywords: | Neolithic; Pottery Antiquity; Population, State. |
| Date: | 2025–09–05 |
| URL: | https://d.repec.org/n?u=RePEc:sef:csefwp:759 |
| By: | Shipp, Leo |
| Abstract: | In November 1744, a series of riots broke out at Drury Lane theatre, forcing its proprietor, Charles Fleetwood, to sell his majority share of the theatrical patent. Theatre scholarship has long held that the riots were caused by Fleetwood's attempt to raise admission prices for old pantomimes, yet also, somewhat contradictorily, has maintained that admission prices definitively increased at London's patent theatres in the period around 1740. This article shows both points to be mistaken: prices did not rise in the period, and Fleetwood was forced out due to a range of grievances that had developed over the preceding decade. By revealing how pricing practices, Fleetwood's tenure, and the riots developed, this article provides new insights on a crucial period in London's theatre history (the 1730s–40s) and on the wider social and economic dynamics of Georgian theatregoing. |
| Keywords: | audience; Charles Fleetwood; commerce; Drury Lane; pantomime; prices; print culture; proprietor; riot; theatre |
| JEL: | L81 |
| Date: | 2024–12–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:129772 |
| By: | Alexsandros Cavgias (University of Ghent); Cristian Navarro (CEMFI, Centro de Estudios Monetarios y Financieros) |
| Abstract: | This paper provides the first causal test of the widely debated hypothesis that British colonial institutions promoted sexual prejudice—defined as negative attitudes toward sexual minorities—in postcolonial societies. We document five main findings. First, after accounting for differences in contemporary economic development, OLS estimates from a cross-country sample of former European colonies reveal that former British colonies exhibit higher sexual prejudice than those of other European powers. Second, Geo-RDD estimates show that former British colonies have significantly greater sexual prejudice than former Portuguese colonies in Southern and Eastern Africa, where local norms did not systematically condemn same-sex relations. Third, Geo-RDD estimates indicate that former British and French colonies display similar levels of sexual prejudice in Western Africa, where a higher share of the population adheres to religious norms condemning same-sex acts. Fourth, additional evidence from areas in South America and Southeast Asia not characterized by homophobic social norms before colonization reinforces the external validity of our findings from Southeastern Africa. Finally, mechanisms analysis suggests that the persistence of sodomy laws fully accounts for the negative association between British colonial origin and contemporary sexual prejudice across countries. Overall, our results indicate that British colonial origin notably increased sexual prejudice in societies with social norms different from the penal codes imposed by colonizers. |
| Keywords: | Sexual prejudice, British colonization, colonial institutions, sodomy laws. |
| JEL: | J15 J16 O10 O43 Z13 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:cmf:wpaper:wp2025_2514 |
| By: | Zoellick, Robert B. |
| Abstract: | This paper provides a sweeping historical overview of how geopolitics has shaped economic development and global institutions, culminating in a forward-looking analysis of challenges facing the world in 2025. The paper argues that understanding economic history and the political economy is essential for effective policy making, as geopolitics—encompassing power politics, geography, security, and ecology—fundamentally influences development economics. It traces the dynamic interplay between geopolitics and development across major historical periods: from the European Age of Discovery and the rise of nation-states, through the world wars and the Bretton Woods era, to the Cold War and the age of globalization. It highlights how crises and conflicts have repeatedly transformed global economic systems, spurring new ideas and institutions. Looking ahead, the paper identifies key trends for 2025—fragmented global governance amid ongoing globalization (migration, climate change, and debt), shifting security contexts with territorial disputes and nuclear risks, and the intersection of energy, climate, demographics, and migration with development—as it predicts increased economic nationalism and regionalization in finance and trade. The paper concludes by emphasizing the adaptive role of multilateral institutions like the World Bank and the International Monetary Fund, advocating for a holistic approach to development economics that integrates political and economic institutions, governance, and both macro and micro markets. |
| Date: | 2025–10–01 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:11225 |
| By: | Battiston, Diego; Maurer, Stephan; Potlogea, Andrei; Rodríguez Mora, José Vicente |
| Abstract: | The strong evidence in support of the Great Gatsby Curve (i.e. the negative cross-sectional relationship between intergenerational mobility and inequality) seems to be at odds with the fact that large increases in inequality in the US have not resulted in decreases in mobility. We tackle this puzzle by measuring, for the first time, a dynamic version of the "Great Gatsby Curve" that relates changes in inequality to changes in intergenerational income mobility. We find that across US counties and during the last century the relationship is weak and unstable over relatively short intervals of two decades, but negative and significant over a longer period of almost a century. The historical record suggests that if the large increase of inequality observed in the US does not reverse, this may result in substantially lower socioeconomic mobility in the long term, even if mobility has not decreased yet. |
| Keywords: | ntergenerational Mobility, Inequality, Great Gatsby Curve |
| JEL: | J62 N12 N52 R11 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cexwps:327983 |
| By: | Veronica Backer-Peral; Vitaly Meursault; Christopher Severen |
| Abstract: | Multimodal LLMs offer a watershed change for the digitization of historical tables, enabling low-cost processing centered on domain expertise rather than technical skills. We rigorously validate an LLM-based pipeline on a new panel of historical county-level vehicle registrations. This pipeline is estimated to be 100 times less expensive than outsourcing options, reduces critical parsing errors from 40% to 0.3%, and matches human-validated gold standard data with an R2 of 98.6%. Analyses of growth and persistence in vehicle adoption are statistically indistinguishable whether using LLM or gold standard data. LLM-based digitization unlocks complex historical tables, enabling new economic analyses and broader researcher participation. |
| Keywords: | OCR; Layout Parsing; Entity Linking; Multimodal LLM; Vehicle Adoption |
| JEL: | C80 N72 N32 R40 |
| Date: | 2025–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedpwp:101850 |
| By: | Sarah Ashwin (LSE - Department of Management - London School of Economics and Political Science - LSE - London School of Economics and Political Science); Rafael Gomez (University of Toronto); Patrice Laroche (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine) |
| Abstract: | David Marsden enriched and extended the field of employment relations with his interdisciplinary and comparative practice. This introduction to the special issue honouring his work examines the nature of David's contribution and analyses his influence on employment relations and adjacent fields. The article highlights David's original engagement with the social science questions of his day, and his comparative craft, which entailed sensitivity to difference and a commitment to grounded, institutionally embedded analysis. Previewing the articles that make up this special issue, this introduction shows how David's work provides signposts to a better world of work. |
| Keywords: | well-being, varieties of capitalism, interdisciplinarity, employment systems, embeddedness, comparative employment relations |
| Date: | 2025–09–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05294904 |
| By: | Leonardo D'Amico; Edward Glaeser; Joseph Gyourko; William Kerr; Giacomo A. M. Ponzetto |
| Abstract: | We document a Kuznets curve for construction productivity in 20th-century America. Homes built per construction worker remained stagnant between 1900 and 1940, boomed after World War II, and then plummeted after 1970. The productivity boom from 1940 to 1970 shows that nothing makes technological progress inherently impossible in construction. What stopped it? We present a model in which local land-use controls limit the size of building projects. This constraint reduces the equilibrium size of construction companies, reducing both scale economies and incentives to invest in innovation. Our model shows that, in a competitive industry, such inefficient reductions in firm size and technology investment are a distinctive consequence of restrictive project regulation, while classic regulatory barriers to entry increase firm size. The model is consistent with an extensive series of key facts about the nature of the construction sector. The post-1970 productivity decline coincides with increases in our best proxies for land-use regulation. The size of development projects is small today and has declined over time. The size of construction firms is also quite small, especially relative to other goods-producing firms, and smaller builders are less productive. Areas with stricter land use regulation have particularly small and unproductive construction establishments. Patenting activity in construction stagnated and diverged from other sectors. A back-of-the-envelope calculation indicates that, if half of the observed link between establishment size and productivity is causal, America’s residential construction firms would be approximately 60% more productive if their size distribution matched that of manufacturing. |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:upf:upfgen:1896 |
| By: | Daniele Girardi; Nicolas Grau; Roberto Veneziani; Naoki Yoshihara |
| Abstract: | This paper provides a novel axiomatic analysis of exploitation as the unequal exchange of labour, derives an empirical exploitation index at the individual level, and estimates its distribution in the US in 1975-2022. We show that, among possible definitions of exploitation, only one satisfies a small set of formally weak and normatively salient axioms. From this definition, we derive an individual-level exploitation intensity index which provides a new measure of well-being and inequality, complementary to existing ones and able to jointly take into account the distributions of income and work time. In US data, exploitation intensity provides additional information compared with standard income inequality measures and predicts important well-being and political outcomes. Inequality in exploitation increased more than income inequality since 1975. |
| JEL: | D63 D5 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:kch:wpaper:sdes-2025-4 |
| By: | John Y. Campbell; Carolin Pflueger; Luis M. Viceira |
| Abstract: | This paper documents that during the late 20th Century, nominal government bonds and stocks tended to comove positively, whereas during the first quarter of the 21st Century they have tended to comove negatively. A similar sign switch is observable for real government bonds and breakeven inflation rates. Recent macroeconomic events have caused short-lived changes in these comovements, and periods with high risk premia tend to be periods in which bond-stock comovements are large in absolute value. The paper surveys theoretical models of these phenomena. |
| JEL: | G1 G12 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34323 |
| By: | Fernando Broner; Alberto Martin; Josefin Meyer; Christoph Trebesch; Jiaxian Zhou Wu |
| Abstract: | This article explores the interplay between economic hegemony and political alignment. Using theoretical and empirical insights from Broner et al. (2024), we posit that hegemonic states, such as the U.S., foster political alignment, which enhances globalization. We use UN voting data to proxy for international alignment and show that hegemons induce alignment. This data has shortcomings, however. UN voting only covers the post-WWII period, refers to a narrow set of issues, and displays little time variation. As for military alliances, they were not widely used before the mid-20th century. We propose an alternative measure of alignment based on international treaties. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:upf:upfgen:1902 |
| By: | Martin Shanahan; Pierre van der Eng |
| Abstract: | Philips Australia established its manufacturing branch in Adelaide in 1946. At peak, its Hendon plant had 3, 500 employees and was one of many manufacturers that reshaped the city’s northwestern suburbs. Philips was enticed by the offer of relocation subsides, access to Commonwealth buildings, and State provision of affordable housing. The company’s approach to employee welfare included providing staff training and sporting and cultural amenities. The social impact of industrialisation and Philips’ presence lasted several decades but faded after the company left in 1980 and immigrant workers aged. It did, however, contribute to permanent social changes in Adelaide’s north-western suburbs. |
| Keywords: | manufacturing, corporate culture, industry policy, Adelaide, Philips Electronics |
| JEL: | N67 N87 N97 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:auu:hpaper:134 |
| By: | Rong Fu; Neeraj Kaushal; Felix Muchomba |
| Abstract: | We provide new evidence on earnings gaps between non-Hispanic White and three generations of Black workers in the United States during 1995-2024, using nationally representative data. Results reveal remarkable earnings advances among 2nd-generation Black immigrants, opposite to the well-documented widening in overall Black-White earnings gap. Among women, 2nd-generation Black workers have earnings higher than or equal to White women; among men, they earn 10% less at the median, but the gap vanishes at the top decile. The gap for 1st-generation Black men is shrinking, halving at the top decile; for 1st-generation Black women it shows initial widening then shrinking at the median. The native Black-White gap remains stubbornly high. Educational attainment largely drives 2nd-generation success, while residential patterns play a protective role for the 1st and 2nd generations. These findings provide critical data to set the record straight on the accomplishments of the highly successful and rising demography of Black immigrants and their US-born children. |
| JEL: | J0 J15 J3 J31 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34327 |
| By: | Pipke, David |
| Abstract: | Seminal evidence from Berger and Pope (2011) shows that teams slightly behind at halftime are more likely to win. A recent study by Klein Teeselink et al. (2023), however, suggests this finding is an artifact confined to the 1999–2009 NBA seasons. Using an independently assembled dataset of 546, 628 professional games, I revisit this question with a local regression-discontinuity design. I document that the “behind-at-halftime advantage” is not an artifact: it appears robustly in NBA/ABA play in the late 1960s–early 1970s and in non-U.S. leagues long after the original study. Its attenuation in the modern NBA coincides with strategic adjustments by leading teams, who appear to have learned to counter their opponents’ motivational surge. The results show that reference-dependent motivation is a robust phenomenon, but its expression in equilibrium depends on context and strategic adaptation by opponents. |
| Date: | 2025–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:vdpj6_v1 |
| By: | Andrew Foerster; Andreas Hornstein; Pierre-Daniel Sarte; Mark W. Watson |
| Abstract: | We explore the evolving significance of different production sectors within the U.S. economy since World War II and provide methods for estimating and forecasting these shifts. Using a compositional accounting approach, we find that the well-documented transition from goods to services is primarily driven by two compositional changes: 1) the rise of Intellectual Property Products (IPP) as an input producer, replacing Durable Goods almost one-for-one in terms of input shares in virtually all sectors; and 2) a shift in consumer spending from Nondurable Goods to Services. A structural model replicating these shifts reveals that the rise of IPP at the expense of Durable Goods is largely explained by increases in the efficiency of IPP inputs used in production: input-biased technical change. Trend variations in sectoral total factor productivity, and their attendant effects on relative prices and income, are the main driver of evolving consumption patterns. Both reduced-form and structural forecasts project these trends to continue over the next two decades, albeit at lower rates, indicating a slower pace of structural change. |
| JEL: | E17 E23 E27 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34338 |
| By: | Takuma Kunieda (School of Economics, Kwansei Gakuin University); Kei Kuwahara (Kunieda Laboratory in School of Economics, Kwansei Gakuin University) |
| Abstract: | This paper empirically examines collateral constraints in the Kiyotaki and Moore [1997. Credit cycles. Journal of Political Economy 105(2), 211-248] model using land price data from three major prefectures in Japan: Tokyo, Osaka, and Hyogo. After confirming the stationarity of land prices, we estimate their dynamic equations and show that they follow a second-order autoregressive (AR(2)) process, consistent with the presence of binding collateral constraints. We further apply the supremum Wald test and identify structural breaks at the onset of the early 1990s asset price bubble collapse. These results suggest that financial frictions played a critical role in shaping land price dynamics in Japan's regional economies. Overall, our findings demonstrate that the Kiyotaki-Moore framework provides a useful tool for capturing the dynamic behavior of financially constrained economies. By providing new regional evidence, this study contributes to the literature on macroeconomics and financial market imperfections. |
| Keywords: | Collateral Constraints, Financial Frictions, Land Price Dynamics, Kiyotaki-Moore Model, Credit Cycles, Regional Economies. |
| JEL: | G12 E32 E44 R30 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:kgu:wpaper:300 |
| By: | Gutmann, Jerg; Lewczuk-Czerwińska, Anna; Lewkowicz, Jacek; Voigt, Stefan |
| Abstract: | Constitutions as the formal foundation of a country's legal and political system have important economic and political effects. Yet, we still know little about why constitutions set effective constraints on politicians in some societies, while being largely disregarded in others. Here, we ask if national culture matters for constitutional compliance. We study a cross-section of 115 countries, making use of novel indicators of constitutional compliance. We find that societies with a more individualistic population exhibit higher levels of compliance. These results are robust and extend to instrumental variable estimations. They imply a novel transmission channel from cultural traits to long-term economic development: individualistic national culture increases the credibility of constitutional self-commitments. Our analysis also supports the more general idea that the effects of formal institutions depend on the informal institutional environment in which they are embedded. Regarding religion, our results are consistent with past research that attributes the lack of development in the modern Muslim world to deficient institutional quality. |
| Keywords: | Constitutional compliance, culture, individualism, Islam, long-term orientation, moral universalism, power distance, rule of law |
| JEL: | H11 K10 K42 P48 Z10 Z12 Z18 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ilewps:85 |
| By: | Luz Mary Pinzón; Xavier Freixas |
| Abstract: | This paper investigates the relationship between financial development and economic growth, using data from Spanish provinces during a period marked by significant financial events: banking deregulation (1988), a credit and housing boom (2001–2007), and a severe banking crisis (2008–2012). The study pursues three key objectives. First, it examines the impact of credit— distinct from the broader financial environment and institutional infrastructure (e.g., property rights enforcement, accounting standards)—on long-term real per capita GDP growth. Second, it analyzes whether this effect diminishes as the level of credit increases. Third, it evaluates the role of mortgage lending in shaping long-term growth. Our findings indicate that credit exerts a positive influence on both five- and ten-year cumulative growth rates, independent of the broader financial environment, which is largely homogeneous across provinces.At the same time, we observe that the marginal contribution of credit to long-term growth declines as credit levels rise.Despite this diminishing marginal effect, we find no evidence of a "too much of a good thing" effect as: higher credit-to-GDP ratios continue to exert a consistently positive impact. Finally, regarding mortgage credit, we do not find any positive effect of this variable on long-term growth. |
| Keywords: | banking deregulation, credit, economic growth, financial development |
| JEL: | O16 G21 E44 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:bge:wpaper:1512 |
| By: | Otaviano Canuto |
| Abstract: | The international monetary system has been dominated by the U.S. dollar since the Second World War. The hegemony of the greenback cut across the end of the dollar exchange standard established by the Bretton Woods Agreement, and came out from the global financial crisis—and the euro crisis—even stronger than before. The euro area and China are taking steps to strengthen the international role of their currencies, but surmounting the inner strength of the dollar-based monetary system cannot be taken for granted. This is visible in two aspects of the rising profiles of competitors to the dollar-based system: the growing use of local currencies in cross-border payments between China and other countries—particularly the BRICS— and the role played by the euro and the renminbi in cross-country financial safety nets. |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:rpaeco:pr07_25 |
| By: | Holger Görg, Toshihiro Okubo, Eric Strobl, Maximilian von Ehrlich |
| Abstract: | In this paper we use comprehensive historic firm level data for 1925 to 1938 to estimate productivity spillovers from Japanese textile companies’ affiliates in China (Zaikabo) to local cotton producers in China. We geo-localized firms in order to capture the important role of distance in facilitating productivity spillovers. Our results provide clear evidence for positive productivity spillovers from Zaikabo to local Chinese firms. This goes hand-in-hand with a change in production technology towards greater use of capital (spindles). We also find that spillovers are very localised, being strongest within a radius of up to 10km around the Zaikabo. Furthermore, evidence for spillovers is particularly strong for firms in Shanghai. Our paper is the first to provide evidence for such spillovers from foreign firms in a historical context. |
| JEL: | F23 N65 |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:ube:dpvwib:dp2506 |
| By: | Brendon Andrews (University of Alberta) |
| Abstract: | The homeopathic practice of diluting medications by factors of 100 raised to the power of 12, 30, or even higher is unscientific. Why might a healthcare provider choose to follow such a doctrine? This short article uses an economic model of provider behavior including altruism for patients to argue that both cost-reduction and well-meaning concern can explain the practice’s adoption in the early nineteenth century. Altruistic behavior consistent with high dilutions is predicted when undiluted treatment benefits are negative, even when homeopaths are overconfident and believe otherwise, and can reduce patient harm. Homeopathic practice choice is most attractive in this context to altruistic, steadily overconfident low-quality healthcare providers. Related modern treatment settings can be constructed which imply policy-relevant research directions. |
| Keywords: | Alternative Medicine; Altruism; Healthcare; Homeopathy; Provider Behavior |
| JEL: | I11 J44 N31 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:ris:albaec:021640 |