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on Business, Economic and Financial History |
| By: | Cainelli, Giulio; Ciccarelli, Carlo; Ganau, Roberto |
| Abstract: | We study how changes in a country’s administrative hierarchy affect development at the city level. We exploit the 1806 Napoleonic administrative reform implemented in the Kingdom of Naples as a historical experiment to assess whether district capitals endowed with supra-municipal administrative functions gained an urban development premium compared with non-capital cities. We find that district capitals recorded a population growth premium throughout the nineteenth century (1828–1911) and experienced higher industrialization both before and after the Italian unification (1861) compared with non-capital cities. We explain our results through mechanisms related to public goods provision and transport network accessibility. |
| JEL: | N0 R14 J01 |
| Date: | 2025–12–23 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130883 |
| By: | Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We would like to show here how capitalism was fundamental in the structuring of the Cuban economy and society, but also how violent this influence was during the pre-revolutionary history of this country. Destruction of Amerindian societies and annihilation of the native populations, massive deportations and overexploitation of African slaves in sugar cultivation, misery of small farmers of Spanish origin and rural exodus, harsh living and working conditions of sugar proletarians, waves of emigration, bloody wars of independence, U.S. military occupations, ferocious repressions of popular revolts and succession of dictatorships, confinement in economic underdevelopment, political submission, social inequalities and cultural alienation, such was the fate that capitalism reserved for the people of Cuba before the victory of their Socialist Revolution. |
| Keywords: | pre-revolutionary period, neocolonialism, high finance, U.S. imperialism, mono-export specialization, sugar production, slavery, capitalism, Cuba |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-05432509 |
| By: | Niclas Griesshaber; Jochen Streb |
| Abstract: | We leverage multimodal large language models (LLMs) to construct a dataset of 306, 070 German patents (1877-1918) from 9, 562 archival image scans using our LLM-based pipeline powered by Gemini-2.5-Pro and Gemini-2.5-Flash-Lite. Our benchmarking exercise provides tentative evidence that multimodal LLMs can create higher quality datasets than our research assistants, while also being more than 795 times faster and 205 times cheaper in constructing the patent dataset from our image corpus. About 20 to 50 patent entries are embedded on each page, arranged in a double-column format and printed in Gothic and Roman fonts. The font and layout complexity of our primary source material suggests to us that multimodal LLMs are a paradigm shift in how datasets are constructed in economic history. We open-source our benchmarking and patent datasets as well as our LLM-based data pipeline, which can be easily adapted to other image corpora using LLM-assisted coding tools, lowering the barriers for less technical researchers. Finally, we explain the economics of deploying LLMs for historical dataset construction and conclude by speculating on the potential implications for the field of economic history. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.19675 |
| By: | Angel Alvarado (University of Pennsylvania); Ivan Luzardo-Luna (University of Pennsylvania) |
| Abstract: | This paper examines divergent economic trajectories in Latin America between the late nineteenth century and the first half of the twentieth century through the lens of informal empire, fiscal policy, and institutional development. We construct a country–commodity panel covering the period 1850–1950 to assess the impact of foreign corporations on commodity production in seven Latin American countries—Argentina, Chile, Colombia, Cuba, Peru, Uruguay, and Venezuela—that experienced economic take-off under an export-led growth model. We find evidence that foreign corporations promoted key commodity exports, although these results are contingent on the inclusion of Venezuela’s oil industry. We argue that Venezuela’s distinctive outcome reflects the interaction between a capital-intensive staple and a fiscal strategy that avoided debt-led growth during the 1920s, as oil revenues were used to reduce and repay external public debt. This choice allowed Venezuela to sustain informal empire arrangements through the Great Depression, in contrast to other large countries in the region. |
| Date: | 2026–05–01 |
| URL: | https://d.repec.org/n?u=RePEc:pen:papers:26-002 |
| By: | Husain, Tehreem |
| JEL: | N0 |
| Date: | 2024–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:121124 |
| By: | Claridge, Jordan; Delabastita, Vincent; Gibbs, Spike |
| Abstract: | This paper moves beyond the focus on ‘average’ wage trends in pre‐industrial economies by examining the broad diversity of pay rates and forms of remuneration across occupations and regions in medieval England. We find that whilst some workers enjoyed substantial growth in wage rates after the Black Death, there was a large group who experienced no real increases. We argue that wage inequality in post‐Black Death England reflects the uneven penetration of market forces across occupations and regions, with deep‐rooted customary structures continuing to shape remuneration. Its findings suggest that a more nuanced approach is essential for understanding the complexities and continuities of pre‐industrial labour dynamics. |
| Keywords: | wages; inequality; labour markets; medieval England |
| JEL: | J33 J42 N33 N53 |
| Date: | 2026–01–09 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130438 |
| By: | Gilles Paché (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Abstract: | From the French Connection to today's criminal networks, drug trafficking in France has undergone profound transformations, evolving from centralized, predictable structures to decentralized, technologically advanced organizations. This article examines these changes and highlights the need for a comprehensive approach that combines targeted law enforcement, social prevention programs, financial monitoring, and international cooperation. By reflecting on historical experience, policymakers and law enforcement agencies can better understand modern trafficking methods, anticipate the adaptability of criminal networks, and enhance the overall effectiveness of strategies aimed at reducing the social, economic, and security impacts of drug-related crime. |
| Keywords: | Drug trafficking, France, French Connection, History, Logistics |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05430974 |
| By: | Manuel Hensmans |
| Abstract: | The return of the state and intensifying great power rivalries have made grand strategy a central concern for corporations. Extending the concept of nonmarket strategy into the realm of international balance-of-power dynamics, this book analyzes sixty-five historical and contemporary cases of firms acting as strategic actors alongside states in global power competition. The book shows how corporations cultivate forms of smart power that complement and, at times, surpass those of the state, integrating corporate and grand strategic objectives. It identifies six archetypes of corporations as grand strategists: the exceptionalist, the techno-utopian, the statist, the semi-mercantilist, the stewardly, and the state-like corporation. Tracing their lineage to early modern empire-building and enduring through Cold War rivalries to today’s U.S.–China competition, these archetypes offer a framework linking corporate strategy to diverse hard and soft power industries, varieties of capitalism, state power, and strategic intent. |
| Keywords: | GRAND STRATEGY; GREAT POWER COMPETITION; SMART POWER; STRATEGIC INDUSTRIES; CORPORATIONS |
| Date: | 2026–03–13 |
| URL: | https://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/400422 |
| By: | Esther Arenas-Arroyo (Department of Economics, Vienna University of Economics and Business); Elisabeth Wurm (Department of Economics, Central European University.) |
| Abstract: | This paper examines the long-run effects of women’s economic rights on generations exposed to property and earnings acts during childhood. We find that childhood exposure to these reforms reduced the probability of marriage—particularly among women—and increased female labor force participation in adulthood. To explore potential mechanisms, we document several short-run effects among the adult generation contemporaneous to the reforms, including improved occupational standing, reduced fertility, lower child mortality, and increased schooling among children. Taken together, our findings suggest that expanding economic rights for women can shape outcomes across multiple generations, underscoring the enduring importance of legal and institutional reforms that promote women’s economic empowerment. |
| Keywords: | Women’s economic rights, Intergenerational mobility, Long-run effects |
| JEL: | D13 J12 J16 N31 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:wiw:wiwwuw:wuwp390 |
| By: | Michael Albertus (University of Chicago); Victor Gay (IAST - Institute for Advanced Study in Toulouse, TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Early modern European powers were beset by episodic unrest as they sought to consolidate authority and build empires. We examine how growing state communication networks and the penetration of society impacted unrest by combining original and detailed parish-level data from pre-revolutionary France on the expansion of the horse-post relay network with rebellion in this period. Using a staggered difference-in-differences framework, we find that new horse-post relays are associated with more local rebellion. We argue that the main mechanisms are the material consequences of state centralization. New horse-post relays are linked with more rebellion against state agents and associates—the military, police, tax collectors, and judiciary—that conscripted civilians, enforced taxes and laws, and increasingly monopolized roads. Pre-existing state and administrative fragmentation also affected this relationship. Our findings have implications for the scholarly understanding of the co-evolution of states and order. |
| Keywords: | Postal network, Western Europe, Social order, Rebellion, State-building |
| Date: | 2025–12–24 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04665580 |
| By: | Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Zhiming Long (THU - Tsinghua University [Beijing]) |
| Abstract: | We analyze how the French left led by F. Mitterrand and the Socialist Party failed to "change the lives" of the French. We describe the difficulties encountered by the "relaunch" policy of 1981 and the change of course carried out, first with the inflection to austerity in 1982-1983, accompanied by devaluations of the franc, then the turn to neoliberalism and financial markets in 1984-1985, with the emphasis placed on business recovery and European integration. This betrayal of the left's program, leading to social inequalities and "new poverty, " partly explains the return of the right to power as early as 1986. |
| Keywords: | European integration, economic rigor, currency devaluation, financial markets, reformism, socialism, capitalism, France |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-05432514 |
| By: | Talassino, Mauricio Rodrigo; Nicolini, Esteban; Aráoz, María Florencia |
| Abstract: | This paper has two main contributions. The first one is to present a new data set with 360 consistent local geographic units (CLGU henceforth) defined by matching the departments of each population census in Argentina between 1895 and 2022; this structure generates a traceable and transparent connection between the ways in which the information is presented in each census and, hence, it can be a crucial tool to combine information on socioeconomic dimensions across time. The second contribution is the estimation of local indicators of economic activity (LIEA henceforth) for Argentina for 1895 and 1960 and, using the 360 CLGUs, a completely novel exploration of spatialchanges of economic activity and local economic growth in Argentina in the first half of the twentieth century. |
| Keywords: | Regional inequalit; Regional growth; Argentina |
| JEL: | N1 N9 O4 R1 |
| Date: | 2026–01–09 |
| URL: | https://d.repec.org/n?u=RePEc:cte:whrepe:48819 |
| By: | Charles Yuji Horioka |
| Abstract: | The primary objective of this paper is to explore the determinants of the level of, and trends over time in, Japan’s household saving rate, with emphasis on the impact of the age structure of the population, and to make projections about future trends therein. The paper finds that Japan’s household saving rate has not always been high either absolutely or relative to other countries, contrary to popular belief, and that, if we confine ourselves to the postwar period, it was only during the 25-year period from 1961 to 1986 that it exceeded 15%. Past and future trends in Japan’s household saving rate can largely be explained by changes in the age structure of her population, but declines in the saving rate of retired elderly households is a more important explanation for the recent decline in the household saving rate. However, it is likely that other factors such as the unavailability of consumer credit, the unavailability of social safety nets, high rates of economic (income) growth, tax breaks for saving, saving promotion policies, and high and rising land and housing prices are also partial explanations for why Japan’s household saving rate was so high during the 1961-86 period and why it declined so much subsequently. As for future trends in Japan’s household saving rate, it is likely to fall even further though not necessarily at a rapid rate. |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:dpr:wpaper:1264r |
| By: | Markevich, Andrej M.; Santavirta, Torsten |
| Abstract: | During the Soviet Union's First Five-Year Plan, Western know-how and technology were extensively infused into industry through technical assistance agreements and work contracts with specialists and foreign companies. We study the causal effects of this purposeful state-led policy on labor productivity using the largest single recruitment effort of Western expertise, namely Karelian Technical Aid. This allows us to exploit exogenous variation in transfer of technology within one sector: the wood processing industry. Combining detailed individual-level data on over 5, 000 North American specialists with a novel panel of accounting data on the universe of Soviet enterprises in Karelia and the Northern Region during the interwar period, we document large and persistent causal productivity gains. Important drivers of successful technology absorption were local human capital and the absence of language barriers. |
| Keywords: | Industrial policy, Technology, Technical assistance, Soviet Union |
| JEL: | J24 N64 O14 O3 P2 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:bofitp:334521 |
| By: | Gillman, Max; Cevik, Emrah Ismail; Dibooglu, Sel |
| Abstract: | This paper examines the dynamic relationship between real oil prices and U.S. monetary policy instruments over more than fifty years. Using symmetric and asymmetric time-varying Granger predictability tests alongside time-varying local projections with stochastic volatility, the study assesses how U.S. monetary aggregates and interest rates predict real oil prices—and how oil prices, in turn, predict monetary variables. The results show that both narrow and broad monetary aggregates, as well as short- and long-term interest rates, Granger predict real oil prices to varying degrees since the 1970s, with notable differences between symmetric and asymmetric specifications. Predictability is bidirectional, yet oil price responses vary substantially over time. Local projections show that interest rates shock real oil prices with high magnitude during early conventional times, especially the 1973 and 1979 oil shocks plus some in the 1980s, but diminish markedly thereafter. In contrast, monetary aggregate shocks dominate in magnitude after 2008, as unconventional monetary policy became manifest. Money supply shocks strongly influence oil prices during the global financial crisis, the 2015–2019 normalization period, the COVID-19 episode, and the 2021–2023 inflation surge. Findings highlight historical time-varying asymmetry in how monetary policy interacts with oil markets, providing implications for policy. |
| Keywords: | real oil prices, time-varying Granger predictability, time-varying local projections with stochastic volatility, U.S. money supply aggregates, U.S. interest rates |
| JEL: | E43 E44 Q41 Q43 |
| Date: | 2025–12–23 |
| URL: | https://d.repec.org/n?u=RePEc:cvh:coecwp:2025/04 |
| By: | Sonia Bhalotra, Sonia (University of Warwick, CAGE, IFS, CEPR, RFBerlin, IZA, CESifo); Clarke, Damian (Universidad de Chile, University of Exeter, and IZA); Venkataramani, Atheendar (University of Pennsylvania and NBER) |
| Abstract: | We leverage the introduction of the first antibiotic therapies in 1937 to examine the long run effects of early childhood pneumonia on adult educational attainment, employment, income, and work-related disability. Using census data, we document large average gains on all outcomes, alongside substantial heterogeneity by race and gender. On average, Black men exhibit smaller schooling gains than white men but larger employment and earnings gains. Among Black men (and women), we identify a pronounced gradient in gains linked to systemic racial discrimination in the pre–Civil Rights era: individuals born in more discriminatory Jim Crow states realized much smaller gains than those born in less discriminatory states. There is no similar gradient among white Americans. Women of both races exhibit smaller education and earnings gains than men on average, consistent with cultural and institutional barriers to women’s work. Our findings highlight the role of opportunities in shaping the extent to which investments in early-life health translate into longer run economic gains. |
| Keywords: | early childhood; medical innovation; race; human capital production; education; income; disability; systemic discrimination; institutions; infectious disease; pneumonia; antibiotics; sulfa drugs JEL Classification: I10, I14, J71, H70 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:785 |
| By: | Esther Arenas-Arroyo (Department of Economics, Vienna University of Economics and Business) |
| Abstract: | This paper studies the impact of the home sewing machine on women’s work and intergenerational mobility—an innovation that enabled women to generate income from within the household. Marketed directly to women as a tool for both domestic use and paid work, it provides a unique setting to examine how household technologies reshaped labor markets and intergenerational outcomes. Exploiting the expansion of sewing machine sales agents, which generated geographic and temporal variation in access, I show that access to sewing machines increased demand for dressmakers, raised women’s employment in this occupation, and reduced reliance on child labor. In the long run, children exposed in early life attained higher literacy, formed smaller families, and experienced greater intergenerational mobility. These findings highlight the household as a crucial site of technological change, showing how domestic innovations could expand women’s opportunities and generate lasting gains across generations. |
| Keywords: | women’s work, home production, child labor, children |
| JEL: | J16 N31 J22 J24 J13 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:wiw:wiwwuw:wuwp389 |
| By: | Munt Juan Leandro; Parodi Salvador; Carrión Gonzalo; Bosch Miguel |
| Abstract: | This paper proposes a methodological reconstruction of contemporary economic mainstream, privileging structural continuity over rupture theses. From a Lakatosian approach, the transformations undergone by game theory, experimental economics, and behavioral economics are examined, interpreting them as coherent extensions of the neoclassical program. Within this framework, Ariel Rubinstein’s internal critique of the naturalistic view of economic theory is revisited, arguing that his perceptual stance—focused on the plausibility and representational value of models—offers more consistent grounds for sustaining the continuity of economic analysis. This methodological notion is articulated with Don Ross’s ontological defense of qualitative prediction, put forward in response to Alexander Rosenberg’s objections concerning the empirical entity of the discipline. The paper concludes with a reflection on the metaxioms that organize economic judgment, highlighting the internal coherence of the mainstream and its adaptive capacity. |
| JEL: | B21 B41 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:aep:anales:4822 |
| By: | Toporowski, Jan |
| Abstract: | This paper commemorates the 70th anniversary of Kalecki’s seminal lecture in Mexico on financing economic development. The first part outlines the theoretical model underlying Kalecki’s view of development financing. The second part summarizes the foundations of structuralist development economics in the Pre-bisch-Singer approach to international trade and importsubstitution development strategies. The third part examines the confrontation between Kalecki’s view of economic development strategy and the structuralist approach in the case of Cuba, highlighting the differences between both perspectives. The fourth part concludes with some reflections on today's relevance of structuralism and Kalecki’s view of economic development. |
| Keywords: | development financing; economic development; Kalecki; structuralism |
| JEL: | E11 E12 F14 O11 |
| Date: | 2026–01–05 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130979 |
| By: | Hübner, Niklas; Stahl, Nuan Susanne; Süß, Karolin |
| Abstract: | We examine the long-term health effects of peacetime conscription in the German Democratic Republic using a regression-discontinuity design that exploits the introduction of conscription in 1962 and resulting variation in conscription between birth cohorts. Conscription eligibility increases musculoskeletal hospitalizations later in life, consistent with descriptive evidence on overuse injuries during service, and raises sick leave during draft-eligible ages and after the German reunification. These effects are not explained by education or wages but partly by occupational sorting into physically demanding jobs. Our findings highlight lasting health burdens of military service and long-term consequences of physical strain and injury. |
| Abstract: | Wir untersuchen die langfristigen gesundheitlichen Folgen der Wehrpflicht in Friedenszeiten in der Deutschen Demokratischen Republik mithilfe eines Regression-Diskontinuitäts-Designs, das die Einführung der Wehrpflicht im Jahr 1962 und die daraus resultierende Variation in Einberufungswahrscheinlichkeiten zwischen Geburtskohorten nutzt. Die Ergebnisse zeigen, dass die Wehrpflicht langfristig zu einer Erhöhung der Krankenhausaufenthalte aufgrund muskuloskelettaler Erkrankungen führt, was sich mit deskriptiven Befunden zu Überlastungsschäden während des Wehrdienstes deckt. Zudem führt die Wehrpflicht zu einer Erhöhung der Krankheitstage während des wehrpflichtigen Alters und nach der deutschen Wiedervereinigung. Diese Effekte lassen sich nicht durch höhere Bildung oder Löhne erklären, sondern teilweise durch eine berufliche Selektion in körperlich belastende Tätigkeiten. Unsere Ergebnisse verdeutlichen die dauerhaften gesundheitlichen Belastungen durch den Militärdienst sowie die langfristigen Folgen von körperlicher Belastung und Verletzungen. |
| Keywords: | Conscription, Health, Authoritarian States |
| JEL: | H56 I18 J24 P36 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:rwirep:334530 |
| By: | Arenas Arroyo, Esther |
| Abstract: | This paper studies the impact of the home sewing machine on women’s work and intergenerational mobility—an innovation that enabled women to generate income from within the household. Marketed directly to women as a tool for both domestic use and paid work, it provides a unique setting to examine how household technologies reshaped labor markets and intergenerational outcomes. Exploiting the expansion of sewing machine sales agents, which generated geographic and temporal variation in access, I show that access to sewing machines increased demand for dressmakers, raised women’s employment in this occupation, and reduced reliance on child labor. In the long run, children exposed in early life attained higher literacy, formed smaller families, and experienced greater intergenerational mobility. These findings highlight the household as a crucial site of technological change, showing how domestic innovations could expand women’s opportunities and generate lasting gains across generations. |
| Keywords: | women's work; home production; child labor; children |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:wiw:wus005:80178076 |
| By: | Elias Julio Jorge; Elias Forzani Agustin |
| Abstract: | The agricultural sector in Argentina has undergone a profound transformation over the past fifty years, driven by a series of innovations aimed at enhancing productivity and quality. This paper focuses on the Province of Santa Fe, one of Argentina’s main agricultural regions, and examines how innovation unfolded through the case of Federico Trucco, CEO of Bioceres, and the institutional networks that supported this process, particularly the Argentine No-Till Farmers Association (AAPRESID). Drawing on David Galenson’s economic approach to creativity, which distinguishes between conceptual and experimental innovators, we analyze Trucco’s trajectory, his investment in human capital, and the innovations he has led, notably the development of HB4 technology, the first commercially available GMO wheat in the world. Our findings highlight the role innovators and, more broadly, the importance of entrepreneurial talent, risk-taking, and institutional networks in fostering agricultural transformation. The case of Santa Fe illustrates that even in a traditional sector like agriculture, innovation can thrive and position a region at the global frontier. |
| JEL: | O31 O32 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:aep:anales:4797 |
| By: | Katharina Bergant; Andrés Fernández; Ken Teoh; Martín Uribe |
| Abstract: | Employing large language models to analyze official documents, we construct a comprehensive record of daily changes in de jure restrictions on cross-border flows worldwide since the 1950s. Our analysis uncovers the wide array of instruments used to regulate cross-border financial flows and documents their evolving prevalence over the past seven decades. The fine granularity of the new measures allows us to characterize cross-country and time-series variation across eight categories of restrictions, further distinguishing by flow, direction, instrument type, and overall policy stance. We exploit the high frequency nature of the new data to document novel patterns in the use of these restrictions, as well as their relationship to crises, and political economy determinants. We validate our measures against established indicators of capital account regulation and show that our LLM-based classifications both replicate and substantially extend these benchmarks along multiple dimensions. Finally, we examine policymakers’ stated motivations for adopting these restrictions and account for the intensive margin of these policy actions. |
| JEL: | F32 F38 F41 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34615 |
| By: | Charles Yuji Horioka |
| Abstract: | This paper analyzes the impact of the age structure of the population on the household saving rate using time-series data for Japan for the 1955-2019 period. It finds that there is a cointegrating relationship between Japan’s household saving rate and her dependency ratio (the ratio of the dependent population to the working-age population) and that the latter has a negative and statistically significant impact on the former. This implies that the life-cycle model applies in the case of Japan, that trends over time in the age structure of Japan’s population can largely explain trends over time in Japan’s household saving rate, that the downward trend in Japan’s household saving rate since the mid-1970s can largely be explained by the aging of her population, and that further population aging will lead to further declines in Japan’s household saving rate, most likely into negative territory, in future years. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:dpr:wpaper:1301 |
| By: | Ayesh, Abubakr; Hisam, Kulsoom; Lorenz, Aaron |
| Abstract: | During the 1870s, the Canadian government’s Department of Indian Affairs (DIA) signed various treaties with the Indigenous communities. Functioning as contracts between the Canadian government and the Indigenous nations, the treaty clauses contain several other stipulations, including provisions for agriculture and livestock. Nations under some treaties negotiated a better “bargain” than the nations under other treaties. At the same time, the DIA created “barriers to entry and exit” by regulating any trade and transactions outside the reserve as well as through the Indian Act. While the former can be considered institutional changes across treaties, the latter signals the overall relative bargaining power. Using multiple sources of historical and spatial data, we try to understand the importance of “institutional differences” across treaties relative to the overall bargaining power of the Indigenous nations, by analyzing the long-term effect on economic development and technology adoption. Digitizing multiple sources of archival and spatial data, we show that treaty clauses which ensure food security enabled more modernized economic structures but the overall weak bargaining power of Indigenous nations meant that no robust and substantial economic gains were realized from better treaty “bargains”. |
| Keywords: | International Development |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea25:360987 |
| By: | Léo Czajka (EU Tax Observatory – Paris School of Economics); Amory Gethin (World Bank and Paris School of Economics – World Inequality Lab) |
| Abstract: | We study post-Apartheid inequality dynamics in South Africa using a new microdatabase that combines survey, tax, national accounts, and budget data from 1993 to 2019. Until 2005, pretax inequality rose, racial disparities widened, and redistribution stagnated. Thereafter, pretax inequality fell back toward its 1993 level, while major expansions in tax-and-transfer progressivity sharply reduced posttax inequality. Rapid growth of top Black incomes contributed to halving the White-to-Black pretax income ratio and shifted 20% of taxes from Whites to top Black earners. Despite reaching its lowest point in history in 2019, the racial gap remains extreme by international standards, even after redistribution. |
| Keywords: | Income Inequality, Taxation and Redistribution, Racial Inequality |
| JEL: | D31 H23 I32 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:dbp:wpaper:040 |
| By: | Artunç, Cihan; Saleh, Mohamed |
| Abstract: | We use a newly assembled dataset covering all Egyptian corporations, their founders, and political officeholders, to demonstrate the differential impact of political connections on firm performance across two distinctive political and economic contexts. Before Egypt’s independence in 1922, political connections reduced firm profitability, as connected firms were perceived to be aligned with the anti-colonial, nationalist movement, unsettling investors. After independence, connections improved firm outcomes by granting preferential access to incorporation and shielding connected companies from competition. These dynamics reflect the shift from a laissez-faire colonial regime to a nationalist industrial policy that selectively favored politically connected firms. |
| Keywords: | political connections; firm dynamics; colonialism; industrial policy |
| JEL: | F54 G38 N45 |
| Date: | 2026–03–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130454 |
| By: | Rosa Maria Marques (Pontifícia Universidade Católica de São Paulo); Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We examine the gap between the place assigned to the state in the thinking of Mises and Hayek and the policies applied by neoliberalism, i.e. its size and degree of indebtedness at a time when the economy is coming under the control of interest-bearing capital. We show that the ideas of these authors, notably on the relationship between state and society, but also in defense of meritocracy as a means of access to goods and services, were mobilized to justify the centrality of this capital and its expansion into areas hitherto managed by the state (Part I). Then we shall see that, contrary to the rhetoric, the facts indicate that the state continues to expand under neoliberalism, even if its field of activity is narrowing in social matters (Part II). |
| Abstract: | Nous examinons ici l'écart existant entre la place attribuée à l'État dans les pensées de von Mises et d'Hayek et les politiques appliquées par le néolibéralisme, c'est-à-dire sa taille et son endettement à une époque où l'économie passe sous contrôle du capital porteur d'intérêts. Nous montrons que les idées de ces auteurs, notamment sur les rapports entre l'État et la société, mais aussi en défense de la méritocratie comme moyen d'accès aux biens et services, ont été mobilisées pour justifier la centralité de ce capital et son expansion dans des domaines jusque-là gérés par l'État (Partie I). Puis nous verrons que, contrairement aux discours, les faits indiquent que l'État continue à se développer dans le néolibéralisme, même si son champ d'activités se rétrécit en matière sociale (Partie II). |
| Keywords: | (von) Mises, Hayek, State, neoliberalism, social policies, social security, État, néolibéralisme, Sécurité sociale, politiques sociales |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-05433084 |
| By: | Cooper Howes; Marc Dordal i Carreras; Olivier Coibion; Yuriy Gorodnichenko |
| Abstract: | We construct a new dataset of FOMC meeting transcripts from 1966 to 1990 to analyze the sources of heterogeneity in individual monetary policy preferences and study how this heterogeneity shapes policy decisions. Using these detailed discussions, we manually quantify and characterize each FOMC participants’ preferred policies along with their reasoning and justification. We show that participants' beliefs about the effects of monetary policy—specifically, their perceived slope of the Phillips Curve—play a central role. Participants who believe monetary policy has stronger effects on real activity are more likely to cite output as a justification for easing, while those perceiving stronger price effects emphasize inflation as a reason for tightening. We then show that the Chair plays a unique and powerful role in reconciling these views, not just in setting policy rates, but also in minimizing dissent. The latter occurs because dissenters find their ability to influence policy in subsequent meetings is significantly curtailed. |
| JEL: | E03 E4 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34632 |
| By: | Alberto José Figueras (UNC-CIECS) |
| Abstract: | Con ciertas prevenciones, no exentas de temores, tengo la audacia de escribir estas líneas polémicas, controversiales, contra la corriente más habitual en que nos movemos: la búsqueda del crecimiento sin más. Este artículo aborda la cuestión del crecimiento económico como una meta en sí misma, desde una perspectiva al estilo de los Clásicos, esto es desde la “filosofía social”. La noción de crecimiento económico ilimitado ha dominado el discurso económico y político durante décadas. Sin embargo, este trabajo sostiene que esta perspectiva es muy cuestionable y debería ser reexaminada. Keynes se preguntaba, desde una visión ética, que si el crecimiento es un medio para conseguir un fin ¿Cuál es éste? ¿Y cuánto crecimiento es bastante? Se cuestiona la relación entre crecimiento económico y “calidad de vida” (bienestar humano), y se exploran las consecuencias sociales y ambientales de un modelo de desarrollo basado en el crecimiento ilimitado. Se señala la distinción entre la escasez relativa de Ricardo, salvable por el sistema de precios, y la escasez de Malthus o escasez absoluta, insuperable vía los precios relativos por la sencilla razón de que la naturaleza es finita. ¿Estaremos frente a la gran “trampa del progreso”? A través de un análisis crítico de los costos presentes en el proceso de crecimiento, se argumenta a favor de un modelo económico alternativo que hace uso del concepto de "estado estacionario selectivo". Este modelo busca conciliar el progreso social con la preservación de los recursos, al limitar el crecimiento económico en ciertas áreas y promoverlo en otras. Se exploran las implicaciones de esta propuesta y se discuten algunos aspectos que se encuentran en la historia del pensamiento así como el cruce de miradas con otras disciplinas. Si bien, esto más que una propuesta representa una protesta y una exhortación a la cautela respecto al rumbo que estamos siguiendo actualmente. |
| Keywords: | Estado Estacionario; Decrecimiento; .Desarrollo Sostenible; Cambio Cultural |
| JEL: | A13 B59 O10 P16 Z13 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:aoz:wpaper:382 |
| By: | Schleyer, Christian |
| Abstract: | This paper examines two drastic changes in the performance of local water associations in providing local public goods – appropriate levels of water table – in the reclamation system in the Powiat Pyrzyce in the Voivodship Zachodniopomorski in northwest Poland. Employing an institutional economics approach shows the results of processes of revalorisation of the interrelated property objects land and reclamation infrastructure that have been triggered and shaped not only by the drastic political, economic and administrative changes after the breakdown of the socialist regime in Poland in 1990, but also by the prospect of joining the European Union and the proactive leadership of the director of the Powiat Department of Environmental Protection, Forestry and Agriculture. More precisely, both processes – the discontinuation (from 1990 onwards) and revival (from 2002 onwards) of the local water associations – were mainly determined by changing market conditions together with variances in the ability of state authorities to effectively control and facilitate these associations. Further, the delay in overcoming the period of collective inaction was fostered by the time-delayed and cumulative effects of neglecting the cleaning and the maintenance of secondary ditches. |
| Keywords: | Agricultural and Food Policy, Institutional and Behavioral Economics, Political Economy |
| URL: | https://d.repec.org/n?u=RePEc:ags:iamo10:90811 |
| By: | Kris Ivanovski; Russell Smyth; Xibin Zhang |
| Abstract: | We examine how human capital influences energy consumption in a panel of OECD nations in the long run. We make important contributions to understanding how education affects energy consumption. First, much of the existing research on how human capital affects energy consumption, employs time series or panel data which typically span a few decades. We utilise a newly assembled long-run panel spanning 150 years, disaggregated by primary, secondary, and tertiary levels, for a core set of OECD countries. This long panel enables us to capture how the human capital–energy relationship evolved through the industrial revolution, multiple energy transitions, and major global shocks. Second, most prior studies rely on parametric models that assume constant relationships over time. Such approaches yield average effects but fail to capture how the education–energy nexus shifts in response to changes in policies, technologies, and macroeconomic conditions. To overcome this limitation, we employ both a parametric and a semi-parametric estimator, which generates time-varying elasticities. Our parametric results highlight the heterogeneous effects of education, with primary and secondary schooling associated with higher energy consumption and tertiary education linked to lower energy consumption. Semi-parametric findings show that primary and secondary education contributed strongly to energy-intensive growth in the early stages of development, but their influence diminished as economies shifted toward services and improved efficiency, while tertiary education became increasingly connected with lower energy use in later decades. |
| Keywords: | human capital, energy consumption, instrument variables, time-varying panel data models |
| JEL: | I25 Q41 Q43 C26 C33 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:een:camaaa:2026-01 |
| By: | Lindsey Uniat |
| Abstract: | What is the contribution of changes in female labor supply to the decline of employment in routine jobs observed in the U.S. between 1970 and 2000? While typically attributed to changes in labor demand, the decline of routine employment has been larger for women than for men, as women moved out of routine clerical roles and into high-skill professions. This paper assesses the contribution of the Quiet Revolution—a concurrent shift in women’s life-cycle labor supply from intermittent to continuous—to the reallocation of aggregate employment from routine to abstract jobs over this period. The Quiet Revolution plausibly contributed to women’s movement out of routine and into abstract occupations because the latter feature stronger human capital dynamics, offering returns to continuous work. I develop and calibrate an equilibrium model of the labor market that incorporates both the Quiet Revolution and changes in production technology. Counterfactual analyses reveal that while the Quiet Revolution accounts for 12% to 22% of the drop in the aggregate routine employment share, technology is the dominant force in explaining changes in the overall distribution of employment. Nonetheless, the Quiet Revolution is essential for gender-specific trends: without it, women would neither have entered the labor force nor transitioned into abstract occupations to the extent observed. |
| JEL: | E24 J16 J21 J22 J24 O33 |
| Date: | 2026–01–09 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedfwp:102313 |
| By: | Anqi LI; Shiko MARUYAMA; Yangyang ZHANG |
| Abstract: | In 2016, China's Universal Two-Child Policy ended the decades-long One-Child Policy. Fertility rose through 2017 and then fell, fueling claims that the reform's effects were transitory. Using the China Family Panel Studies and province-year exemption histories since the 1980s, we reconstruct couple-year second-child eligibility and estimate its causal effect. Eligibility raises the second-birth probability by 7.1 percentage points, with effects persisting for at least a decade. Counterfactual simulations imply that relaxations lifted the TFR level but left its secular downward slope largely intact, highlighting the distinction between a temporary spike, an upward level shift, and a genuine reversal of decline. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:26001 |
| By: | Foltas, Alexander |
| Abstract: | This paper proposes a novel method to uncover shifting thematic priorities in textual business cycle reports and links them to macroeconomic fluctuations. To this end, I leverage qualitative business cycle forecasts published by leading German economic research institutes from 1970-2017 to estimate the proportions of latent topics. These topics are then aggregated into broader macroeconomic subjects using a supervised approach. By extracting the cyclical components of these subjects' proportions, I derive dynamic measures of forecasters' thematic priorities. Correlating the cyclic components with key macroeconomic indicators reveals consistent patterns across economic expansions and contractions. Around economic peaks, forecasters emphasize inflation-related over recession-related topics. I thus propose that forecasters' failure to predict recessions may stem from a tendency to underestimate growth risks and overestimate inflation risks during periods of contractionary monetary policy. Around troughs, forecasters prioritize investment-related topics over general growth considerations. |
| Abstract: | Diese Studie stellt eine neue Methode vor, um sich wandelnde thematische Prioritäten in textbasierten Konjunkturberichten aufzudecken und diese mit makroökonomischen Schwankungen zu verknüpfen. Zu diesem Zweck nutze ich qualitative Konjunkturprognosen führender deutscher Wirtschaftsforschungsinstitute aus den Jahren 1970 bis 2017, um die Anteile latenter Themen zu schätzen. Diese Themen werden anschließend mithilfe eines überwachten Verfahrens zu breiteren makroökonomischen Themenfeldern aggregiert. Durch die Extraktion der zyklischen Komponenten dieser Themenanteile leite ich dynamische Maße für die thematischen Prioritäten der Prognostiker ab. Die Korrelation der zyklischen Komponenten mit zentralen makroökonomischen Indikatoren zeigt konsistente Muster über Auf- und Abschwungphasen hinweg. Rund um Konjunkturhochs legen Prognostiker einen stärkeren Fokus auf inflations- als auf rezessionsbezogene Themen. Ich schlage daher vor, dass das Scheitern der Prognostiker bei der Vorhersage von Rezessionen auf eine tendenzielle Unterschätzung von Wachstums- und Überschätzung von Inflationsrisiken in Phasen restriktiver Geldpolitik zurückzuführen sein könnte. Rund um konjunkturelle Tiefpunkte priorisieren Prognostiker investitionsbezogene Themen gegenüber allgemeinen Wachstumsüberlegungen. |
| Keywords: | Macroeconomic forecasting, Evaluating forecasts, Recession forecasting, Topic Modeling, Natural language processing, Judgemental forecasting |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:hwwiwp:334495 |
| By: | Leslie, K. A. |
| Keywords: | Agricultural and Food Policy, Environmental Economics and Policy, International Relations/Trade |
| URL: | https://d.repec.org/n?u=RePEc:ags:carc66:263805 |
| By: | João Carlos Lopes; Vítor Escária |
| Abstract: | The main purpose of this paper is to analyse the evolution of the Portuguese productive structure between the end of the 1950s and 2020, based on the relationship between the productive sectors, i.e. the so-called intersectoral (or input-output) flows. Firstly, the history of the construction of Input-Output tables in Portugal is presented. Secondly, to analyse the evolution of the density of the industrial network over time based on quantitative indicators of the most relevant flows, all the tables are harmonized and made compatible (same number of sectors, as homogeneous as possible). Thirdly, the key sectors of the Portuguese economy are identified, using several indicators and fourthly, the evolution of “economic complexity” in Portugal between 1959 and 2020 is studied using two distinct input-output based quantitative measures. |
| Keywords: | Productive structure; Key sectors; Economic complexity; Input-output flows; Portugal |
| JEL: | C67 D57 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:ise:remwps:wp04012026 |
| By: | Ana Mar Bueno-Cardona (Universitat de Valencia) |
| Abstract: | En las ultimas decadas, la Union Europea ha experimentado dos procesos de integracion economica: uno internacional, relacionado con la globalizacion comercial y financiera, y otro europeo, con la consolidacion de las cuatro libertades europeas (libre circulación de mercancías, servicios, capitales y personas) y la creacion de una moneda unica, el euro. En este contexto, tambien se han producido dos perturbaciones relacionadas con ambos procesos de integracion: la incorporacion de China y Europa del Este al mercado mundial. Este articulo analiza como todos estos cambios, junto con otros fenomenos importantes como el cambio tecnologico, han condicionado la evolucion de la desigualdad de ingresos entre las personas. Para medir la desigualdad se han utilizado distintos indicadores a nivel ex ante y ex post, asi como tres principales fuentes: WID (World Inequality Database), LIS (Luxembourg Income Study) y SWIID (Standarized World Income Inequality Database). Mediante un ejercicio econometrico macroeconomico para 14 paises europeos entre 1986 y 2015, hemos constatado que el proceso de integracion entre ellos ha contribuido a reducir la desigualdad. Sin embargo, la incorporacion de los paises de Europa del Este se asocia con un aumento. Tambien hemos encontrado que la integracion con China y el cambio tecnologico son dos de los principales determinantes del aumento de la desigualdad, asi como el impacto limitado de los factores compensatorios. |
| Keywords: | Europa, Desigualdad, Integracion economica, Cambio tecnologico |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:bci:wpaper:2601 |
| By: | Ramsey, A. Ford; Ghosh, Sujit K. |
| Abstract: | Non-linear time series models are popular for the analysis of spatial market integration because they capture price behavior implied by the theory of arbitrage. Recent work considers fully flexible models based on linear combinations of unknown, smooth functions of the independent variables. We propose an alternative non-parametric approach using Bayesian additive regression trees (BART). BART represents the target function as a sum of many shallow regression trees, approximating complex, non-linear patterns without explicit specification of interactions. The BART-based model allows the speed of price adjustment to vary continuously with the size of the price differential, in contrast to models with a discrete number of thresholds, and avoids overfitting through Bayesian regularization. We demonstrate the approach in an application to trans-Atlantic wheat prices over the 19th century during what is widely acknowledged as the first era of globalization. The Anglo-American wheat trade was more highly integrated at the end of the century—supporting the Law of One Price—and certain markets were characterized by important non-linearities not adequately captured by threshold models. |
| Keywords: | Research Methods/Statistical Methods |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea25:361103 |
| By: | Andrea Prat; Fiona Scott Morton; Jacob Spitz |
| Abstract: | To investigate the emergence of a pro-wealthy bias in the US Supreme Court, we develop a protocol to identify and analyze all cases involving economic issues from 1953 to the present. We categorize the parties in these cases as “rich” or “poor” according to their likelihood of being wealthy. A vote is pro-rich if that outcome would directly shift resources to the party that is more likely to be wealthy. Using this dataset, we estimate case-specific intercepts, justice-specific latent ideal points, and party-level time trends using the Bayesian methods pioneered by Martin and Quinn (2002). In the 1950s, justices appointed by the two parties appear similar in their propensity to cast pro-rich votes. Over the sample period, we estimate a steady increase in polarization, culminating in an implied party gap of 47 percentage points by 2022. The magnitude of the gap suggests the usefulness of an economic metric for prediction relative to ideologies such as originalism or textualism. |
| JEL: | K0 K1 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34643 |
| By: | Fritsch, Michael; Greve, Maria; Wyrwich, Michael (University of Groningen) |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:gro:rugfeb:2025010-i&o |
| By: | Gómez Mónica |
| Abstract: | El presente trabajo tiene como objetivo analizar el desarrollo y la dinámica del sistema monetario argentino entre 1862 y 1872, período en el cual se configuró un régimen bimonetario caracterizado por la coexistencia de papel moneda inconvertible —emitido por el Banco de la Provincia de Buenos Aires— y metálico (oro) junto con billetes convertibles en metálico. Este sistema funcionó con relativa estabilidad hasta la irrupción de la crisis internacional de 1873. En cuanto a las fuentes utilizadas, se recurrió principalmente a las Actas de Sesiones del Congreso Nacional y a los Leyes y Decretos vinculados al Banco de la Provincia de Buenos Aires. Además, se incorporaron los Balances Generales del mismo banco y el Informe del Presidente del Crédito Público Nacional, elaborado por Pedro Agote, como materiales clave para el análisis cuantitativo. Los resultados de la investigación revelan que el régimen bimonetario vigente durante las presidencias de Bartolomé Mitre y Domingo Faustino Sarmiento transitó una senda de equilibrio monetario, sostenido por la dinámica del dinero metálico. Bajo las reglas implícitas del patrón oro, dicha estabilidad dependía críticamente de los flujos internacionales de capital. La crisis de 1873, al provocar una salida abrupta de capitales, interrumpió ese equilibrio y evidenció la fragilidad estructural del sistema. |
| JEL: | G1 N2 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:aep:anales:4807 |
| By: | Roldán, Nadia G. |
| Abstract: | El territorio de Chapadmalal, ubicado en el litoral bonaerense, ha atravesado una dinámica transformación desde principios del siglo XIX hasta la actualidad, producto de una serie de factores contextuales que ameritan su abordaje. En esta extensión de tierras, es posible identificar la presencia de asentamientos que dieron lugar al surgimiento de diferentes barrios que conforman esta localidad. A partir de un estudio exploratorio y descriptivo, en el cual se realizan entrevistas en profundidad a los habitantes de los barrios Playa Los Lobos y La Paloma, se propone conocer aquellos procesos que dieron lugar a nuevas configuraciones del territorio y si es que contribuyeron o no, a la construcción de identidades barriales. Como resultado del análisis realizado se reconoce que el origen, evolución y actualidad de ambos barrios es disímil, en función de ciertas transformaciones socioespaciales que se fueron generando; y, como consecuencia de ello, se observan identidades locales diferenciales. También se establecen similitudes que hacen a la caracterización general de los barrios en relación a la tranquilidad, la naturaleza y la diversidad de los habitantes que hoy lo habitan. Se espera que esta producción contribuya a la generación de conocimiento académico en relación a los barrios de Chapadmalal y a la comunidad que los habita, al ser considerados como actores sociales indispensables a la hora de pensar en el desarrollo de un turismo sustentable, y al mismo tiempo, comprender aquellos procesos territoriales que hacen a la historia local. |
| Keywords: | Transformaciones Territoriales; Identidad; Residentes; Chapadmalal; |
| Date: | 2025–12–23 |
| URL: | https://d.repec.org/n?u=RePEc:nmp:nuland:4447 |
| By: | Ottenheimer, William; Brady, Michael; Yoder, Jonathan; Rajagopalan, Kirti |
| Abstract: | Federally managed dams are designated specific purposes in the legislation associated with their construction. Dams constructed and managed by the U.S. Army Corp of Engineers are typically focused on transportation and flood control, although they can have multiple other purposes including water supply for agriculture, hydroelectric power generation, and recreation. These purposes are often competing and some of them were added post construction. The competition of mutually exclusive resource allocation endeavors creates conflicts which can escalate to claims against the federal government. This research assesses the development of federally managed water resource conflicts over the past 80 years through legal proceedings. A hazard regression and count data model regression test a hypothesis that an increase in the number of objectives managed for increases litigation risk for water management agencies. This research informs an implication of multi-objective environmental management in a time of increasing responsiveness to special interests. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea25:360753 |