|
on Business, Economic and Financial History |
| By: | McLaughlin, Darragh; McLaughlin, Eoin; Kenny, Sean |
| Abstract: | The 1955-56 macroeconomic crisis is a central event in modern Irish history. Yet, despite this centrality, its causes are not clearly understood. In 1955-6, Ireland, which had previously followed British interest rates in lockstep as part of its fixed exchange with the latter, briefly experimented with independent monetary policy. Our contribution is twofold. First, we highlight how the Irish response was based on a misunderstanding of a run on Sterling in 1955. Second, we focus on a series of monetary shocks taking place from January 1955 to February 1956. We construct yields for Irish and UK public debt, as well as bank share indices at a daily frequency (1954-6), to test whether the shock was transmitted via financial markets. Employing an event study and testing for structural breaks, we explore the institutional framework through which the mechanisms of the crisis occurred. We find that expansionary monetary policy can only be maintained with sufficient reserves, merely postponing the inevitability of capital flight which is observed in the banking sector. |
| Keywords: | Monetary Policy, Monetary Union, Optimum Currency Area, Trilemma |
| JEL: | E42 E52 F45 N14 N24 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:qucehw:311196 |
| By: | David Escamilla-Guerrero (University of St Andrews [Scotland], IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics); Miko Lepistö (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Chris Minns (LSE - London School of Economics and Political Science) |
| Abstract: | This paper uses newly digitized Canada-Vermont border crossing records from the early twentieth century to document substantial differences in how female and male migrants sorted across US destination counties by earnings potential. Income maximization largely explains sorting patterns among men. For single women, gender-based labor market constraints were important, with locations offering more work opportunities attracting women with higher earnings capacity. Among married women, destination choices were much less influenced by labor market characteristics. These findings reveal how labor market constraints based on gender and marriage influence the allocation of migrant talent across destinations. |
| Keywords: | Migration, Sorting, Gender, Canada, United States |
| Date: | 2025–01–13 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04886097 |
| By: | Louadi, Mohamed (Institut Supérieur de Gestion) |
| Abstract: | In this paper we delve into the historical evolution of data as a fundamental element in communication and knowledge transmission. The paper traces the stages of knowledge dissemination from oral traditions to the digital era, highlighting the significance of languages and cultural diversity in this progression. It also explores the impact of digital technologies on memory, communication, and cultural preservation, emphasizing the need for promoting a culture of the digital (rather than a digital culture) in Africa and beyond. Additionally, it discusses the challenges and opportunities presented by data biases in AI development, underscoring the importance of creating diverse datasets for equitable representation. We advocate for investing in data as a crucial raw material for fostering digital literacy, economic development, and, above all, cultural preservation in the digital age. |
| Date: | 2024–03–07 |
| URL: | https://d.repec.org/n?u=RePEc:osf:africa:xqtcs_v1 |
| By: | Ilzetzki, Ethan |
| Abstract: | This paper investigates how an increase in military expenditures affects an economy. It is written in the context of rising geopolitical tensions that have spurred increased military spending in the United States, Europe, and other economic areas. It draws on a large literature in macroeconomics, public finance, defense and peace studies, economic history, and the study of productivity to evaluate the short- and long-run consequences of rearmament. |
| Keywords: | Military expenditures, Fiscal multipliers, Innovation, Growth, Short- and long-run consequences of rearmament, USA, Europe |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkrp:311212 |
| By: | Lake, David A; Wan, Yujia |
| Keywords: | Social and Behavioral Sciences |
| Date: | 2025–02–19 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:globco:qt2d01p1sf |
| By: | Marianna Belloc; Francesco Drago; Mattia Fochesato; Roberto Galbiati (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | By using hand-collected data on households' wealth assessments, we study multigenerational mobility in Florence during the late Middle Ages. We find that Florentine society was more mobile than one would expect but also that multigenerational mobility was lower than implied by two-generation estimates. We reconcile these findings by showing their consistency with a model where wealth transmission is governed by an unobserved latent factor. We also show that, given our estimates, this model is compatible with the long run persistence obtained by previous studies. Finally, we find that participation in marriage networks and politics correlates with persistence of economic status across generations. (JEL D31, G51, J12, J62, N33) |
| Keywords: | Wealth transmission social mobility multiple generations latent factors, Wealth transmission, social mobility, multiple generations, latent factors |
| Date: | 2024–04–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04799050 |
| By: | Maureen L. Cropper; Mengjia Hu; Yongjoon Park; Nicholas Z. Muller |
| Abstract: | A large literature uses nonattainment status under the U.S. Clean Air Act (CAA) to measure regulatory stringency and to instrument for air pollution in studies of the impact of the CAA on health and other endpoints. Since 1978 U.S. Environmental Protection Agency (EPA) has regulated ambient air quality at the county level; however, prior to 1978 nonattainment status was imposed on Air Quality Control Regions, contiguous counties that comprise an airshed. This is not the definition of nonattainment used in the literature. Using county-level data, we examine the impacts of EPA’s definition of nonattainment status for TSP, CO, ozone, and SO2 in 1972 on ambient air quality and manufacturing employment between 1969 and 1976 and EPA’s definition of nonattainment in 1978 on air quality and manufacturing employment between 1975 and 1988. Nonattainment status in 1972 had no significant impact on either ambient TSP or on the ratio of dirty manufacturing to total employment between 1969 and 1976. We do, however, find significant impacts on ambient TSP using 1978 nonattainment status, and significant impacts of TSP, CO, ozone and SO2 nonattainment in 1978 on the fraction of employment in dirty manufacturing industries from 1975 to 1988. We discuss the implications of these findings for EPA’s decision regarding the geographic level at which to regulate air pollution. |
| JEL: | Q52 Q53 Q58 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33412 |
| By: | González, Felipe (Queen Mary University of London); Prem, Mounu (Einaudi Institute for Economics and Finance) |
| Abstract: | Despite the adverse effects of economic crises, incumbents often retain significant electoral support. We attribute this resilience to the intensified political returns of transfers during crises. Our context is the largest infant nutrition program in the world, implemented by Salvador Allende and his left-wing coalition in Chile (1970-1973) as part of a large increase in spending that contributed to hyperinflation, scarcity of basic goods, and plummeting real wages. Using administrative data and surveys, we find that the delivery of three cups of milk per day to all preschoolers in the country lowered infant mortality and helped the left-wing government to remain electorally popular. We support the causal interpretation of results by exploiting a family planning program from the late 1960s, information campaigns targeting women, and voting in gender-segregated booths. Furthermore, novel measures of the local severity of the economic crisis reveal that transfers yielded greater political returns in areas hardest hit by economic hardship. Why did the crisis fail to translate into support for the opposition coalition? Survey evidence suggests that transfers swayed voters who perceived the crisis as unrelated to government policies. Overall, our findings demonstrate how direct transfers and heterogeneous perceptions of economic crises can sustain the electoral popularity of governments. |
| Keywords: | government support, transfers, crisis, hyperinflation, socialism |
| JEL: | H51 N35 N46 P35 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17661 |
| By: | Al Saqib Majumder, Abdullah |
| Abstract: | Mortality and economic consequences during the 1968 H3N2 Influenza pandemic provide plausible lower bounds for outcomes under the coronavirus (COVID-19). Data for the H3N2 pandemic mortality rate in the United States imply deaths of around 361, 000 when applied to current US population. We evaluate the 1968 H3N2 Influenza pandemic’s economic effects in the United States, using annual economic indicator data for the country from 1961-1990. Using excess mortality rate as a proxy for the severity of the pandemic and Vietnam war mortality rate as a proxy for the effects of war, we find that the pandemic is associated with decline in net exports while Vietnam war is associated with decline in unemployment, private consumption and total factor productivity. Our main findings highlight the different nature of war and pandemic and reveals economic mechanisms of pandemic diffusion. |
| Date: | 2024–11–09 |
| URL: | https://d.repec.org/n?u=RePEc:osf:thesis:n2kd9_v1 |
| By: | Mickael Melki (PSB - Paris School of Business - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université, NBER - National Bureau of Economic Research [New York] - NBER - The National Bureau of Economic Research); Hillel Rapoport (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique, LISER - Luxembourg Institute of Socio-Economic Research, CEPR - Center for Economic Policy Research); Enrico Spolaore (Tufts University [Medford], NBER - National Bureau of Economic Research [New York] - NBER - The National Bureau of Economic Research); Romain Wacziarg (UCLA Anderson School of Management, NBER - National Bureau of Economic Research [New York] - NBER - The National Bureau of Economic Research) |
| Abstract: | We argue that migrants played a significant role in the diffusion of the demographic transition from France to the rest of Europe in the late 19 th century. Employing novel data on French immigration from other European regions from 1850 to 1930, we find that higher immigration to France translated into lower fertility in the region of origin after a few decades -both in crossregion regressions for various periods, and in a panel setting with region fixed effects. These results are robust to the inclusion of a variety of controls, and across multiple specifications. We also find that immigrants who themselves became French citizens achieved lower fertility, particularly those who moved to French regions with the lowest fertility levels. We interpret these findings in terms of cultural remittances, consistently with insights from a theoretical framework where migrants act as vectors of cultural diffusion, spreading new information, social norms and preferences pertaining to modern fertility to their regions of origin. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04721328 |
| By: | Sylvie Chevrier (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel) |
| Abstract: | To deal with the omnipresence of otherness in today's culturally-complex world, Cross-Cultural Management (CCM) investigates the interrelations between culture and management. The most recent research denaturalizes culture to emphasize the construction of otherness as an instrument of power plays. Thus, it refutes the very possibility of vast national cultures, given the cultural diversity found in modern societies. This conceptual article revisits the notion of culture and provides a definition that makes it possible to grasp both what is inherited and what is created in ‘otherness'. It draws upon an interpretive approach to culture which, although still overlooked in English-language research on CCM, has for several decades been developed in France. The socalled Gestion & Société approach posits that the root causes of otherness lie in the diversity of culturally-shared major fears and ideal ways of living together to counteract them. This approach breaks new ground by emphasizing the inherited cultural references underlying the individuals' sense-making and by acknowledging the individual agency of the stakeholders who use these references to create new intercultural arrangements in cross-cultural encounters at work. A language metaphor is used to show how the inherited part of culture and the part that is created are articulated. Examples of empirical findings illustrate the benefits of this approach to overcome the critical effects of otherness. The value of its contribution to the understanding of otherness is assessed in comparison with other interpretive approaches, and avenues for future research are discussed. |
| Keywords: | otherness interpretive research cross-cultural management cultural diversity sensemaking national culture, otherness, interpretive research, cross-cultural management, cultural diversity, sensemaking, national culture |
| Date: | 2024–01–17 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04476565 |
| By: | Yu, Chen |
| Abstract: | "The Rise of Supermoney in World Politics" examines the escalating influence of an elite group of wealthy individuals, multinational corporations, and financial entities on the global political and economic landscape. This article traces the historical evolution of financial power, identifying key milestones that have led to the emergence of Supermoney - a term used to describe entities with significant financial resources and global influence. Through a comprehensive analysis, the article delineates the mechanisms through which Supermoney exerts influence, including financial investments, policy lobbying, philanthropic endeavors, and technological innovation. Looking ahead, the article discusses potential scenarios for the increasing influence of Supermoney, highlighting the role of regulation, international cooperation, and the opportunities and challenges this influence presents. The conclusion underscores the dual nature of Supermoney's rise, acknowledging its potential to contribute to global good while also cautioning against the risks of power concentration, economic disparities, and the undermining of democratic governance. |
| Date: | 2024–04–15 |
| URL: | https://d.repec.org/n?u=RePEc:osf:thesis:6nqtf_v1 |
| By: | Engelbert Stockhammer; Quirin Dammerer; Andreas Maschke |
| Abstract: | This paper charts the rise and decline of post-Keynesian economics (PKE) in Austria. Keynesianism arrives in Austria via economic policy debates in social democratic circles where it is used to develop a policy strategy later known as Austro-Keynesianism. PKE gets a foothold at the Wirtschaftsforschungsinstitut (WIFO), Austria’s foremost applied economics research institute, and the Chamber of Labour, before establishing itself at the University of Linz. Over the course of the 1980s and 1990s the centre of gravity shifts from Linz to the Wirtschaftsuniversität Wien (WU). During the same period, a lot of applied and policy-oriented research is carried out at WIFO, most of it in German. In the 2000s a blooming of heterodox economics occurs at WU, followed by a rapid dissolution of the heterodox community there. Since around 2010 mainstream economics has reasserted itself and PKE is no longer present at economics departments across Austria. Many of the current generation of post-Keynesian scholars either work abroad, in other disciplines, or in policy-oriented institutions. The main themes of Austrian PKE include income and wealth distribution, finance and financialisation, and ecological economics. In a comparative perspective, the intricate link between the post-Keynesian academic milieu and progressive economic policy is particularly interesting. |
| Keywords: | Keynesianism, post-Keynesian economics, Austro-Keynesianism, Austria, economic policy |
| JEL: | B20 B24 B51 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2503 |
| By: | Alexis SANDES; Tomoki SEKIGUCHI |
| Abstract: | Reported news on high-profile business-people engaging in unethical acts frequently headlines Latin American media. Local individuals agree that the Viveza, a Latin American indigenous phenomenon based on prioritizing individual benefits over the ethicality of the acts, promotes dishonest behaviors in the Latin American business environment. Despite its importance for Latin American Societies Despite its importance for individuals who want to conduct business in Latin America, there is a lack of empirical research about the Viveza phenomenon. Through 45 semi-structured interviews with native individuals from 20 Latin American countries who have lived in Japan in the past two years, this study aims to explore and map the Viveza construct and its consequences for Latin American individuals. This research reveals that the Viveza is an institutionalized behavioral pattern in Latin American societies that shapes local social norms, allowing individuals to justify unethical behaviors easily. Moreover, this research also reveals that Viveza significantly influences the daily social interactions between Latin American individuals and the Latin American business environment. This study contributes to the literature by establishing a common ground for a relevant factor in the studies of Latin American societies. In addition, this study provides useful insights for non-Latin American practitioners who engage in business in the Latin American region. |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:kue:epaper:e-24-008 |
| By: | Diab, Osama |
| Abstract: | By emphasising the role of historical contingency in determining the losers and winners of economic interaction, the article argues that barter terms of trade (BTT) evolution is key to understanding central phenomena of the modern capitalist era apart from Weberian and Sombartian culturalist interpretations. By examining BTT data between Egypt and Britain in the long 19th century, the article demonstrates how it was a rational choice by an independent economy to commit to a 'peripheral' comparative advantage as future value evolution could not have been predicted at the onset of such commitment. Relying on previously unpublished archival records, the article also explores the role of empire and political power in determining supply and demand and hence value evolution, challenging neoclassical assumptions about the central role of consumer choice in influencing supply, demand and commodity value. The article argues that the BTT evolution is key to understanding two central phenomena of the modern capitalist era away from Weberian- and Sombartian-style culturalist interpretations. First is the growing uneven development–known as the Great Divergence–between the 'core' and the 'periphery' of the global economic system, and second is the rise of anti-colonial sentiments and policies in the Global South. |
| Date: | 2023–06–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:africa:g69ed_v1 |
| By: | Raphaël Chiappini (BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Dominique Torre (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur); Elise Tosi (SKEMA Business School) |
| Abstract: | The Banque de France (BDF) conducted a mission to the National Bank of Romania (NBR) and the National Romanian Government between 1929 and 1933, acting as advisor to the Romanian monetary and financial authorities. It tooks place in complement to two loans provided in 1929 and 1931 respectively to stabilize the leu and to develop the Romanian economy. Despite a few months of relative stability, the mission was ultimately unsuccessful. After 4 years of cooperation, the Romanian authorities were obliged to restrict convertibility to defend the leu. The Romanian Government was also unable to follow French advice and finally defaulted. This episode has already been studied by Kenneth Mouré [2005], Philipp Cottrell [2003], the authors (Torre and Tosi [2010]), and Ileana Racianu [2012]. This paper contributes to the existing literature in two dimensions: (i) In addition to Banque de France archive documents in French, it draws on various sources in Romanian for the most part never previously explored; (ii) more importantly, it complements the strictly economic analysis of the episode by means of sources depicting the changes of views of intellectuals and politicians and the evolution of the international situation in Central Europe during the period. With this increased distance from the studied events and access to hitherto unavailable source material, this opens up new insights into how France was able to prolong this sterile cooperation phase beyond all reasonable consideration. |
| Abstract: | La Banque de France (BDF) a effectué une mission auprès de la Banque Nationale de Roumanie (BNR) et du gouvernement roumain entre 1929 et 1933 pour conseiller les autorités monétaires et financières. Cette mission s'est inscrite en complément à deux prêts accordés respectivement en 1929 et 1931 à l'État roumain pour stabiliser le leu et développer l'économie. Malgré quelques mois de relative stabilité, la mission s'est soldée par un échec. Après 4 ans de coopération chaotique, les autorités monétaires ont été obligées de restreindre la convertibilité pour défendre le leu. Le gouvernement roumain n'a pas non plus été en mesure de suivre les conseils de la France et a finalement fait défaut. Cet épisode a déjà été analysé par Kenneth Mouré [2005], Philipp Cottrell [2003], les auteurs (Torre and Tosi [2010]), et Ileana Racianu [2012]. Cet article incrémente ces analyses dans deux directions : (i) il associe à l'exploitation de documents d'archives de la Banque de France diverses sources inexploitées, en roumain pour la plupart ; (ii) de façon plus fondamentale, il complète l'analyse strictement économique de l'épisode étudié par un examen des changements d'opinion des intellectuels et des politiques, mais aussi de l'évolution de la situation internationale en Europe centrale pendant la période. Ces éléments permettent de mieux comprendre comment la France a pu prolonger plus que de raison cette phase de coopération stérile. |
| Keywords: | Money Doctors, Nominal stabilization, Central Banks cooperation, National Bank of Romania, Agrarianism, Little entente |
| Date: | 2024–05–13 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04593471 |
| By: | Eric Chyn; Robert Collinson; Danielle H. Sandler |
| Abstract: | This paper studies the effects of the largest residential racial desegregation initiative in U.S. history, the Gautreaux Assisted Housing Program. From the late 1970s to the 1990s, Gautreaux moved thousands of Black families into predominantly white neighborhoods to support racial and economic integration. We link historical program records to administrative data and use plausibly exogenous variation in neighborhood placements to study how desegregating moves impact children in the long-run. Being placed in the predominantly white neighborhoods targeted by the program significantly increases children’s future lifetime earnings and wealth. These moves also increase the likelihood of marriage and particularly raise the probability of being married to a white spouse. Moreover, placements through Gautreaux impact neighborhood choices in adulthood. Those placed in predominantly white neighborhoods during childhood live in more racially diverse areas with higher rates of upward mobility nearly 40 years later. |
| JEL: | H00 I30 J01 R38 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33427 |
| By: | Andrew Garin |
| Abstract: | Place-based industrial interventions—policies that promote production and investment in specific regions—are often proposed with the intent of improving economic conditions for residents, particularly "left-behind" workers in distressed local labor markets. This chapter discusses the theoretical rationale for the use of industrial interventions to achieve distributional goals and evidence about their effectiveness to that end. I use government-funded plant construction during World War II (WWII) in the United States as a focal case study, which I then compare and contrast to other industrial interventions studied in the literature. While government plant construction during WWII drove an expansion of high-wage semi-skilled jobs open to local residents, which in turn fueled an increase in upward mobility among local residents, the evidence from more recent interventions suggests that modern plant sitings often fail to yield similar benefits to local workers. The implementation details of industrial interventions matter crucially for their incidence on local workers. Interventions that generate opportunities for up-skilling and occupational advancement accessible to target populations appear to be most likely to generate meaningful distributional benefits. I argue that while core production goals during WWII happened to inherently align with the promotion of upward mobility, such alignment is not guaranteed in general and may be the exception rather than the rule in modern contexts. |
| JEL: | H54 J31 J62 N61 O25 R11 R53 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33418 |
| By: | Federle, Jonathan-Julian; Rohner, Dominic; Schularick, Moritz |
| Abstract: | Economic resources are often seen as decisive for the outcomes of military conflicts. This paper asks whether "deeper pockets" help win wars. We construct a fine-grained dataset covering more than 700 interstate disputes and rely on exogenous resource price shocks to estimate the causal effect of windfall gains on winning chances in interstate conflicts. We find a statistically significant and quantitatively large impact of windfall gains on winning odds and show that a key channel of transmission is a surge in military spending, after an exogenous increase in government revenues. |
| Keywords: | Interstate disputes, International wars, Commodity prices, Conflict outcomes, Military expenditures |
| JEL: | D74 F51 H56 N40 Q02 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkwp:310329 |
| By: | Jérôme Blanc (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Our current monetary system displays major flaws as to whether it can support the ecological turn. This article stylises them as bank credit, a-territoriality and non-specialisation of money, and commensurability. Yet, the variety of experiences of alternative currencies displays remarkable features like territorialisation, socio-economic specialisation of money, a practical criticism of commensurability and non-bank funding and financing schemes. Considering those features seriously, and making them part of monetary systems, require adapting the existing monetary infrastructure by creating specific circuits through the establishment of boundaries. |
| Keywords: | Ecological turn, monetary infrastructure, territorialisation, alternative currencies |
| Date: | 2024–03–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04513773 |
| By: | Dorian Jullien (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Alexandre Truc (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur) |
| Abstract: | Existing histories of behavioral and experimental economics (BE-XP) are mostly focused on the intellectual and institutional developments of these approaches in the United States of America -and to a lesser extent in Germany. While a seminal contribution to these approaches was produced in the early 1950s in France by Maurice Allais, the literature is rather silent on how BE-XP developed subsequently in France. We propose to fill this gap by comparing the history of BE-XP in France to international trends previously identified in the literature. We show that after an ambivalent influence of the work of Allais ( 1953) on BE-XP in France during the 1980s, that influence rapidly faded. BE-XP in France then largely follows international trends. We nevertheless identify some heterogeneity across the French territory and the development of at least two national specificities on the measurement of utility and the modeling of social preferences. |
| Keywords: | Scientometrics, Behavioral economics, Experimental economics, History of economics |
| Date: | 2024–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04810987 |
| By: | Resuf Ahmed; Paul Brimble; Akhila Kovvuri; Alessandro Saia; Dean Yang |
| Abstract: | This study examines the long-term social and political impacts of mass media exposure to religious content in India. We study the impact of "Ramayan, " the massively popular adaptation of the Hindu epic televised in 1987-88. To identify causal effects, we conduct difference-in-difference analyses and exploit variation in TV signal strength driven by location of TV transmitters and topographical features inhibiting electromagnetic TV signal propagation. We find that areas with higher exposure to Ramayan (higher TV signal strength when the show aired) experienced significant cultural and political changes. First, we document a strengthening of religious identity among Hindus: parents in these areas became more likely to give their newborn sons traditionally Hindu names, and households showed increased adherence to orthodox Hindu dietary practices. In the short term, this cultural shift led to an increase in Hindu-Muslim communal violence through 1992. Over the longer term, through 2000, the Hindu nationalist Bharatiya Janata Party (BJP) became more likely to win state assembly elections. Analyses of changes in local TV signal strength in India over decades indicate that these effects are not due to general access to TV but are due to exposure to the Ramayan TV show in 1987-1988. Our findings reveal that media portrayal of religious narratives can have lasting effects on cultural identity, intergroup violence, and electoral outcomes. |
| JEL: | D72 L82 Z12 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33417 |
| By: | Antonela Miho (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Alexandra Jarotschkin (World Bank - World Bank); Ekaterina Zhuravskaya (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We study horizontal between-group cultural transmission using Stalin's ethnic deportations as a historical experiment. Over 2 million Soviet citizens, mostly Germans and Chechens, were forcibly relocated from the western to eastern parts of the USSR during WWII solely based on ethnicity. As a result, the native population of the deportation destinations was exogenously exposed to groups with drastically different gender norms and behavior. We combine historical and contemporary data to document that present-day gender equality in labor force participation, business leadership, and fertility as well as pro-gender-equality attitudes are higher among local native population of deportation destinations with a larger presence of Protestant compared to Muslim deportees. The effects are stronger for culturally closer groups and when adopting deportee norms is less costly. The results cannot be explained by selection, vertical cultural transmission, or deportee impact on the local economy. The evidence strongly suggests that gender norms diffused horizontally from deportees to the local population through imitation and learning. |
| Keywords: | Horizontal cultural transmission, Gender norms, Deportations Stalin |
| Date: | 2023–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04316054 |
| By: | Mohr, Cathrin; Trebesch, Christoph |
| Abstract: | We review the literature on geoeconomics, defined as the field of study that links economics and geopolitics (power rivalry). We describe what geoeconomics is and which questions it addresses, focusing on five main subfields. First, the use of geoeconomic policy tools such as sanctions and embargoes. Second, the geopolitics of international trade, especially work on coercion and fragmentation. Third, research on the geopolitics of international finance, which focuses on currency dominance and state-directed capital flows. Fourth, the literature on geopolitical risk and its spillovers to the domestic economy, e.g. on investments, credit, and inflation. Fifth, the economics of war, in particular research on trade and war and on military production. As geopolitical tensions grow, we expect the field to grow substantially in the coming years. |
| Keywords: | Geoeconomics, geopolitics, political economy, power, trade, international finance, war, sanctions, coercion |
| JEL: | F01 P45 D74 H56 N40 F1 F2 F3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkwp:310330 |
| By: | Tom Raster (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Labor scarcity is the main hypothesized determinant of labor coercion (Domar, 1970), however, its effects are theoretically ambiguous and remain empirically untested. This paper provides the first causal estimate of the effect of labor scarcity on labor coercion. I obtain quasi-exogenous variation in labor scarcity from immense spatial dispersion in deaths from three plagues in the Baltics (1605-6, 1657, 1710-2), which I show is uncorrelated to a host of local, pre-plague characteristics. To measure the intensity of labor coercion, I hand-collect thousands of serf labor contracts in Estonia, which capture the work obligations of serfs. I find that labor scarcity substantially increases coercion à la Domar (1970). Investigating mechanisms, I find that this effect is enhanced by the lack of outside options and increased labor monopsony power, in line with theoretical models. Investigating the consequences of (labor-scarcity instrumented) coercion, I find negative effects on education and increased migration. Taken together, these findings highlight the conditions under which labor scarcity raises coercion and provide suggestive evidence of why it does not in other cases (e.g., in Western Europe following the Black Death). |
| Keywords: | Labor coercion, Pandemics, Plague, Domar, Outside options |
| Date: | 2023–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04423717 |
| By: | Claude Didry (CMH - Centre Maurice Halbwachs - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - Département de Sciences sociales ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres) |
| Abstract: | Beyond an economic determinism associating industrial structures (or "Fordism") to collective bargaining, EC/SC envisage Industrial Relations (IR) from the concrete coordinations of employees starting at the workplace level, as a normative expression of their collectivities. It has analyzed firstly IR as "investments in form", that can be used as reference enabling people to find their way in labor conventions. IR are not the result of a pure spontaneous mobilization of the workers' collectivity, but their dynamic is based on legal definitions of the collective agreements, the procedure of negotiation and their actors (employees-employers), by which it refers to legislation as a state production expressing conventions of the state. The sociohistorical emergence of labor law and employment explains a radical modernization of IR evidenced by the French case at the beginning of the XXth century. IR have followed paths specific to different states influencing each other in a "histoire croisée", leading sometimes to transnational negotiated legislations as in the 1990s EU. The current developments of IR during the neoliberal period witness an open-ended process articulating new issues, such as employment in the face of intense restructuring, and reactivating mobilization on wages issues in a context of inflation. |
| Keywords: | Workplace Worlds of Production Industrial Relations Employment Contract Subcontracting Cause Strike Collective Bargain Investments in form Qualifications Unions, Workplace, Worlds of Production, Industrial Relations, Employment Contract, Subcontracting, Cause, Strike, Collective Bargain, Investments in form, Qualifications, Unions |
| Date: | 2024–10–10 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04748305 |
| By: | Ulrich Glogowsky (Johannes Kepler University Linz); Emanuel Hansen (Ludwig-Maximilians-Universität in Munich); Dominik Sachs (University of St. Gallen); Holger Lüthen (German Federal Ministry for Economic Affairs and Climate Action) |
| Abstract: | Using German administrative data from the 1960s onward, this paper (i) examines the long-term evolution of child-related gender inequality in earnings and (ii) assesses the impact of family policies on this inequality. Our first (methodological) contribution is a decomposition approach that separates changes in child-related inequality into three components: the share of mothers, child penalties, and potential earnings of mothers (absent children). Our second contribution is a comprehensive analysis of child-related gender inequality in Germany. We derive three sets of findings. First, child penalties (i.e., the share of potential earnings mothers lose due to children) have increased strongly over the last decades. Mothers who had their first child in the 1960s faced much smaller penalties than those who gave birth in the 2000s. Second, the fraction of overall gender inequality in earnings attributed to children rose from 14% to 64% over our sample period. We show that this trend resulted not only from growing child penalties but also from rising potential earnings of mothers. Intuitively, in later decades, mothers had more income to lose from child-related career breaks. Third, we show that parental leave expansions between 1979 and 1992 amplified child penalties and explain nearly a third of the increase in child-related gender inequality. By contrast, a parental benefit reform in 2007 mitigated further increases. |
| Keywords: | child penalties; family policy; gender earnings gap; |
| JEL: | H31 J13 J22 |
| Date: | 2025–02–13 |
| URL: | https://d.repec.org/n?u=RePEc:rco:dpaper:527 |
| By: | Quoc-Anh Do (Monash university); Roberto Galbiati (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Benjamin Marx (BU - Boston University [Boston]); Miguel A Ortiz Serrano (Centro Universitario de Estudios Financieros (CUNEF) - Centro Universitario de Estudios Financieros (CUNEF)) |
| Abstract: | We study the stock market performance of firms with Jewish board members during the "Dreyfus Affair" in 19th century France. In a context of widespread latent antisemitism, initial accusations made against the Jewish officer Alfred Dreyfus led to short-lived abnormal negative returns for Jewish-connected firms. However, investors betting on these firms earned higher returns during the period corresponding to Dreyfus' rehabilitation, starting with the publication of the famous op-ed J'Accuse! in 1898. Our conceptual framework illustrates how diminishing antisemitic biases among investors might plausibly explain these effects. Our paper provides novel insights on how antisemitism can increase and decrease over short periods of time at the highest socio-economic levels in response to certain events, which in turn can affect firm value in financial markets. |
| Keywords: | JEL classification: J15 J71 N23 G14 Antisemitism Financial markets Discrimination |
| Date: | 2024–04 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04799081 |
| By: | Ekaterina Zhuravskaya (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sergei Guriev (Institut d'Études Politiques [IEP] - Paris); Andrei Markevich (New Economic School) |
| Abstract: | This survey discusses recent developments in the growing literature on the Russian economic history of the 19th and 20th centuries. Using novel data and modern empirical methods, this research generates new insights and provides important lessons for development economics and political economy. We organize the discussion around four strands of this literature. First, we summarize and put in comparative perspective research on the long-term trends in economic development and living standards, which shows that throughout history Russia significantly underperformed advanced economies. We also compile reliable quantifications of the human cost of Stalin's dictatorship. Second, we discuss new studies of imperial Russia that partially confirm Gerschenkron's classic conjecture on the institutional explanation for Russia's relatively low level of economic development and on the causes of the revolution. The third strand of the literature focuses on the Soviet period and explains its slowdown over time and the eventual collapse of the system by the command economy's inability to provide incentives to individual agents. The fourth strand documents the long-term economic, social, and political consequences of large-scale historical experiments that took place during both the imperial and the Soviet periods. We conclude by discussing the lessons from these four strands of the literature and highlight open questions for future research. |
| Date: | 2023–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04316019 |
| By: | Gustave Kenedi (LSE - London School of Economics and Political Science); Louis Sirugue (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INED - Institut national d'études démographiques, IC Migrations - Institut Convergences Migrations [Aubervilliers]) |
| Abstract: | To what extent are individuals' incomes related to those of their parents? This question is important to assess equality of opportunity within a society. This paper examines intergenerational income mobility in France, focusing on children born in the 1970s. Unlike existing work for France, the authors measure income at household level, providing a more accurate account of socio-economic positioning than individual income. |
| Date: | 2023–10 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04563025 |
| By: | Bernard Gazier (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This text aims at identifying and discussing the content and present meaning of Blaise Pascal's contribution to the understanding of justice in economic matters: which inequalities in terms of wealth, status and power are acceptable or not in a country or a community? Such a project faces a difficulty and a paradox. The difficulty is that economics as a separate discipline does not exist in Pascal's times; the paradox lies in the fact that while Pascal was politically conservative, his heirs in the XXth century converge in a strongly critical stance against capitalism and established order. Our analysis proceeds in three steps. In the first step, we briefly situate Pascal's approach in its historical context, by comparing it to the views of other authors of his time who are considered as forerunners of political economy. In this second, we discuss the content of the legacy as identified and used in the XXth century, by comparing Pascal's statements on justice to the conceptions of his heirs, in order to pinpoint convergences and divergences. The last step adopts an epistemologic and genealogic stance. We take into consideration the long-term changes in knowledge modalities leading to the "human sciences" and among them to "positive" and "normative" economics, in order to set and discuss the meaning of the references to Blaise Pascal in contemporary debates on economic and social justice. |
| Abstract: | Cette contribution a pour objet le contenu et l'actualité des apports de Blaise Pascal à la compréhension de la justice économique : quelles inégalités de richesse, de statuts et de pouvoirs sont admissibles ou non dans un pays, une communauté ? Elle affronte une difficulté et un paradoxe : d'une part l'économie en tant que discipline n'existe pas à l'époque de Pascal, et d'autre part l'orientation conservatrice de Pascal contraste avec celle de sa postérité au XXe siècle, rassemblant des auteurs qui convergent sur la critique du capitalisme et de l'ordre établi. Nous procéderons en trois étapes. La première situe historiquement la démarche de Pascal sur la justice, en la confrontant brièvement aux conceptions d'auteurs de son époque formulant les prémices de l'économie politique. La seconde étape interroge directement les contenus des filiations revendiquées au XXe siècle, en confrontant les énoncés de Pascal sur la justice à ceux de ses successeurs, pour établir les éventuelles convergences et divergences. La troisième étape esquisse une mise en perspective épistémologique et généalogique. Elle introduit les mutations successives des savoirs donnant lieu au déploiement des " sciences humaines " et parmi elles l'économie positive et normative, afin d'inscrire et de questionner le sens des références à Pascal dans les débats contemporains sur la justice économique et sociale. |
| Keywords: | Blaise Pascal, social justice, normative economics, justice sociale, économie normative |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04526422 |
| By: | Luc Marco; Gregory Heem (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur) |
| Abstract: | AVERTISSEMENT LIMINAIRE *Ce livre est la réédition d'une brochure parue chez Pigier en 1902 et réimprimée en 1914. Les recherches sur l'auteur ont été menées par Grégory Heem et Luc Marco à l'occasion de travaux destinés à des congrès comptables ou des colloques universitaires. Les lecteurs qui trouveraient des erreurs ou des omissions sont invités à les signaler sur le site de notre institut : ihpm.hypotheses.org.Chaque ouvrage est placé sous les auspices d'un symbole graphique fort : pour celui-ci ce sera le gouvernail d'un navire, placé à la fin de chaque chapitre ou annexe. Le mot gouvernail date du début du douzième siècle, à partir du latin gubernaculum (timon, gouvernail), du verbe gubernare (gouverner). Or d'où vient la gestion des entreprises et la comptabilité qui lui est associée sinon du gouvernement des institutions marchandes ? Dans le dictionnaire Littré de 1877, on trouve les références suivantes, qui peuvent nous donner des pistes de réflexion :-« Durant cette tempête, n'a-t-il pas (le cardinal de Richelieu) tenu le gouvernail d'une main et la boussole de l'autre ? » Voltaire. -« Dieu tient le clou du gouvernail, pour tourner leurs efforts à exécuter ses jugements. » Calvin. |
| Keywords: | Expert accountant, Chartered Accountant, Accounting history, Comptabilité, Expertise comptable, Expert-comptable, Profession comptables, La Moissoneuse, Tonkin, Savigny, Pigier, Comptable, Histoire - 20e siècle, Histoire comptable, Histoire de la profession comptable, Histoire de la comptabilité |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04817451 |
| By: | Guillaume Bazot (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis); Eric Monnet (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CEPR - Center for Economic Policy Research); Matthias Morys (University of York [York, UK]) |
| Abstract: | We study how central banks have used their balance sheet to absorb international monetary shocks since the late 19th century, thereby regaining some monetary policy autonomy in a context of financial openness. If the uncovered interest rate parity does not hold, an increase in the leading international interest rate may push up domestic interest rates in both fixed and floating exchange rate regimes. Central banks can partially insulate domestic short-term interest rates from this increase by expanding domestic assets. With a fixed exchange rate, this is in addition to the sterilization of foreign exchange interventions. Accounting for the response of central bank balance sheets to an exogenous international shock sheds light on some puzzling behavior of interest rates and exchange rates across international monetary regimes in history. This study is based on a new monthly dataset of central bank balance sheets, macroeconomic, and financial variables for 23 countries since 1891. |
| Keywords: | Trilemma, Central bank balance sheets, International monetary system, Dilemma, Global financial cycle, Foreign exchange interventions trilemma |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04778323 |
| By: | Denis Cogneau (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, IRD - Institut de recherche pour le Développement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, DIAL - Développement, institutions et analyses de long terme); Yannick Dupraz (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique, DIAL - Développement, institutions et analyses de long terme, IRD - Institut de recherche pour le Développement); Elise Huillery (IRD - Institut de recherche pour le Développement, LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique, DIAL - Développement, institutions et analyses de long terme); Sandrine Mesplé-Somps (IRD - Institut de recherche pour le Développement, LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique, DIAL - Développement, institutions et analyses de long terme) |
| Abstract: | How much did France pay for its colonial empire? Did colonies benefit from large transfers from French taxpayers and private investors, or were they on the contrary drained of their capital? So far, Jacques Marseille (1984) was the only attempt to investigate these questions, by deducting from the structural trade deficit of the French colonies that they were a heavy financial burden for France. We collect novel budgetary and loan data from archives and compute public monetary flows between France and the colonies between 1833 and 1962. We also provide figures of colonial private investment through the Paris Stock Exchange. Public expenditure spent by France on the empire only represented 1.3% of its GDP, of which four fifths were in the military. The persistent trade balance deficits of French colonies did not correspond to large public or private capital transfers, as they were in fact counterbalanced by military expenditure from the Metropole. Once accounting for this, the colonial drain of the French empire is comparable to British India. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04598604 |
| By: | Alvaredo, Facundo; Berman, Yonatan; Morelli, Salvatore |
| Abstract: | This paper examines the estimation of the distribution of wealth using estates left at death. We establish formal conditions for implementing a simplified version of the classic estate multiplier method, relying solely on minimal information about estates and mortality. These conditions are empirically validated, and the simplified approach is applied to produce new long-run top wealth share series for Belgium, Japan, and South Africa, where estate data have previously been underutilized. This method holds potential for expanding the range of countries and years in which wealth concentration can be estimated, especially where estate data exist but the standard method with heterogeneous multipliers is inapplicable. |
| Keywords: | mortality rates; public economics; wealth inequality; estate tax |
| JEL: | D30 H20 |
| Date: | 2025–02–05 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127181 |
| By: | Antoni Estevadeordal (GU - Georgetown University [Washington], Institut Barcelona d’Estudis Internacionals); Gaston Nievas (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We study the determinants of international cooperation and its effect on trade. We rely on a unique database of 31, 982 International Cooperation Agreements (ICAs) signed between 1945-2022 by 193 countries. Estimating bilateral gravity equations, we find that trade follows the flag: ICAs increase bilateral exports by around 1-3%, with stronger effects for South-South relations. We address potential endogeneity through panel approach and an instrumental variable that exploits the network structure of international relations. Further, using LPM we find that gravity forces explain country pairs entering an ICA. Importantly, we find that ICAs serve as stepping stones towards Regional Trade Agreements, confirming a previous step in Balassa (1961) theory of economic integration. Our results shed new light on the international relations-trade nexus and contribute to the current debate on friendshoring. |
| Keywords: | International cooperation agreements, International trade flows, Regional trade agreements, Gravity equation |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04721902 |
| By: | Ngcetane-Vika, Thelela Dr (Wits University, Johannesburg, South Africa); Thusi, Nisi; Costa, King (Global Centre for Academic Research) |
| Abstract: | Queen Nonesi of abaThembu was one of the outstanding women leaders from amongst the Xhosa people during the difficult days of the colonial epoch. She led her people with bravery and fortitude, during those turbulent times. She was also able to save her people from losing their land more than once, through her negotiation and diplomatic skills. She died in 1880 at the age of 65 after leading her people for almost 40 years. Thus, a juxtaposition of the current narrative on women leadership against the portrayal of her life history and leadership acumen, tenacity and intentionality warrants the foregoing research question: Can Queen Nonesi be celebrated as a champion of women leadership by contemporary African women as they seek to assert their God-given right to lead? Using a narrative synthesis hinged upon Ubuntu philosophy, this piece is the first of a sequel that focusses on Southern Women Leaders and their impact on contemporary leadership strategies. This study holds several significant implications. Firstly, it aims to shed light on the historical contributions of women leaders from the Xhosa people, challenging the dominant narrative that often overlooks or marginalizes their roles. By highlighting Queen Nonesi's achievements, the study seeks to foster a greater appreciation for the leadership capabilities of African women. Secondly, the study seeks to inspire contemporary African women who are striving to assert their right to lead. By examining Queen Nonesi's leadership qualities and strategies, the research aims to provide valuable insights and lessons that can inform and empower women leaders today. Lastly, the study's utilization of Ubuntu philosophy as a guiding framework offers a unique perspective on leadership. By emphasizing the communal aspects of leadership and the interconnectedness of individuals, the research aims to promote a more inclusive and collaborative approach to leadership in contemporary African contexts. |
| Date: | 2023–10–24 |
| URL: | https://d.repec.org/n?u=RePEc:osf:africa:th7ps_v1 |
| By: | Nitin Kumar Bharti (New York University [Abu Dhabi] - NYU - NYU System, WIL - World Inequality Lab); Lucas Chancel (Institut d'Études Politiques [IEP] - Paris, Harvard Kennedy School - Harvard Kennedy School, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Thomas Piketty (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Anmol Somanchi (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab) |
| Abstract: | We combine national income accounts, wealth aggregates, tax tabulations, rich lists, and surveys on income, consumption, and wealth in a consistent framework to present long run homogeneous series of income and wealth inequality in India. Our estimates suggest that inequality declined post-independence till the early 1980s, after which it began rising and has skyrocketed since the early 2000s. Trends of top income and wealth shares track each other over the entire period of our study. Between 2014-15 and 2022-23, the rise of top-end inequality has been particularly pronounced in terms of wealth concentration. By 2022-23, top 1% income and wealth shares (22.6% and 40.1%) are at their highest historical levels and India's top 1% income share is among the very highest in the world. In line with earlier work, we find suggestive evidence that the Indian income tax system might be regressive when viewed from the lens of net wealth. We emphasize that the quality of economic data in India is notably poor and has seen a decline recently. It is therefore likely that our results represent a lower bound to actual inequality levels. We call for improved access to official data and greater transparency to enhance the study of inequality and enable evidence-based public debates. |
| Keywords: | India, Income inequality, Wealth inequality, Top shares |
| Date: | 2024–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04563836 |
| By: | Simon Bittmann (SAGE - Sociétés, acteurs, gouvernement en Europe - ENGEES - École Nationale du Génie de l'Eau et de l'Environnement de Strasbourg - UNISTRA - Université de Strasbourg - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sebastian García Cornejo (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | In this paper, we provide an estimate of "colonial returns" in the French Empire, using a case study on Indochinese rubber plantations between 1910 and 1945. While French colonial capitalism is often distinguished from British and Dutch cases as purely mercantilist and speculative, we show that capital investments and profits were sustained and long-lasting for a number of firms in this context. Relying on an exhaustive list of listed and non-listed companies, along with capital stock, equity prices, surfaces, tonnage, and labor usage, we explain how rubber became, in less than three decades, the colony's primary crop in export value. In doing so, this paper makes three contributions to the economic history of late colonialism. First, we provide a comparison to recent studies of "colonial returns" in South East Asia: as a late-comer to the industry, Indochina benefited from innovations implemented elsewhere, and remained insulated from global limitations on production during the 1920s and 1930s, along with a rise in the global demand. Second, we show that the main driver of capital flows was a new iteration of the concession regime -the mise en valeur -, which provided firms a lenient access to land and unfree, contract labor in exchange for strict equity and cultivation clauses. As a result, Indochinese plantations had much larger surfaces than elsewhere and a more limited share of smallholder production, but also experienced less speculation than in other parts of the Empire. Third, we show that much of the gains happened after 1935, following a massive support from the French government during the Great Depression and a shift of exports from France to the U.S. These gains persisted well into the war, following a wave of concentration at the benefit of a small number of firms; pointing to the long, postcolonial legacies of colonial capital. |
| Keywords: | Finance, Colonialism, Indochina, Profits, French history |
| Date: | 2025–01–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:hal-04866671 |
| By: | Gustave Kenedi (Institut d'Études Politiques [IEP] - Paris); Louis Sirugue (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We provide new estimates of intergenerational income mobility in France for children born in the 1970s using rich administrative data. Since parents' incomes are not observed, we employ a two-sample two-stage least squares estimation. We show, using the Panel Study of Income Dynamics, that this method slightly underestimates rank-based measures of intergenerational persistence. Our results suggest France is characterized by a strong persistence relative to other developed countries. 9.7% of children born to parents in the bottom 20% reach the top 20% in adulthood, four times less than children from the top 20%. We uncover substantial spatial variations in intergenerational mobility across departments, and a positive relationship between geographic mobility and intergenerational upward mobility. The expected income rank of individuals from the bottom of the parent income distribution who moved towards high-income departments is around the same as the expected income rank of individuals from the 75 th percentile who stayed in their childhood department. |
| Keywords: | Intergenerational mobility, Geographic mobility, Spatial variations |
| Date: | 2023–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04423899 |
| By: | Margherita Bove; Patricia Justino |
| Abstract: | This paper examines the state and evolution of the rule of law in Mozambique, focusing on key dimensions such as voice and political participation, judicial independence and accessibility, corruption, access to basic services, personal security, and property rights. Drawing on Afrobarometer surveys, voting data, and conflict records, the paper offer insights into the perceptions and experiences of Mozambican citizens. |
| Keywords: | Rule of law, Trust, Institutions, Mozambique |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:unu:wpaper:wp-2025-1 |
| By: | Denis Cogneau (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, IRD - Institut de Recherche pour le Développement); Zhexun Mo (Stone Center on Socio-Economic Inequality, WIL - World Inequality Lab) |
| Abstract: | We examine the enforcement of two pillars of colonial rule in French West Africa, military conscription and head tax collection, using novel district-level data from 1919 to 1949. Colonial states are often characterized as either omnipotent Leviathans or administration on the cheap. Our findings reveal their notable coerciveness in achieving key objectives. Military recruitment targets were consistently met, even amid individual avoidance and poor health conditions, by drawing on a pool of eligible fit young men. Tax compliance was similarly high, with approximately 80% of the liable population meeting obligations. Spikes in head tax rates significantly increased tax-related protests, likely prompting caution among colonial administrators. The tax burden was adjusted according to perceived district affluence, and tax moderation was applied in times of crisis. However, local shocks such as droughts or cash crop price collapses were largely ignored. These results underscore the capacity of colonial states to enforce their authority despite limited policy responsiveness, offering new insights into the political economy of colonial governance. |
| Keywords: | Colonialism, State Capacity, Taxation, Compliance, Conflict, Military Conscription, West Africa, French Colonial Empire |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04823289 |
| By: | Victor Degorce; Éric Monnet |
| Abstract: | New data covering 23 countries reveal that banking crises of the Great Depression coincided with a sharp international increase in deposits at savings institutions and life insurance. Deposits fled from commercial banks to alternative forms of savings. This fuelled a credit crunch since other institutions did not replace bank lending. While asset prices fell, savings held in savings institutions and life insurance companies increased as a share of GDP and in real terms. These findings provide new explanations of the fall in credit and aggregate demand in the 1930s. They illustrate the need to consider nonbank financial institutions when studying banking crises. |
| Keywords: | Great Depression;Banking Crises;Precautionary Savings;Paradox of Thrift;Savings Banks |
| JEL: | B22 E21 E51 G01 G21 N2 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:cii:cepidt:2024-14 |
| By: | Filippo Pietrini |
| Abstract: | This paper adopts the synthetic control method to empirically tests Willis thesis that †the major breakthrough" (Willis, 1977, p. 420) in the dissemination of Marx in England was the publication of the first volume of Capital in English in 1887. The specificities of late Victorian society and the fact that Marx wrote his theoretical works in German contributed to his anonymity in England up the 1880s-1890s. The liberal-radical roots of the left-wing intellectuals and of the working class movements together with the strong parlamentary tradition constituted a challenging environment for the spread of Marxism. After having downloaded data from Google Ngram, I run the SC model. Findings reveal that the 1886 is the breakthrough year for the quotations of Marx in England. Willis’s thesis on 1887 as the decisive year is thus slighlty anticipated by the quantitative result. Rather, two events that possibly revived Marx’s quotations were the publication of the first 10 chapters of ‘Capital’ in Hyndman’s newly bought and renamed “To-Day: Monthly Magazine of Scientific Socialism†and the Trafalgrar Riots (also known as West end riots or Pall Mall riots) of February 1886, an event that broadened the perception of socialist imminence to the average public. |
| Keywords: | Marx Dissemination, Synthetic Control Method, Victorian zeitgeist, Modern socialism |
| JEL: | B14 B24 B51 Z10 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:frz:wpaper:wp2025_01.rdf |
| By: | Douglas A. Irwin |
| Abstract: | In July 1991, India began to dismantle its long-standing, highly restrictive import control regime and move toward a more open economy. How were policymakers able to dislodge and replace an entrenched system with powerful vested interests behind it? Standard reasons for policy change—pressure from domestic producer interests, shifts in political power, or conditionality by international financial institutions—fail to explain why the shift in trade policy took place. Instead, reform-minded technocrats persuaded political leaders to reject what had been a standard response to balance of payments pressure (import repression to avoid a devaluation) and embrace a new approach (exchange rate adjustment and a reduction of import restrictions). This paper explores the economic and political context behind the country’s dramatic policy transformation. India’s experience highlights the crucial link between exchange rate policy and trade policy. |
| JEL: | F13 F31 N75 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33420 |
| By: | Park, Sohee (Korea Institute for Industrial Economics and Trade) |
| Abstract: | The concept of “New Quality Productive Forces” (新质生产力) (NQPF) was introduced by President Xi Jinping during his visit to Heilongjiang Province in Northeast China in September 2023 and has since emerged as a focal point in China’s economic and industrial policy. Since Xi’s visit to Heilongjiang, the concept of NQPF has since crystallized through major political meetings and policy documents, including the Central Economy Work Conference in December 2023, provincial government work reports released in January 2024, a government work report released during the Two Sessions in March, and the Third Plenary Session of the 20th Central Committee of the Communist Party in July. This paper examines the definition and background of NQPF, analyzes major NQPF policy documents, and identifies the implications carried by China’s NQPF policy for South Korea. |
| Keywords: | China; Chinese industry; Chinese economy; New Quality Productive Forces; innovation; human capital; demographics; manufacturing; productivity; South Korea; KIET; 新质生产力 |
| JEL: | F20 F21 L50 L52 |
| Date: | 2024–12–31 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kieter:2024_030 |
| By: | Silas Xuereb (WIL - World Inequality Lab, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UMass Amherst - University of Massachusetts [Amherst] - UMASS - University of Massachusetts System); Matthew Fisher-Post (WIL - World Inequality Lab, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Francois Delorme (WIL - World Inequality Lab, CIREQ - Centre Interuniversitaire de Recherche en Economie Quantitative); Camille Lajoie (CIREQ - Centre Interuniversitaire de Recherche en Economie Quantitative, LSE - London School of Economics and Political Science) |
| Abstract: | In this paper we estimate the distribution of all national income in Canada, and five sub-regions, from 1982 to 2021. We apply distributional national accounts (DINA) methodology to tax tabulations, combined with national accounts data and survey data. Pre-tax and post-tax income data are analysed. We find that top income shares published by Statistics Canada tend to underestimate income inequality relative to top income shares calculated using DINA, as DINA account for people who do not file taxes and for undistributed capital income that is retained in corporations. In line with previous research, income inequality in Canada increased significantly from 1982 until the mid-2000s. From 1982 until 2000, the real income of the bottom 50% of Canadians stagnated while that of the top 0.01% quadrupled. Since the mid-2000s, income inequality has decreased slightly although it remains far above the levels observed in the early 1980s. Across Canadian provinces, Ontario has consistently had higher inequality than Quebec although the gap has closed in recent years. Quebec has the most progressive tax and transfer system of the six sub-regions. In Alberta, record levels of inequality were reached in the mid-2000s and these appear to have been a significant driver of the national peak in inequality during this period. Post-tax income inequality initially fell during the pandemic because large temporary transfer programs were introduced. However, pre-tax income inequality increased, especially in 2021 when record levels of corporate profits were reached. |
| Date: | 2023–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04423886 |
| By: | Douglas A. Irwin |
| Abstract: | The decision by developing countries to open up their economies to foreign trade and investment in the 1980s and 1990s was a momentous event in world history. How and why did this trade policy revolution take place? Most accounts of trade politics stress domestic interest groups or trade agreements as driving policy changes, but these explanations fail in this period. This paper notes that many import restrictions were imposed for balance of payments purposes, as a way of avoiding a devaluation and protecting foreign exchange reserves from depletion under fixed exchange rates. A shortage of foreign exchange in the mid-1980s led countries, under the guidance of economists, to adopt more flexible exchange rate arrangements that boosted export earnings and made import controls unnecessary for payments balance. Like during the Great Depression, the exchange rate regime was a key factor behind a country’s trade policy. |
| JEL: | F13 F31 F68 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33426 |
| By: | María Ángela Cifuentes; Diego Arango López (Universidad Catolica Del Maule); Nicolás Superby |
| Abstract: | This article analyzes the photographic representation of the earthquake that affected the city of Valparaíso in 1906. The research proposes that the use of photographs in the press, as well as in postcards and albums, gave way to the creation of new types of stories about the earthquake through visuality and closeness to the experience of the earthquake in the streets. The research was based on extensive documentary work carried out in different archives in Santiago and Valparaíso. The recovered ocumentation was analyzed based on iconographic and iconological observations that allowed for a selection and in-depth analysis of the photographic images. This article is structured in two parts: firstly, it analyzes the use of photography in the press and secondly, it observes the use of photographs of the earthquake in other visual objects, such as albums and postcards. Thus, this form of visual representation was a technical tool of the industrial modernity that, in turn, contributed to the transformation of social and cultural narratives to record and understand disasters. |
| Abstract: | En este artículo se realiza un análisis sobre la representación fotográfica del terremoto que afectó a la ciudad de Valparaíso en 1906. La investigación propone que la utilización de fotografías en prensa, así también en tarjetas postales y álbumes, dio paso a la creación de nuevos tipos de relatos sobre el terremoto desde la visualidad y la cercanía a la vivencia del sismo en las calles. La investigación se basó en un amplio trabajo documental realizado en diferentes tipos de archivos de Santiago y Valparaíso. La documentación recuperada fue analizada a partir de observaciones iconográficas e iconológicas que permitieron hacer una selección y análisis en profundidad de las imágenes fotográficas. Este artículo se estructura en dos partes: en primer lugar, se analiza la utilización de la fotografía en la prensa y, en segundo lugar, se observa el uso de fotografías del terremoto en otros objetos visuales, como álbumes y tarjetas postales. Así, esta forma de representación visual fue una herramienta técnica propia de la modernidad industrial que, a su vez, contribuyó en la transformación de relatos sociales y culturales para registrar y comprender los desastres. |
| Keywords: | Fotografía Terremoto Valparaíso Desastre Photography Earthquake Valparaíso Disaster Albums and Postcards, Fotografía, Terremoto, Valparaíso, Desastre Photography, Earthquake, Disaster, Albums and Postcards |
| Date: | 2024–12–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04694719 |
| By: | Serge Agbodjo (LGTO - Laboratoire de Gestion et des Transitions Organisationnelles - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse); Konan Anderson Seny Kan (EESC-GEM Grenoble Ecole de Management) |
| Abstract: | Accounting research on the African continent is indeed present in the international accounting literature. It remains relatively invisible because it is part of the field of accounting research in emerging economies, which itself does not feature in the dominant streams of accounting research. This study aims to understand the state of accounting knowledge on the African continent through a systematic analysis of 326 research articles published in 38 international accounting journals over a period of 43 years (1980–2022). Our results show that accounting research on Africa represents only 1.2% of studies published in international academic accounting journals over the period 1980–2022. The results also detail the accounting domains and the methodological and theoretical approaches of the international accounting literature on African countries. Furthermore, our results provide an understanding of the forms of theorization that structure African accounting knowledge in the international literature, namely the theorization of the political and historical connection on the one hand, and the theorization of the epistemic connection, on the other. Additionally, this study proposes, in the light of consciencism, a discussion of positive, transformative accounting actions, in resistance to negative accounting actions of subjugation. Finally, a research program made up of eight (8) avenues for future research that address various gaps in the literature is proposed. |
| Abstract: | La recherche comptable sur le continent africain est bien présente dans la littérature comptable internationale. Elle reste encore peu visible car elle fait partie du champ de la recherche comptable dans les pays émergents qui lui-même ne figure pas dans les champs dominants de la recherche comptable. Cette étude vise à la compréhension de l'état de la connaissance comptable sur le continent africain par le biais d'une analyse systématique de 326 articles de recherche publiés dans 38 revues internationales comptables sur une période de 43 années (1980-2022). Nos résultats montrent que les recherches comptables sur l'Afrique ne représentent que 1, 2 % des travaux publiés dans les revues académiques comptables internationales sur la période 1980-2022. Les résultats détaillent également les domaines comptables et les approches méthodologiques et théoriques de la littérature comptable internationale dans les pays africains. Par ailleurs, nos résultats permettent de comprendre les formes de théorisation qui structurent la connaissance comptable africaine dans la littérature internationale, en l'occurrence, la théorisation du lien politique et historique d'une part, et la théorisation du lien épistémique , d'autre part. De plus, cette étude propose, à l'aune du consciencisme , une discussion des actions comptables positives, transformatrices, en résistance aux actions comptables négatives d'assujettissement. Enfin, un programme de recherche décliné en huit (8) voies de recherches futures qui pallient différents manquements de la littérature est proposé. |
| Keywords: | accounting, Africa, literature review, development, emerging economies, consciencism, pays émergents, consciencisme, revue de littérature, afrique, comptabilité, développement |
| Date: | 2024–10–24 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04830453 |
| By: | Michael Coury; Toru Kitagawa; Allison Shertzer; Matthew Turner |
| Abstract: | We estimate the impact of piped water and sewers on property values in late 19th century Chicago. The cost of sewer construction depends sensitively on imperceptible variation in elevation, and such variation delays water and sewer service to part of the city. This delay provides quasi-random variation for causal estimates. We extrapolate ate estimates from our natural experiment to the area treated with water and sewer service during 1874-1880 using a new estimator. Water and sewer access increases property values by a factor of about 2.8. This suggests that benefits are large relative to the value of averted mortality, many other infrastructure projects, and construction costs |
| Keywords: | Piped water and sewer access; Infrastructure; Extrapolation |
| JEL: | O18 R3 L97 N11 |
| Date: | 2025–02–13 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedpwp:99546 |
| By: | Christopher Sichko; Ariell Zimran; Aparna Howlader |
| Abstract: | We study racial differences in internal migration responses to one of the most severe climatic shocks in US history—the drought of the 1930s. Using data from the 1940 census on 65 million adults, we find that individuals exposed to more severe drought between 1935 and 1940 were more likely to make an inter-county move and that this responsiveness was greater for black individuals than white individuals. This racial difference was particularly pronounced among the rural population. Black individuals' migration premium came despite their systematic disadvantage in the economy of the 1930s and evidence along dimensions other than race that disadvantage limited individuals' ability to adapt to the drought through migration. Federal relief spending under the Agricultural Adjustment Act (AAA) magnified this racial difference, reducing the migration response to drought for white individuals and increasing it for black individuals. These results help to better understand how the reaction of different groups aggregate to determine the magnitude and composition of migration responses to natural disasters, as well as the roles of migration and government policy in disadvantaged groups' responses to natural disasters. |
| JEL: | D63 J15 N32 N52 O13 O15 Q12 R11 R23 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33409 |