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Economic History

Selected Works

Economic History

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Full-Text Articles in Economics

The Cobden-Chevalier Effect: Evaluating The Causal Effect Of The Most Favoured Nation Clause In Presence Of Network Interdependence, Luca De Benedictis, Silvia Nenci Dec 2013

The Cobden-Chevalier Effect: Evaluating The Causal Effect Of The Most Favoured Nation Clause In Presence Of Network Interdependence, Luca De Benedictis, Silvia Nenci

Luca De Benedictis

The purpose of this work is to evaluate the causal effect of the Network of the Cobden-Chevalier Treaties including the Most Favoured Nation (MFN) clause on trade flows of countries in the second half of the 19th century. This paper contributes to the literature on the topic in several ways. First, it applies up-to-date quantitative methods (i.e., nonparametric matching technique) to the study of historical phenomena. These methods permit to estimate the average MFN effect (the ``treatment") on the treated group of countries in terms of bilateral trade flows (the ``outcome"), rebalancing the control group without imposing any functional relationship …

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The History And Rationale For A Separate Bank Resolution Process, Thomas Fitzpatrick, Moira Kearney-Marks, James Thomson Feb 2012

The History And Rationale For A Separate Bank Resolution Process, Thomas Fitzpatrick, Moira Kearney-Marks, James Thomson

James B Thomson

Everyone recognizes the need to have a credible resolution regime in place for fi nancial companies whose failure could harm the entire financial system, but people disagree about which regime is best. The emergence of the parallel banking system has led policymakers to reconsider the dividing line between fi rms that should be resolved in bankruptcy and firms that should be subject to a special resolution regime. A look at the history of insolvency resolution in this country suggests that a blended approach is worth considering. Activities that have potential systemic impact might be best handled administratively, while all other …

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National Bank Notes And Silver Certificates, James B. Thomson, Bruce A. Champ Dec 2005

National Bank Notes And Silver Certificates, James B. Thomson, Bruce A. Champ

James Thomson

From 1883 to 1892, the circulation of national bank notes in the United States fell nearly 50 percent. Previous studies have attributed this to supply-side factors that led to a decline in the profitability of note issue during this period. This paper provides an alternative explanation. The decline in note issue was, in large part, demand-driven. The presence of a competing currency with superior eatures caused the public to substitute away from national bank notes.

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