Economic History Commons^™

A Political Theory Of Kulturkampf: Evidence From Imperial Prussia & Republican Turkey, Ioannis N. Grigoriadis, Theocharis Grigoriadis

Theocharis Grigoriadis

No abstract provided.

Religion, Administration & Public Goods: Experimental Evidence From Russia, Theocharis N. Grigoriadis

Theocharis Grigoriadis

In this paper, I argue that religion matters for the provision of public goods. I identify three normative foundations of Eastern Orthodox monasticism with strong economic implications: 1. solidarity, 2. obedience, and 3. universal discipline. I propose and solve a public goods game with a three-tier hierarchy, where these norms are modeled as treatments. Obedience and universal discipline facilitate the provision of threshold public goods in equilibrium, whereas solidarity does not. Empirical evidence is drawn from public goods experiments run with regional bureaucrats in Tomsk and Novosibirsk, Russia. The introduction of the same three norms as experimental treatments produces different …

Fraud And Fantasy: Toward A New Research Agenda For Economic Sociology, Elisabeth Brooke Harrington

Brooke Harrington

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Ting Zhang

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in …

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Ting Zhang

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Nancy Mohan

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …

The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier

Trevor Collier

Per-pupil expenditures on education in the United States have grown immensely in recent decades, yet student achievement has been stagnant. An abundance of research has sought to solve this enigma, much of it centered on the incentive structure facing administrators. Some recent papers use TIMSS data to analyze the relationship between institutional arrangements—that typically do not vary within a single country—and student achievement. Similarly, we utilize TIMSS 1999 to determine if there is an indirect relationship between institutional arrangements and student achievement, via a relationship with school efficiency. Our results show that the specified link between institutional arrangements and student …

Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier

Trevor Collier

Recent academic research suggests that teacher quality plays an important role in student achievement: however, empirical research on the efficacy of policies requiring teachers to obtain certain degrees is inconclusive, particularly in elementary education. This paper models a panel data production function with fixed effects using the Early Childhood Longitudinal Study (ECLS-K) to asses the relationship between different undergraduate and graduate majors and elementary student test scores. Specifcally, we aim to discern if there is a difference in teacher efficacy within the different education related majors (e.g. early childhood education and elementary education) and between education and non-education related majors.

Tobin, James, Tony Caporale

Tony Caporale

James Tobin was born in Champaign, Illinois, in 1918. He received his bachelor's degree in 1939 and his master's degree in 1940, both from Harvard. Following naval service during the years 1942-6, he returned to his graduate studies and received his PhD from Harvard in 1947. In 1950, he joined the economics department at Yale University, and he has largely remained at Yale and has been identified with this institution throughout his career. He twice directed the Cowles Foundation for Research in Economics, first from 1955 to 1961, and then from 1964 to 1965. He also served for two years, …

Uniform Service, Uniform Productivity? Regional Efficiency Of The Imperial German Postal, Telegraph, And Telephone Service., Florian Ploeckl

Florian Ploeckl

Using the regional productivity of the Reichspost, the postal service of the German Empire, I investigate whether a public monopolist operates with uniform regional productivity. Using data envelopment analysis efficiency scores, we derive the relative productivity of the post,telegraph,andtelephonesectorsfrom1891to1908.Resultsshow a fairly stable system with substantial raw productivity differences between postal districts, and that the expansion of the service offset technological productivity increases for the mail service.

Religious Origins Of Democracy & Dictatorship, Theocharis Grigoriadis

Theocharis Grigoriadis

Weber considered the Protestant work ethic the foundation of modern capitalism. I extend Weber’s theory by arguing that states with predominantly Roman Catholic, Eastern Orthodox, and Muslim populations have had a stronger inclination toward underdevelopment and dictatorship than states with Protestant or Jewish majorities. This is the case because their respective religious collectives (monastery, tariqa) promote the hierarchical provision of common goods at the expense of market incentives. I define the aforementioned three religions as collectivist, in contrast to Protestantism and Judaism, which I define as individualist. I provide a historical overview that designates the Jewish kibbutz as the collective …

Regional Labour Market Integration In England And Wales, 1850-1913, George R. Boyer, Timothy J. Hatton

George R. Boyer

[Excerpt] This chapter examines the integration of labour markets within the rural and urban sectors of England and Wales during the second half of the nineteenth century. Although there is a large literature on internal migration and emigration in Victorian Britain, historians typically have focused on the direction and causes of migration rather than on its consequences for the labour market. Broadly speaking, the literature has found that workers did indeed migrate towards better wage-earning opportunities, that most moves were short-distance moves, and that once certain patterns of migration were established they often persisted. The studies leave the strong impression, …

In The Aftermath Of The Financial Crisis Of 2008: What Have We Learned?, Luisa Blanco, Michael Crouch

Luisa Blanco

In the aftermath of the financial crisis and economic recession of 2008, it is important to reflect not only on its causes, but also on specific policies that can help countries to move towards sustained economic growth. This publication provides a compendium of lectures that intend to do this. The focus of the discussion is around the U.S. (first two chapters) and Latin America (last chapter), which enhances our understanding of the forces at play and the necessary policies that need to be implemented in different regions of the world. Dr. Lee Ohanian points to the strange differences between the …

Higher Education And Income Distribution In A Less Developed Country, Gary S. Fields

Gary S Fields

[Excerpt] The primary purpose of this paper is to empirically test among both the intra- and the inter-generational version of these three hypotheses for higher (i.e. post-secondary) levels of education for one less developed country, Kenya. A secondary purpose is to investigate other economic aspects of spending on higher education, most notably the question of horizontal equity in school finance. Before proceeding, a methodological point is in order. There is no consensus in the public economics literature on what is a suitable criterion for assessing the equitability of a fiscal programme. At least three criteria may be distinguished (the terminology …

Guía General De Escuelas Y Corrientes De Pensamiento Económico., Sergio A. Berumen

Sergio A. Berumen

Guía general de las principales Escuelas y corrientes de Pensamiento Económico. Se hace una descripción por grupos y épocas. Este material docente es de libre acceso, favor de citarlo como sigue: SERGIO A. BERUMEN [2015]. "Guía General de Escuelas y Corrientes de Pensamiento Económico", Lecciones de Economía para No Economistas, ESIC, Business & Marketing School, 2ª edición, Madrid. ISBN. 978-84-15986-86-7. sergio.berumen@urjc.es

General Guide Of Schools Of Economic Thought, Sergio A. Berumen

Sergio A. Berumen

This educational material is freely accessible. Please quote it in the following way: SERGIO A. BERUMEN [2015]. "General Guide To Schools Of Economic Thought", Lecciones de Economía para No Economistas, ESIC, Business & Marketing School, 2nd edition, Madrid. ISBN. 978-84-15986-86-7. sergio.berumen@urjc.es

‘By A Silken Thread’: Regional Banking Integration And Pathways To Financial Development In Japan’S Great Recession, Mathias Hoffmann, Toshihiro Okubo

Mathias Hoffmann

Regional differences in banking integration and bank dependence interacted in spreading Japan’s Great Recession after 1990. Nationwide banks were generally more exposed to the crisis than regional ones, but their internal capital markets also substantially dampened the impact of the crisis in prefectures with many bank-dependent small firms. We instrument for modern-day banking inte- gration using the prefecture-level importance of the late-19th-century silk industry: export finance for the silk industry relied on local, cooperative banks. These local banks preserved their comparative advantage in relationship lending to small firms for a century, effectively segmenting regional banking markets during Japan’s lost decade.

That Used To Be Us: Through The Eyes Of The Aviation Industry, Kelly A. Whealan-George

Kelly Whealan George

The U.S. economic success was rooted in an industrial policy which had five pillars of a prosperity formula that served as a catalyst for development and growth: 1) public/private cooperation on education, 2) immigration policy, 3) infrastructure, 4) risk/capital management, and 5) government-funded scientific research. In this paper, the development and growth of the aviation industry is viewed in the framework of such a prosperity formula in order to face the four areas that the entire economy will need to face in the current market in order to be competitive in the global market in the 21st century. Since the …

The Birth Of The U.S. Federal Reserve, Richard A. Naclerio Prof.

Richard A. Naclerio

On November 16, 2014 the United States Federal Reserve celebrated the centennial of its organization. Its one hundred year legacy has left no doubt of its vast monetary control, its far-reaching geopolitical power, and its enigmatic secrecy. These defining features of the Fed remain a mirror of the men who created it. Wall Street barons and ambitious politicians vied for control over shaping the U.S. Federal Reserve to the specifications that suited the needs of both their country and themselves.

This paper covers men like Senator Nelson Aldrich, J.P. Morgan, Jacob Schiff, and Paul M. Warburg, who were the undeniable …

Bolívar Empresario, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.

Dinero Y Soberanía, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.

Lessons From The U.S. Great Depression And The German Hyperinflation, Lester G. Telser

Lester G Telser

Abstract. The German hyperinflation and the U.S. Great Depression have in common the effects of an insufficient amount of useful media of exchange. In Germany too much currency was printed and in the U.S. widespread bank failures undermined confidence in all demand deposits so all bank checks were regarded suspiciously. The effects were the same in both countries, very high rates of unemployment coupled with collapse of their economies. The German Hyperinflation gives evidence against the Phillips Curve. JEL E65 Study of Particular Policy Episodes

It's All In The Mail: The Economic Geography Of The German Empire, Florian Ploeckl

Florian Ploeckl

Antitrust Energy, D. Daniel Sokol, Barak Orbach

D. Daniel Sokol

Marking the centennial anniversary of Standard Oil Co. v. United States, we argue that much of the critique of antitrust enforcement and the skepticism about its social significance suffer from “Nirvana fallacy” — comparing existing and feasible policies to ideal normative policies, and concluding that the existing and feasible ones are inherently inefficient because of their imperfections. Antitrust law and policy have always been and will always be imperfect. However, they are alive and kicking. The antitrust discipline is vibrant, evolving, and global. This essay introduces a number of important innovations in scholarship related to Standard Oil and its modern …

Spanning The Globe: The Rise Of Global Communications Systems And The First Globalisation, Florian Ploeckl, Markus Lampe

Florian Ploeckl

After postulating the relevance of information for trade costs we outline the rise of international communication networks (mail, telegraph, telephone) during the first globalisation of the long nineteenth century. In this period, global communications systems for the first time in history provided universal access to affordable and reliable means of communication. Using a new set of internationally comparable data on global postal flows, we analyse basic determinants of international information exchange and conclude by outlining a research agenda that links these to international trade patterns and knowledge transfer between countries.

Movimientos Obreros Y Por Los Derechos Humanos En América Latina: Convergencia, Divergencia Y Consecuencias Para La Promoción De Los Derechos Económicos, Sociales Y Culturales [Labor Movements And Human Rights In Latin America: Convergence, Divergence, And The Implications For The Promotion Of Economic, Social And Cultural Rights], Maria Lorena Cook

Maria Lorena Cook

[Excerpt] Los derechos propios del trabajo forman parte de los derechos humanos hace mucho tiempo y gozan del reconocimiento de pactos internacionales. La Declaración Universal de Derechos Humanos, adoptada por la Organización de las Naciones Unidas, en 1948, enumera los derechos a condiciones de trabajo justas y favorables; a igual remuneración por trabajo de igual valor; a una remuneración equitativa y favorable, y a formar sindicatos y afiliarse a ellos. El Pacto Internacional de Derechos Civiles y Políticos (PIDCP) incluye los derechos a la libertad de asociación y a formar sindicatos y afiliarse a ellos. El Pacto Internacional de Derechos …

Review Of "Rethinking Asia’S Economic Miracle: The Political Economy Of War, Prosperity And Crisis", Su-Mei Ooi

Su-Mei Ooi

The article reviews the book Rethinking Asia’s Economic Miracle: The Political Economy of War, Prosperity and Crisis by Richard Stubbs.

Economic Importance Of Keynesian And Neoclassical Economic Theories To Development, Prince Opoku Agyemang

Prince Opoku Agyemang

No abstract provided.

An Academic Parable: Robert W. Fogel's Raft, Heitor Moura Filho

Heitor Moura Filho

The book Time on the Cross: The Economics of American Negro Slavery, by Robert W. Fogel and Stanley L. Engerman achieved great fame as a revolutionary interpretation of North American slavery, even though at the time it was criticized in detail by specialists in quantitative economic history. We believe that to quote it as a pioneering quantitative study of slavery has become an academic “meme”, which does not adequately reflect the severe criticism suffered by the book during the years following its publication. This text looks back to the book’s release and the subsequent debates in the ideological and methodological …

Ius Primae Noctis. Las Instituciones Como Causa De La Riqueza De Las Naciones, Francisco Carlos Ruiz Diaz

Francisco Carlos Ruiz Diaz

El secreto mejor guardado por los economistas es su ignorancia sobre la verdadera causa de la riqueza de las naciones. Adam Smith sostuvo que la riqueza de las naciones era resultado de una organización industrial basada en la división del trabajo. Robert Solow afirma que el aumento de la producción es consecuencia de una variable misteriosa y caprichosa llamada "progreso técnico". Algunos economistas, por su parte, afirman que el progreso es consecuencia de una mayor acumulación de capital físico (maquinarias, edificios, vehículos de transporte, etc) y capital humano (aprendiza laboral y educación formal). Sin embargo, estudios recientes demuestran que todos …