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作者：Universite PSL; Ecole Normale Superieure (ENS)
摘要：I reconstruct the historical performance of individual portfolios owned by Parisian investors during the French Belle-Epoque, which was characterized by a massive concentration of wealth. Using the value of inherited bequests as a proxy for ex ante wealth, I show that wealthier investors not only exhibited greater betas and thus benefited from the bull market, but also captured positive alphas, which translated into greater Sharpe ratios. Their performance was enhanced by diversification tilte...
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作者：Institute of Science Tokyo; Tokyo Institute of Technology
摘要：I analyze factory worker households in the early 1920s in Osaka to examine idiosyncratic income shocks and consumption. Using the household-level monthly panel dataset, I find that while households could not fully cope with idiosyncratic income shocks at that time, they mitigated fluctuations in indispensable consumption during economic hardship. In terms of risk-coping mechanisms, I find suggestive evidence that savings institutions helped mitigate vulnerabilities and that both using borrowin...
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作者：Princeton University
摘要：Recent scholarship contends that ancient Mediterranean economies grew intensively. An explanation is that Smithian growth was spurred by reductions in transaction costs and increased trade flows. This paper argues that an ancient Greek institution, proxenia, was among the key innovations that allowed such growth in the period 500-0 BCE. Proxenia entailed a Greek city-state declaring a foreigner to be its public friend, a status that conferred both duties and privileges. The functions performed...
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作者：University of London; London School Economics & Political Science
摘要：This paper uses a new linked sample constructed from full-count census data of 1851-1911 to revise estimates of intergenerational occupational mobility in England. I find that conventional estimates of intergenerational elasticities are attenuated by classical measurement error and severely underestimate the extent of father-son association in socioeconomic status. Instrumenting one measure of the father's outcome with a second measure of the father's outcome raises the intergenerational elast...
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作者：Stanford University; Chapman University System; Chapman University
摘要：This paper highlights the importance of endogenous changes in the foundations of legitimacy for political regimes. It focuses on the central role of legitimacy changes in the rise of constitutional monarchy in England. It first defines legitimacy and briefly elaborates a theoretical framework enabling a historical study of this unobservable variable. It proceeds to substantiate that the low-legitimacy, post- Reformation Tudor monarchs promoted Parliament to enhance their legitimacy, thereby ch...
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作者：Queens University Belfast
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作者：Columbia University
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作者：University of Florence
摘要：We study art markets in the Greco-Roman world to explore the origins of artistic innovations in classical Greece and the mass production of imitative works in the Roman Empire. Economic factors may have played a role, on one side fostering product innovations when a few rival Greek city-states competed, outbidding each other to obtain higher-quality artworks, and on the other side fostering process innovations when a large integrated market promoted art trade across the Mediterranean Sea. The ...
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作者：Vanderbilt University; National Bureau of Economic Research; University of Tennessee System; University of Tennessee Knoxville; Stellenbosch University
摘要：Large and persistent racial disparities in land-based wealth were an important legacy of the Reconstruction era. To assess how these disparities were transmitted intergenerationally, we build a dataset to observe Black households' landholdings in 1880 alongside a sample of White households. We then link sons from all households to the 1900 census records to observe their economic and human capital outcomes. We show that Black landowners, relative to laborers, transmitted substantial intergener...
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作者：Paris School of Economics
摘要：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 fueled 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 n...
