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作者：Monash University; Royal Melbourne Institute of Technology (RMIT); Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：In the second half of the eighteenth century, Dutch bankers channeled investors' funds to sugar and coffee plantations in the Caribbean, Surinam in particular. Agency problems between plantation owners, bankers, and investors led to an arrangement called negotiaties. Bankers oversaw plantations' cash flows and placed mortgage debt with investors. We demonstrate how this securitization arrangement worked using market-wide data and detailed records from banker F. W. Hudig. During the boom, debt ...
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作者：Northwestern University; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：The Marshall Plan (1948-1952) was the largest aid transfer in history. This paper estimates its effects on Italy's postwar economic development. It exploits differences between Italian provinces in the value of reconstruction grants they received. Provinces that could modernize their infrastructure more quickly experienced higher increases in agricultural production, especially for perishable crops. In the same provinces, we observe larger investments in labor-saving machines, the entry of mor...
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作者：University of Rome Tor Vergata; University of Bristol
摘要：This article shows that democracy in Weimar Germany was eroded by the political legacy of WWI. Using novel data on WWI veterans and an election panel from 1893-1933, I find that former soldiers are associated with a sizeable, persistent, and momentous shift in political preferences from left to right. I provide suggestive evidence that war participation made veterans highly receptive to nationalism and Anti-Communism. This alienated them from leftwing parties and drove the majority toward the ...
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作者：Hamilton College; Stellenbosch University
摘要：This paper shows that the Glorious Revolution of 1688 broadened access to Parliament for families needing rights to sell land in so-called estate bills. Bills were on average 14-27 percentage points more likely to be for gentry families and not aristocratic families in legislative sessions after the Revolution compared to sessions before. Regression and archival evidence suggest that parliamentary certainty was primarily responsible for improved access by altering families' entry calculus and ...
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作者：[Anonymous]
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作者：Sgard, Jerome; Koskenniemi, Martti
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作者：University of Oxford; University of Oxford; University of Nottingham; Centre for Economic Policy Research - UK
摘要：We offer new evidence on the spatial economic impact of Italian unification. Adopting municipal population as a proxy for local economic activity, we construct a new geocoded dataset spanning the pre- and post-unification periods and discover robust evidence of an acceleration in growth near the former borders. A disproportionate improvement in market access boosted growth in these locations when barriers to trade were dismantled. Indirectly, unification's decisive contribution to intraregiona...
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作者：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Flightiness, or depositor sensitivity to liquidity needs, can be an important determinant of financial distress. I leverage institutional differences-that attract depositors with varying flightiness-across building and loan associations in California during the Great Depression. A new type of plan, the Dayton plan, involved less restrictive savings plans and lower withdrawal penalties. Dayton plans in California were more likely to close during the Great Depression. Archival evidence on lendin...
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作者：Irwin, Douglas A.
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作者：Universite Paris Saclay; Universite Libre de Bruxelles
摘要：The literature has pointed out the negative aspects of political dynasties. But can political dynasties help prevent autocratic reversals? We argue that political dynasties differ according to their ideological origin and that those whose founder was a defender of democratic ideals, for simplicity labeled pro-democratic dynasties, show stronger support for democracy. We analyze the vote by the French parliament on 10 July 1940 of an enabling act that granted full power to Marshall Philippe Pet...
