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作者:University of London; London School Economics & Political Science
摘要:The Central European panic of the spring 1931 is often presented as a cause of the sterling crisis of September. But what was the transmission channel? This article explores how the continent's financial troubles affected Britain's banking system. The freeze of Central European assets created a liquidity strain for London merchant banks because they had accepted (guaranteed) the commercial bills of German merchants. I use new balance sheet data to quantify this shock and explore how the liquid...
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作者:Hong Kong University of Science & Technology; Utrecht University
摘要:This article tests recent ideas about the long-term economic development of China compared with Europe on the basis of a detailed comparison of structure and level of GDP in part of the Yangzi delta and the Netherlands in the 1820s. We find that Dutch GDP per capita was almost twice as high as in the Yangzi delta. Agricultural productivity there was at about the same level as in the Netherlands (and England), but large productivity gaps existed in industry and services. We attempt to explain t...
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作者:University of Kansas; National Bureau of Economic Research
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作者:University of Southern California
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作者:University System of Ohio; Ohio State University; National Bureau of Economic Research
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作者:University of Wisconsin System
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作者:University of Tennessee System; University of Tennessee Knoxville
摘要:Economists frequently hypothesize that industrialization contributed to the United States' nineteenth-century fertility decline. I exploit the circumstances surrounding industrialization in South Carolina between 1881 and 1900 to show that the establishment of textile mills coincided with a 6-10 percent fertility reduction. Migrating households are responsible for most of the observed decline. Higher rates of textile employment and child mortality for migrants can explain part of the result, a...
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作者:University of Wisconsin System; University of Wisconsin Madison
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作者:University of Oxford
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作者:Stanford University
摘要:Douglass North and Barry Weingast's seminal account of the Glorious Revolution argued that specific constitutional reforms enhanced the credibility of the English Crown, leading to much stronger public finances. Critics have argued that the most important reforms occurred incrementally before the Revolution; and that neither interest rates on sovereign debt nor enforcement of property rights improved sharply after the Revolution. In this article, I identify a different set of constitutional re...