作者：Utrecht University
摘要：The debate over the institutions that link economic growth to public finance tends to disregard the need for savings to finance growing public debt. In seventeenth-century Holland the structure, size, and issuing rates of the debt were determined by investors' preferences, wealth accumulation, and changing private investment opportunities. The growth of savings enabled the creation of a huge debt largely with short-term bills. Issuing rates dropped because savings outstripped private investmen...
作者：Yale University; University Hohenheim
摘要：The Knappschaft was a mutual association through which German miners insured themselves against accident, illness, and old age. The Knappschaft underlies Bismarck's sickness and accident insurance legislation, and thus Germany's system today. This article focuses on moral hazard, which plagued the Knappschaften in the later nineteenth century. Sick pay made it attractive for miners to feign illness that made them unable to work. We outline the moral hazard problem the Knappschaften faced as we...
作者：University of California System; University of California Berkeley
作者：University of California System; University of California Davis
摘要：Educational institutions and intergenerational mobility are closely related; access to schools is a major determinant of a child's future success. This article offers new insight into this relationship with a study of mobility at the beginning of the United States' expansion of public schools in the early twentieth century. A new intergenerational data set is used to establish high rates of income mobility at the start of the century and a negative relationship between school quality and mobil...
