作者：Macalester College
摘要：With passage of the Federal Reserve Act in 1913, the institutional structure necessary to support an American market for bankers' acceptances was created. This article examines the development of the secondary market for bankers' acceptances during its first 20 years. It provides evidence that discount market liquidity increased dramatically during the 1920s and helped the. dollar acceptance challenge the sterling bill as an important source of trade finance around the world. The Federal Reser...
作者：University of North Carolina; University of North Carolina Chapel Hill
作者：Stanford University; Instituto Tecnologico Autonomo de Mexico
摘要：Changes in formal institutions do not always affect economic outcomes. When an industry has specific technological features that limit a government's ability to expropriate it, or when the industry is able to call on foreign governments to enforce its de facto property rights, economic agents can easily mitigate changes in formal institutions designed to reduce these property rights. We explore the Mexican oil industry from 1,911 to 1929 and demonstrate that informal rather than formal institu...
作者：Claremont Colleges; Harvey Mudd College; Claremont Colleges; Claremont Graduate University
作者：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
