作者：Leiden University; Leiden University - Excl LUMC
作者：Texas A&M University System; Texas A&M University College Station
作者：University of California System; University of California Davis
摘要：The debate over whether political democracy is the least bad regime, as Churchill, said, remains unresolved because history has been misread, and because statistical studies have chosen the wrong tests. This-address reinterprets five key experiences to show how the institutional channels linking voice and growth are evolving with the economy. Until, the early nineteenth century, the key,, institutional link was property-rights and contract enforcement. Since then, the human-investment channel ...
作者：Indiana University System; Indiana University Bloomington
作者：United States Department of Agriculture (USDA)
作者：University College Dublin; Rutgers University System; Rutgers University New Brunswick
摘要：Using records of individual depositors' accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticates followed by less informed depositors. Evidence...
作者：University of Missouri System; University of Missouri Saint Louis
