作者：University of California System; University of California Los Angeles
作者：New York University; National Bureau of Economic Research
摘要：The most successful economies of modern, and perhaps earlier, economic history appear to have had financial revolutions that created innovative financial systems before they became leading economies. This suggests that good financial systems may have played a causal role in economic modernization. I identify the key institutional components of such financial systems. Using the United States and Japan as examples, I discuss how two financial revolutions occurred. Effective leadership on the par...
作者：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
作者：University of Helsinki
作者：Trinity College Dublin; Trinity College Dublin; Harvard University; National Bureau of Economic Research
摘要：This study documents the boom in Europe's imports from Asia and the Americas between 1500 and 1800 and explores its causes. There was no commodity-price convergence between continents, suggesting that declining trade barriers were not the cause of the boom. Thus, it must have been caused by some combination of European import demand and foreign export supply. The behavior of the relative price of foreign importables in European cities should tell us which mattered most and when: we provide the...
