作者：Texas A&M University System; Texas A&M University College Station
摘要：The role of culture in economic development is experiencing renewed interest among scholars. This study proposes high intercultural transactions costs as a reason for the enduring scarcity of modem capital and technology in poor countries and conducts a statistical test based on the premise that cultural diffusion reduces these costs. The stock of direct investment in poor countries at the end of the colonial era is shown, as predicted, to be directly correlated with the diffusion of Western c...
作者：University of California System; University of California Berkeley
摘要：Prices rose in most years between 1933 and 1941 even though output was substantially below trend. This inflation cannot be explained as simply the effect of devaluation and changes in expectations. Rather, because prewar price changes depended significantly on the growth rate of real output, the extraordinarily rapid growth after 1933 was an important force leading to inflation. At the same time, the NIRA, by encouraging minimum wages and collusive pricing arrangements, caused a crucial diminu...
作者：University System of Maryland; University of Maryland College Park
作者：University of California System; University of California Berkeley
作者：American University
摘要：I examine the change in prices of foreign foreign sovereign dollar bonds over several weeks in 1930 that marked major legislative progress for the Smoot-Hawley tariffs. If the market was preoccupied by anticipated debt-repayment problems arising from the tariffs, this should be visible in the cross country pattern of bond prices. The bond price data are compared to indicators of country sensitivity to the tariffs and debt service. A significant relationship is found for bond price changes in J...
作者：University of North Carolina; University of North Carolina Chapel Hill
作者：University of Massachusetts System; University of Massachusetts Amherst
