作者：Esteves, Rui; Kenny, Sean; Lennard, Jason
作者单位：University College Cork; Lund University; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper investigates the causal effects of sovereign debt crises in a sample of 50 defaulting economies between 1870 and 2010. As default is potentially endogenous, we use the narrative approach to identify plausibly exogenous episodes. We find economically and statistically significant costs of up to 3.2 percent of GDP before recovering to the pre-crisis level after five years. The average aftermath, however, conceals a large heterogeneity by default cause. Defaults originating from negati...
作者：Cainelli, Giulio; Ciccarelli, Carlo; Ganau, Roberto
作者单位：University of Padua; University of Rome Tor Vergata; University of Warwick; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：We study how changes in a country's administrative hierarchy affect development at the city level. We exploit the 1806 Napoleonic administrative reform implemented in the Kingdom of Naples as a historical experiment to assess whether district capitals endowed with supra-municipal administrative functions gained an urban development premium compared with non-capital cities. We find that district capitals recorded a population growth premium throughout the nineteenth century (1828-1911) and expe...
作者：Rose, Jonathan D.
作者单位：Federal Reserve System - USA
