作者：Royal Netherlands Academy of Arts & Sciences; Huygens Institute for the History of the Netherlands (KNAW)
作者：University of California System; University of California Davis
作者：University of California System; University of California Davis; National Bureau of Economic Research
作者：University of California System; University of California Berkeley
作者：Colgate University
摘要：Bank notes were the largest component of the antebellum money supply despite losses as high as 5 percent in some years. Using a comprehensive bank-level panel of note discounts in New York City and Philadelphia, I explain this contradiction by showing that the secondary market reduced losses by accurately discounting notes based on their individual risk of default. Note discounts were almost exclusively sensitive to those factors which increased a bank's probability of default: specie suspensi...
作者：University of London; London School Economics & Political Science
摘要：The First World War radically altered the political landscape of Central Europe. The new borders after 1918 are typically viewed as detrimental to the region's economic integration and development. We argue that this view lacks historical perspective. It fails to take into account that the new borders followed a pattern of economic fragmentation that had emerged during the late nineteenth century. We estimate the effects of the new borders on trade and find that the treatment effects of these ...
