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作者:University of Cologne
摘要:We describe the transfer of patents in late-nineteenth- and early-twentieth-century Germany using a new database containing information on 20,000 transactions. The number of transactions shows an upward trend, in total numbers and as a share of patents in force. About 8 percent of patents were transferred at least once during their existence. Many transactions involved the transfer of patents with an above-average quality from individual inventors to firms and to newly created firms. In additi...
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作者:University of North Carolina; University of North Carolina Greensboro
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作者:University of Oxford
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作者:University of California System; University of California Santa Barbara; National Bureau of Economic Research; University of Arizona
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作者:Universidad de los Andes (Colombia)
摘要:The poor performance of the Colombian economy in the world markets during the late nineteenth and early twentieth centuries are attributable, in part, to the weakness of settlers' property rights in frontier lands. To examine this issue, we collected data on production of agricultural exports at county (municipal) level in 1892, coffee production in 1925, and of public land allocation and land conflicts during the nineteenth and twentieth centuries. The quantitative analysis suggests that in t...
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作者:University of Colorado System; University of Colorado Boulder
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作者:University of Oxford; University of Oxford
摘要:While the pre-1914 mass migrations have been widely studied, the related pattern of emigrants' remittances is still largely untouched. This article aims at filling this gap by analyzing the contribution of remittances to financial stability. In the optimum currency area theory, labor mobility can case the adjustment mechanism for countries under fixed exchange rate regimes. We confirm this claim by showing that emigrants' remittances reduced the incidence of financial disturbances among a samp...
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作者:Bar Ilan University
摘要:Modem Currency originates in the inconvertible, legal tender paper money that Massachusetts devised in 1690. The circumstances that led to its creation are more complex than the typical story of wartime specie shortage. Due to temporary political constraints of that turbulent period, the currency could be neither backed by land nor imposed on anyone, as was then standard. Instead, it had to be disguised from England as a simple, private-seeming IOU. By pleasing both its pay-demanding troops an...
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作者:University System of Ohio; Ohio State University; National Bureau of Economic Research
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作者:University of Geneva
摘要:How does sovereign debt emerge? In the early nineteenth century, intermediaries' market power and prestige served to overcome information asymmetries. Relying on insights from finance theory, we argue that capitalists turned to intermediaries' reputations to guide their investment strategies. Intermediaries could in turn commit or else they would lose market share. This sustained the development of sovereign debt. This new perspective is backed by archival evidence and empirical data, and it s...