作者：Monasterio, Leonardo; Reis, Eustaquio
作者：Calvo-Gonzalez, Oscar
摘要：The security of property rights is fragile under dictatorships. This is particularly so if economic agents are uncertain as to whether the regime will last. As a result, private investment is withheld and economic performance is poor. Spain was in such a situation after World War II. However, as the Cold War intensified the United States became interested in Spain as a military ally, thereby helping to consolidate Franco's regime. This led to an increase in economic confidence and helps to exp...
作者：Wellesley College
摘要：This article analyzes the connection between investment decisions and financing arrangements in the nineteenth-century American whaling industry. Managers of whaling ventures shared their risks by selling some equity claims but retained a substantial portion due to moral hazard considerations. As a result, they had little incentive to consider the covariance between their own returns, and those of others, in planning their voyages. This stifled diversity in whaling voyages and increased indust...
作者：University System of Ohio; Ohio State University
作者：Universidade Federal de Sao Paulo (UNIFESP)
摘要：After World War II Brazil experienced exceptionally high economic growth, ranking tenth among the largest economies by 1960. Yet evidence shows that real wages lagged far behind productivity, especially from 1956, the heyday of developmentalism-an economic ideology aimed at state-led, accelerated industrialization, with foreign and domestic private capital as active partners. The outcome diverged from that of the social compact for growth, the cornerstone of the golden age in Europe and Japan....
