作者：Rutgers University System; Rutgers University New Brunswick
作者：California State University System; California State University Long Beach
摘要：The writing and allocation of French tax farm contracts changed dramatically after the Fronde (16.48-1653): they were gradually transformed from Small, competitively auctioned, units into a large cartel known as the Company of General Farms. Surprisingly, the crown's revenues increased. I present a transaction cost argument to explain the behavior of tax farm lease prices as tax farming changed during the seventeenth century. Cartelization of tax farms lowered costs faced by the crown. The tax...
作者：University of London; London School Economics & Political Science
摘要：This article assesses train speeds in England and Wales 1843-1912. Trains were fast compared with coaches or walking, and the social saving of time saved grew over time to become over 10 percent of national income in 1912. Including fare savings as well, social savings were 14 percent of national income in 1912, with consumer surplus of 6 percent. Time savings dominated fare savings once railways became a new good: travel for the masses. Using the social savings-total factor productivity ident...
作者：Humboldt University of Berlin; Free University of Berlin
摘要：We estimate a threshold autoregressive model to assess medieval financial integration. Our approach is based on the analysis of deviations between exchange rates and parity, which in a fully integrated market should not exceed bullion points. Hence, the time needed for adjustment, following a violation of the bullion points, is a measure of integration. We apply this approach to exchange between fourteenth- and fifteenth-century Flanders, Lubeck, and Prussia, results showing that whereas it to...
