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作者:Santa Clara University; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要:In 1904 the Roosevelt Corollary to the Monroe Doctrine proclaimed that the United States would intervene in the affairs of unstable Central American and Caribbean countries that did not pay their debts. We find that the average sovereign debt price for countries under the U.S. sphere of influence rose by 74 percent in response to the pronouncement and actions to make it credible. We use this policy change to show that the United States subsequently acted as a regional hegemon and provided the ...
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作者:University of California System; University of California Irvine
摘要:The prudent peasant mitigated the risk of crop failures by scattering his arable land throughout his village, Deirdre McCloskey argued, because alternative risk-sharing institutions did not exist. But, alternatives did exist, this essay concludes. Medieval English peasants formed two types of farmers' cooperatives. Fraternities protected members from the perils of everyday life. Customary poor laws redistributed resources towards villagers beset by bad luck. In both institutions, the expectati...
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作者:University of Rochester; University of California System; University of California Los Angeles
摘要:Extreme variation in the extent of inequality emerged early across the New World colonies established by the Europeans, and we hypothesized in previous work that these contrasts persisted over time through systematic differences in the ability and inclination of elites to shape legal frameworks to advantage themselves. We find support for this view in how the rules governing the extension of suffrage evolved over time within the United States, and across the societies of the Americas. Polities...
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作者:University of Pennsylvania
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作者:University of New Mexico
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作者:Harvard University
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作者:Solomou, S; Vartis, D
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作者:Washington University (WUSTL)
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作者:Rutgers University System; Rutgers University New Brunswick
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作者:University of Tokyo; Nagoya City University
摘要:In prewar Japan, many banks were controlled by industrial companies through capital and personal relationships. The literature has pointed out that those banks engaged in unsound lending to their related companies, which resulted in damage to the financial system (organ bank hypothesis). In this article we examine this hypothesis by measuring director interlocking between banks and nonbanking companies. It was found that more than 80 percent of ordinary banks had director interlocking with at ...