作者：Columbia University; University of Vermont
摘要：This article argues that one contributing factor to the Cuban Revolution of 1959 was the 1956 revision of U.S. sugar quotas. Its significance has been overlooked because its real economic impact was programmed to occur after 1959. Combining a statistical simulation and an event study of sugar companies' rates of return on equity, we show that the revision had adverse long-run consequences for sugar exports, and that forward-looking investors anticipated them and incorporated them into their va...
作者：University of Illinois System; University of Illinois Urbana-Champaign
作者：University of California System; University of California Irvine
作者：University of California System; University of California San Diego
作者：Harvard University; Instituto Tecnologico Autonomo de Mexico
摘要：All sovereign governments face a commitment problem: how can they promise to honor their own agreements? The standard solutions involve reputation or political institutions capable of tying the government's hands. Mexico's government in the 1880s used neither solution. It compensated its creditors by enabling them to extract rents from the rest of the economy. These rents came through special privileges over banking services and the right to administer federal taxes. Returns were extremely hig...
