作者：ROSENTHAL, JL
摘要：Using a complete enumeration of credit contracts for a rural area in Burgundy, this article examines how credit markets functioned and what role they served. Credit markets distributed funds to a large fraction of the population, and they were organized to mediate problems of asymmetric information. A central constraint on credit markets, however, was the threat of government intervention. Because of this threat, capital markets remained relatively isolated from one another.
作者：Harvard University
摘要：Due primarily to transport improvements, commodity prices in Britian and the United States tended to converge between 1870 and 1913. Heckscher and Ohlin, writing in 1919 and 1924, through that these events should have contributed to factor-price convergence. It turns out that Heckscher and Ohlin were right: a significant share of the Anglo-American real-wage convergence was due to commodity-price convergence. It appears that this late nineteenth-century episode was the dramatic start of world-...
