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作者：University of Virginia
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作者：Autonomous University of Barcelona; Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut
摘要：We trace the development of human capital in today's Senegal, Gambia, and Western Mali between 1770 and 1900. European trade, slavery, and early colonialism were linked to human capital formation, but this connection appears to have been heterogeneous. The contact with the Atlantic slave trade increased regional divergence, as the coast of Senegambia developed more quickly than inner areas. This pattern was affected by French early colonialism and by the reaction of different West African popu...
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作者：Yale University
摘要：In 1966, after more than 700 years, the irrigation community in Mula (Spain) switched from auctions to quotas to allocate water from its river. This change happened in the absence of either political or technological change. Quotas were more efficient, but required that farmers own water property rights. I develop a model in which poor farmers cannot credibly commit to purchase water rights. I show that empirical evidence on savings and prices is consistent with this interpretation. A temporar...
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作者：University of Hawaii System
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作者：Rutgers University System; Rutgers University New Brunswick
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作者：George Washington University
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作者：Bank of England; University of Pennsylvania
摘要：We gather a new database to conduct the first historically informed study of the importance of liquidity and credit for government bonds between 1880 and 1910. We argue that colonial and sovereign debt markets were segmented owing to differences in underlying information asymmetries. The result was heterogeneous pricing of colonial and sovereign debt, and different market microstructures and clienteles, themselves influenced by political, institutional, and financial arrangements. We find that...
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作者：University System of Ohio; Bowling Green State University
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作者：Texas State University System; Lamar University
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作者：The Vanguard Group, Inc.; Chapman University System; Chapman University
摘要：We identify the longest expansion in U.S. history, a recession-free 16-year period from 1841 to 1856 that we call America's First Great Moderation. Using newer data on industrial production, we show that the record-long expansion was primarily driven by a boom in transportation-goods investment following the discovery of gold in California. Furthermore, the low volatility of industrial production and stock returns during the First Great Moderation, which occurred during a period without a U.S....
