{"title":"Make the Economy Scream? U.S. Banks and Foreign Firms During the Cold War","authors":"Felipe Aldunate, F. González, M. Prem","doi":"10.2139/ssrn.3950664","DOIUrl":"https://doi.org/10.2139/ssrn.3950664","url":null,"abstract":"U.S. foreign policies during the Cold War are well documented, but less is known about the role of non-state actors and their impact on foreign firms. We use novel firm-level data from Chile to document a substantial decrease in financial relations with U.S. banks after socialist Salvador Allende took office in 1970. An analysis of links with banks from other countries reveals that part of the decrease was related to credit risk and another was specific to the U.S. Financial data from business reports and the stock market suggest that firms were mostly unaffected by the destruction of links with U.S. banks. Substitution of financial relations towards state-owned banks appears to be the key mechanism to explain these findings.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115728341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Resisting Modernisation Due to Foreign Occupation: The Role of Religious Identity","authors":"Yatish Arya, Amit Chaudhary","doi":"10.2139/ssrn.3945580","DOIUrl":"https://doi.org/10.2139/ssrn.3945580","url":null,"abstract":"Religious groups sometimes resist modern welfare-enhancing interventions, adversely affecting the group's human capital levels. In this context, we study whether the two largest religious groups in India (Hindus and Muslims) resisted western education because they shared religious identity with the rulers deposed by the British colonisers. We find that Muslim literacy in an Indian district under the British is lower where the deposed ruler was a Muslim, while Hindu literacy is lower where the deposed ruler was a Hindu. To deal with possible omitted variable bias, we instrument the religion of the deposed ruler with distance from the birthplace of Shivaji, a Hindu king who rebelled against the Muslim empire. We find other results consistent with the hypothesis espoused by some historians that when foreign occupiers dislodged Islamic rulers, Muslims showed resistance to the inventions/institutions introduced by the occupiers. Our paper is the first to document a similar effect among Hindus in India empirically.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126858901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Did the 1918–19 Influenza Pandemic kill the U.S. Life Insurance Industry?","authors":"Gustavo S. Cortés, Gertjan Verdickt","doi":"10.2139/ssrn.3913593","DOIUrl":"https://doi.org/10.2139/ssrn.3913593","url":null,"abstract":"No. We document two empirical facts for the U.S. life insurance sector during the 1918–19 Influenza pandemic. First, we find no significant differences among U.S. insurers’ profitability after 1918. Second, there were fewer insurers in distress after the pandemic outbreak. Using synthetic control methods, we argue that the demand increase for new life insurance policies mitigated financial difficulties for insurers. While catastrophic from a public health perspective, the pandemic was a “blessing in disguise” for the insurance industry.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121734208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Evaluation of the Progress of the Educational Situations of Tribes in India: A Futuristic Approach","authors":"Asha E. Thomas","doi":"10.2139/ssrn.3909096","DOIUrl":"https://doi.org/10.2139/ssrn.3909096","url":null,"abstract":"Education is the key to the holistic development of human community. A nation’s progress is greatly determined by the educational progress of its citizens. For India as a nation, to achieve the planned target in educational progress, after all the interventions made still appears to be a long journey. The primary reason for this is due to its rich cultural diversity reflected through the multitude of cultures, religions, languages, and rituals. There exists large disparity in the social and economic progress of various groups, especially marginalized communities. Among these groups Scheduled Tribes (STs) commonly referred as Adivasis have been recognized as the community with least progress in socio-economic parameters. Over the years, education of the members has been identified as the most effective tool in empowering this group and to enable them to be at par with the rest of the citizens in the country. The Ministry of Human Resource Development has initiated various measures for the promotion of education among these ethnic groups of the country. Despite of all these, tribal education in the country is seriously handicapped. This paper primarily investigates the challenges and progress of tribal education in India. It will also discuss about government policies introduced in the recent past for the promotion of tribal education in the country. The author a propose a model applying Social Capital for the revival of tribal community in India.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126380510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Inflation and Individual Investors' Behavior: Evidence from the German Hyperinflation","authors":"F. Braggion, Felix von Meyerinck, Nic Schaub","doi":"10.2139/ssrn.3802488","DOIUrl":"https://doi.org/10.2139/ssrn.3802488","url":null,"abstract":"\u0000 We analyze how individual investors respond to inflation. We introduce a unique data set containing information on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the German hyperinflation. We find that individual investors buy fewer (sell more) stocks when facing higher local inflation. This effect is more pronounced for less sophisticated investors. Moreover, we document a positive relation between local inflation and forgone returns following stock sales. Our findings are consistent with individual investors suffering from money illusion. Alternative explanations, such as consumption needs, are unlikely to drive our results.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114375385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Economic History of Canada","authors":"Vincent J. Geloso","doi":"10.2139/ssrn.3895172","DOIUrl":"https://doi.org/10.2139/ssrn.3895172","url":null,"abstract":"Canada is one of the richest countries in the world today. It stands above most countries in the Americas. It is also noticeably poorer than its American neighbour in spite of considerable geographic similarities. These two facts were true as early as the 17th century. Why? An understanding of Canada's historical path of economic growth can be acquired by focusing on three important gaps in living standards within Canada: First Nations versus the Rest of Canada; French-Canadians versus English-Canadians; Atlantic Canada versus the Rest of Canada. These three gaps allow us to understand the crucial role of institutions in determining why Canada is rich in a global perspective and why it is poorer than America. However, explanations as to why Canada grew richer than the rest of Latin America are more speculative.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115257161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Le tournant libéral en France : une liquidation du modèle planiste-keynésien (The Liberal Turn in France or the Dismantling of the Post-WWII Planist-Keynesian Model)","authors":"Matthieu Renault","doi":"10.2139/ssrn.3882819","DOIUrl":"https://doi.org/10.2139/ssrn.3882819","url":null,"abstract":"French abstract: A l’appui du témoignage d’Edmond Malinvaud, cet article avance une triple hypothèse à propos du tournant libéral en France. Premièrement, ce tournant a marqué un retour au libéralisme traditionnel plutôt que l’avènement d’un hypothétique néolibéralisme. Deuxièmement, les ingénieurs-économistes n’y ont joué qu’un rôle limité, en accompagnant et non en impulsant le tournant libéral. Troisièmement, le tournant libéral peut être appréhendé comme une période de transition au cours de laquelle fut mise en œuvre la liquidation du modèle de régulation planiste-keynésien. Trois transformations, initiées par Raymond Barre mais entérinées par le gouvernement socialiste, furent décisives : la fin du contrôle des prix et des salaires, la fin du monopole public de l’expertise économique et la fin des politiques de stabilisations keynésiennes. English abstract: Based on the testimony of Edmond Malinvaud, this article puts forth a threefold hypothesis about the liberal turn in France. First, this turn marked a return to traditional liberalism, rather than the advent of neoliberalism. Second, engineer-economists played only a limited role in this turn: they did not initiate the reorientation of economic policies but accompanied it. Third, the liberal turn is understood as a period of transition during which the Planist-Keynesian model of regulation was dismantled. Three major transformations – initiated by Raymond Barre but brought to completion by the socialist government – were decisive: the end of price and wage controls, the end of the public monopoly of expertise, and the end of Keynesian stabilization policies.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"280 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134188404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Manufacturing Revolutions: Industrial Policy and Industrialization in South Korea","authors":"Nathaniel Lane","doi":"10.2139/ssrn.3890311","DOIUrl":"https://doi.org/10.2139/ssrn.3890311","url":null,"abstract":"I study the impact of industrial policy on industrial development by considering a canonical intervention. Following a political crisis, South Korea dramatically altered its development strategy with a sector-specific industrial policy: the Heavy and Chemical Industry (HCI) drive, 1973-1979. With newly assembled data, I use the sharp introduction and withdrawal of industrial policies to study the impacts of industrial policy---during and after the intervention period. I show (1) HCI promoted the expansion and dynamic comparative advantage of directly targeted industries. (2) Using variation in exposure to policies through the input-output network, I show HCI indirectly benefited downstream users of targeted intermediates. (3) I find direct and indirect benefits of HCI persisted even after the end of HCI, following the 1979 assassination of the president. These effects include the eventual development of directly targeted exporters and their downstream counterparts. Together, my findings suggest that the temporary drive shifted Korean manufacturing into more advanced markets and created durable industrial change. These findings clarify lessons drawn from South Korea and the East Asian growth miracle.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122069305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Consensus Decision-Making and Democratic Discourse in the General Agreement on Tariffs and Trade 1947 and World Trade Organisation","authors":"Claerwen O’Hara","doi":"10.1093/lril/lrab004","DOIUrl":"https://doi.org/10.1093/lril/lrab004","url":null,"abstract":"\u0000 This paper provides a genealogy of consensus decision-making and democratic discourse in the multilateral trade regime. It argues that the contemporary link between the World Trade Organisation’s consensus procedure and ideas of ‘international democracy’ has its roots in a struggle that took place over the international economic order in the 1960s and 1970s.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117185120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Expansion Killed the Price Stability: Simple Statistics on US Monetary Policy and the Great Inflation","authors":"Joshua Miller","doi":"10.2139/ssrn.3920752","DOIUrl":"https://doi.org/10.2139/ssrn.3920752","url":null,"abstract":"The Great Inflation was America's most recent bout of permanent excessive price level growth. I review the literature on the subject and construct a model of inflation during the period synthesized from the Phillips Curve and Quantity Theory of Money. I then run regressions to evaluate the relationship between money and inflation during the period. I then test my model, finding money growth to be the most explanatory factor of inflation during the period, or that expansion killed the price stability. Lastly, I conclude with recommendations for future research.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130141228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}