Economic History eJournal最新文献

{"title":"Double-Entry Bookkeeping and the Use of the Bill of Exchange as a Clearing Instrument in the Early Modern Age","authors":"Nadia Matringe","doi":"10.2139/ssrn.3733012","DOIUrl":"https://doi.org/10.2139/ssrn.3733012","url":null,"abstract":"This paper discusses the relationship between double-entry-bookkeeping (DEB) and the use of the bill of exchange as a clearing instrument by Italian banks working on commission in 16th century Lyon, prior to the development of endorsement. Using the archives of one of the first banks of Lyon (Salviati), I demonstrate that DEB as an intellectual technique and a principle of governance both enabled and limited the use of the bill of exchange for clearing purposes. On the one hand, such use of the bill of exchange resulted from the application of DEB concepts of mediated and compound offset to exchange transactions performed on commission, which appeared as the “exchange equivalent” of previous book transfer practices. DEB as a tracking system also facilitated the monitoring of multilateral clearing. However, commission bills contained greater potential for clearing than was enabled by the DEB system of offset, and the necessity to record these bills in a DEB system prevented them from being exploited to their full clearing potential.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130424194","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":"Money and Economic Development: A Long‐Run Perspective","authors":"Morten Sølvsten Schaiffel‐Nielsen","doi":"10.1111/ecaf.12408","DOIUrl":"https://doi.org/10.1111/ecaf.12408","url":null,"abstract":"This article explores the association between money and long‐run economic growth in a panel of 27 countries over 200 years. It presents evidence of a complementarity between freedom and decentralisation of the monetary system in terms of their contribution to growth in GDP per capita. The significant and positive association between freedom and economic growth is found to be significantly stronger in a decentralised (market‐based) than in a centralised (government‐controlled) monetary system. For the average level of freedom across the 27 countries today, shifting from a centralised to a decentralised monetary system is predicted to almost double growth rates.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115201511","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":"La Industria Nacional Colombiana Y El Papel Del Ahorro Privado (Colombian Industrialization Stages and the Role of Private Savings)","authors":"José Pérez-Toro","doi":"10.2139/ssrn.3611845","DOIUrl":"https://doi.org/10.2139/ssrn.3611845","url":null,"abstract":"<b>Spanish Abstract:</b> Cuando relacionamos campos de la historia como son los eventos políticos y los sucesos económicos, encontramos que existen fuerzas que determinan los hechos. Una de ellas es la idea económica de la industrialización, que puede suscitar movimientos económicos políticos y sociales algunos irreversibles, es decir en que no se regresa al momento de las condiciones iniciales. Estas ideas influyen en el ambiente decisorio de las organizaciones y pueden manifestarse en momentos o coyunturas en que su difusión origina cambios en las empresas, los cuales afectan el rumbo de la economía. En este artículo analizamos algunos casos donde la actividad de la inversión privada generó corrientes cuyo origen no era perceptible en la época, pero lo cierto es que suscitaron cambios de tendencia en los hechos económicos, en la duaración de los ciclos, y en las fases y tendencias irreversibles o irrepetibles que provinieron del ahorro y el cambio tecnológico en la naciente actividad de la industria en Colombia. En ocasiones fueron las crisis económicas, las circunstancias que actuaron como choques externos que determinaron rutas dependientes o “path dependence” como ocurrío con el caso en que aparecieron organizaciones que adelantaron innovaciones tecnológicas o formas asociativas de gerencia.<br><br><b>English Abstract:</b> When we relate fields of history such as political events and economic events, we find that there are forces that determine the facts. One of them is the economic idea of industrialization, which can arouse some irreversible political and social economic movements, that is, that it is not returned at the time of the initial conditions. These ideas influence the decision-making environment of organizations and may manifest themselves at a time or juncture when their dissemination causes changes in companies, which affect the direction of the economy. In this article we analyzed some cases where the activity of private investment generated currents whose origin was not noticeable at the time, but the truth is that they caused changes of trend in economic events, in the duration of cycles, and in the irreversible or unrepeatable phases and trends that came from the savings and technological change in the nascent activity of the industry in Colombia. Sometimes it was economic crises, circumstances that acted as external shocks that determined dependent routes or \"path dependence\" as the case with the case where organizations that advanced technological innovations or associative forms of management.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114704536","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":"Economic Freedom and the Economic Consequences of the 1918 Pandemic","authors":"Jamie Bologna Pavlik, Vincent J. Geloso","doi":"10.2139/ssrn.3608178","DOIUrl":"https://doi.org/10.2139/ssrn.3608178","url":null,"abstract":"The Spanish flu pandemic of 1918 constituted a strong exogenous shock on economic activity that compounded that of the First World War. In this paper, we condition the economic importance of these shocks on the level of economic freedom measured by the HIEL project (Prados de la Escosura 2016) to test whether freer economies fared better. Our argument is that higher levels of economic freedom meant a greater ability to adjust to the shocks by reducing frictions in the reallocation of resources and the reorganization of economic activity. We find that countries with higher levels of economic freedom suffered less from the pandemic. We link this finding with the literature on economic freedom and crises.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134440613","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":"Sale and Purchase Contracts in the Dharmaśāstras","authors":"P. Viswanath, Sushree Sasmita Pati","doi":"10.2139/ssrn.3588497","DOIUrl":"https://doi.org/10.2139/ssrn.3588497","url":null,"abstract":"Although the Dharmaśāstras were not written as history texts and although they were not written by historians, they deal with matters pertaining to the ordinary life of people. As such, it is legitimate to ask if we can learn anything about the economic situation of the period when these texts were written by looking at their content. Scholars, such as Olivelle and LaRiviere have opined that, in fact, the laws in these texts were based on current practice. Based on this assessment, in this paper, we specifically look at the rules regarding annulment of sale/purchase transactions, as laid down in the Arthaśāstra and in a variety of other early Dharmaśāstric texts. By making a small number of judicious assumptions regarding the dating of these texts, we also attempt to make inferences regarding the change in the nature of markets over the period around the beginning of the first millennium CE.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130126692","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":"Independence, Conservatism and Beyond: Central Bank Design and Central Banker Preferences in Monetary Policy Economics (1981-2019)","authors":"D. Masciandaro","doi":"10.2139/ssrn.3572695","DOIUrl":"https://doi.org/10.2139/ssrn.3572695","url":null,"abstract":"Using a political economy approach, this paper sheds light on how two factors – central bankers’ preferences and the central bank’s design – progressively assumed a crucial role in the evolution of monetary policy economics in the last four decades. The two factors jointly identify the importance of central bank governance in influencing monetary policy decisions through their interactions with the monetary policy rules, given certain assumptions about how macroeconomic systems work. Moreover, our understanding of the relevance of central bank governance has recently been enriched by applying the behavioural economics perspective.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"208 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115720637","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":"Refinement and Refutation: N. G. Butlin’s 1959 Monograph 'Colonial Socialism in Australia' and Explanations for Public Capital Formation, 1850 to 1890","authors":"D. Gilchrist","doi":"10.2139/ssrn.3561383","DOIUrl":"https://doi.org/10.2139/ssrn.3561383","url":null,"abstract":"In 1959, an edited volume entitled The State and Economic Growth was published. It consisted of papers presented at a 1956 conference related to the same topic. Of interest here was the inclusion of N. G. Butlin’s paper entitled “Colonial Socialism in Australia”. The existence of colonial socialism has never been in doubt; nor has its importance to the development of the Australian economy ever been seriously questioned. What has been the subject of considerable contention has been the questions pertaining to what caused colonial socialism to be established in Australian colonies during a period of pronounced liberal thinking and what effects (good and bad) did the existence of colonial socialism have on Australian economic development generally and the development of private enterprise particularly? In this paper I review the position established by Butlin in his 1959 contribution and explore the subsequent discussion it generated both in terms of refinement and refutation. In doing so, I concentrate my discussion by reviewing the areas of employment, finance sourcing and railway investment in the context of the effects this activity had on the capacity of the private sector to develop in such an environment.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128227124","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":"Synthetic Control Estimator: A Tool for Comparative Case Studies in Economic History","authors":"D. Gilchrist, T. Emery, Nuno Garoupa, R. Spruk","doi":"10.2139/ssrn.3560757","DOIUrl":"https://doi.org/10.2139/ssrn.3560757","url":null,"abstract":"The Synthetic Control Method has become a widely used tool in estimating the causal impact of policies, shocks and interventions of interest on economic and social outcomes. The technique has become particularly popular in estimating the effect of these shocks on a single treated unit. As a transparent and data-driven statistical technique, the goal of the Synthetic Control Method is to construct an artificial control group for the treated unit that has similar pre-treatment characteristics but has not undergone the treatment itself. The synthetic control technique works well when the control group balances pre-intervention outcomes and auxiliary covariates as much as possible. In spite of its widespread adoption, the use of the Synthetic Control Method in comparative economic history has lagged behind other areas of economics. In this article, we critically review the properties of the Synthetic Control Method and discuss the necessary conditions for a plausible application of the technique to comparative economic history in support of research designed to answer some of the long-running historical questions.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125354925","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":"‘Action-Reaction’ Hypothesis in Economics","authors":"M. Bayraktar","doi":"10.2139/ssrn.3549193","DOIUrl":"https://doi.org/10.2139/ssrn.3549193","url":null,"abstract":"Why there are colossal developments in the global economy? Why do we have the term history repeats itself? According to my \"action-reaction hypothesis\", we can find the correct answers if we look deep into past developments by using the historic recurrence concept.<br>Everything returns to its original state in the end. At some point, complex systems return almost exactly to their initial state. Over 300 years ago by Sir Isaac Newton in 1686, he introduced his three laws of motion in his book \"Principia Mathematica Philosophiae Naturalis.\" The third law affirms that for every action (force) in nature there is an equal and opposite reaction. Thus, the equation of Newton\"s third law is FA = −FB. In dynamical systems, Poincare’s recurrence theorem says all systems will return infinitely many times their initial one.<br>The state of nature with China and India as they were the largest nations before the industrial revolution started in England. In 1500, China was the largest economy in the world, followed by India, and the United Kingdom ranked 10th. In 1820 United Kingdom, was third in the world. The 2015 IMF projections show China as at first-place again and the United Kingdom out of the top 10,<br>The Silk Road was used around 1600 years by civilizations till the 18th century. In the present day, we have the \"One Belt One Road\" initiative. The Silk Road was used heavily and joined the East and West through the 2nd century BCE to the 18th century. The Silk Road now starting from the year 2013, a new double trade passage is set to reopen as One Belt One Road (OBOR) project almost 500 years of losing its importance, Silk Road will become an active trade route again as the biggest infrastructure project of history: 60 countries, primarily in Asia and Europe will cost an investment of US$ 4–8 trillion.<br>Mercantilism was dominant from the 16th to the 19th centuries before it fell into decline in contrast to the laissez-faire of the nineteenth and early twentieth centuries. The 2018 economic policies of President Trump, on the imposition of tariffs on Chinese products and ran on a protectionist economic platform, showed that there is a return to Mercantilism seen as protectionism. Protectionism is increasing due to most industrialized countries are less open to imports from developing countries. High tariffs on manufactured goods were universally a mercantilist policy. Historical evidence shows that tariffs raise prices. During the mercantilist period, the military dispute between nation-states was both more chronic and more large-scale than at any other time in history.<br>The work of the orientalist E. Burnouf is among the earliest academic work on Buddhism, a French translation of the Lotus Sutra from the Sanskrit language, around 1826. In the late Qing era (1839-42) China has taken in the starting impact of Western weaponry, producers, culture, and science almost the same period translation of a Western novel (La dame aux camélias) reached commerci","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129827087","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":"A Century of Arbitrage and Disaster Risk Pricing in the Foreign Exchange Market","authors":"G. Corsetti, Emile Alexandre Marin","doi":"10.17863/CAM.52488","DOIUrl":"https://doi.org/10.17863/CAM.52488","url":null,"abstract":"A long-standing puzzle in international finance is that a positive interest rate differen- tial systematically forecasts an exchange rate appreciation-the Uncovered Interest Parity (UIP) puzzle. Hence, a carry trade portfolio long in high yield currency bonds funded by borrowing in low yield currencies can be expected to yield positive profits. Following the Great Financial Crisis, however, the sign of the puzzle has changed-positive differentials forecast excessive depreciation-and carry trade has withered after the large losses suffered by investors in 2007-2008. In this paper, we use a century-long time series for the GBP/USD exchange rate to show that a sign switch is neither new, nor, arguably, a new puzzle. First, it is not new in the data-by virtue of a long sample featuring infrequent, non-overlapping currency crashes, we document that switches systematically occur in crises such as the Great Depression in the 1930s and the exchange rate turmoil of the 1990s. However, UIP devi- ations, sharp in either direction for short- to medium-horizon portfolios, remain small to almost negligible for long-horizon investment portfolios. Second, we argue that our century- long evidence is consistent with models featuring a time-varying probability of disasters or 'Peso events,' specified so to account for the difference in UIP deviations in crisis and nor- mal times, as well as for a decreasing term structure of carry trade returns that on average characterize the data.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116184896","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}