{"title":"The world’s first global safe asset: British public debt, 1718-1913","authors":"Patricia Gomez-Gonzalez , Gabriel Mathy","doi":"10.1016/j.eeh.2025.101679","DOIUrl":"10.1016/j.eeh.2025.101679","url":null,"abstract":"<div><div>This study assesses whether British public debt featured a convenience yield during the Classical Gold Standard before World War I, as the US does in modern times. The empirical results support this thesis. Increases in the British debt-to-GDP ratio decreased the convenience yield on British public debt by between 8 and 20 basis points, qualitatively similar to the behavior of US public debt yields post-1926. Interestingly, the relationship between US yields and US public debt during the Classical Gold Standard counters previous findings for modern US times. The international public debt yield spreads between other Gold Standard core countries and Britain were consistently positive and averaged 55 basis points, even though currency and sovereign risk were negligible at that time for the chosen countries.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"97 ","pages":"Article 101679"},"PeriodicalIF":2.6,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Do local conditions determine the direction of science? Evidence from U.S. land grant colleges","authors":"Michael J. Andrews , Alexa Smith","doi":"10.1016/j.eeh.2025.101669","DOIUrl":"10.1016/j.eeh.2025.101669","url":null,"abstract":"<div><div>We quantify the extent to which land grant colleges were located in counties that grow different crops than the rest of their states, which we call agricultural unrepresentativeness. We find that land grant colleges located in agriculturally unrepresentative counties tended to produce research focusing on more unrepresentative crops. We find similar results when exploiting historical college site selection natural experiments to identify exogenous variation in the agricultural unrepresentativeness of the college county. Moreover, we find that colleges in agriculturally unrepresentative locations created more geographically limited productivity spillovers.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"97 ","pages":"Article 101669"},"PeriodicalIF":2.6,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143828194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Socioeconomic differences in population growth in 19th century Liaoning, China: a decomposition","authors":"Cameron Campbell , James Z. Lee","doi":"10.1016/j.eeh.2025.101678","DOIUrl":"10.1016/j.eeh.2025.101678","url":null,"abstract":"<div><div>We decompose population growth in 19th century Liaoning in northeast China into the shares accounted for by different socioeconomic groups, and by time periods with different economic conditions as reflected in grain prices. This decomposition reveals who benefitted the most when social and economic conditions supported population increase. Previous studies of one region for which relevant data are available, northeast China, showed that birth and death rates varied according to community, household, and individual context, but did not investigate differences in growth rates by context, or the shares of population growth accounted for by each group. Using the same dataset, we decompose population growth by synthesizing differentials in mortality and fertility into estimates of implied growth rates of population subgroups and the shares of total population growth they account for. This decomposition framework can be applied in any setting where household registers or other sources allow for the measurement of the mortality and fertility rates of population subgroups at fixed points of time. We show that advantaged socioeconomic groups contributed disproportionately to population growth in northeast China, and that more growth took place when harvests were good, that is when grain prices were low. Even though mortality and fertility responses to grain price fluctuations varied across subgroups, there is no evidence of differential response of growth rates to these fluctuations. We conclude by discussing the implications of our findings for our understanding of population dynamics in the late Qing.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"97 ","pages":"Article 101678"},"PeriodicalIF":2.6,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143609459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Fertility and mortality responses to short-term economic stress: Evidence from two Hungarian sample populations, 1819-1914","authors":"Péter Őri, Levente Pakot","doi":"10.1016/j.eeh.2025.101671","DOIUrl":"10.1016/j.eeh.2025.101671","url":null,"abstract":"<div><div>Demographic response to short-term price fluctuations can be interpreted as an indicator of living standards in pre-modern societies. In this paper, we demonstrate how childbearing and infant and child mortality responded to changes in rye prices in two nineteenth-century Hungarian sub-regions. We conducted a micro-level demographic analysis based on family reconstitution data and multivariate statistical methods (event history analysis). Our findings reveal that both childbearing and child mortality differed between the two regions, and that both were affected by short-term economic fluctuations, but that the responses depended strongly on local economic, demographic and socio-cultural conditions. Child mortality responded markedly to rising rye prices, but in our Central Hungarian study population with high fertility and high infant and child mortality, this response was stronger than in our West Hungarian study population with more modest child mortality and fertility. At the same time, the mortality response to changing prices increased over time in both populations as a result of local industrialization in the latter and modernization of the surrounding region in the former. An immediate and presumably deliberate fertility response of the landless to rising food prices was more characteristic of the Western study population before 1870 while it was not observed in the Central population. Our results, therefore, emphasize the similarities with evidence from other European or Asian communities, and – at the same time – the importance of local context in explaining our findings.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"97 ","pages":"Article 101671"},"PeriodicalIF":2.6,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143619525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The paradox of slave collateral","authors":"Rajesh P. Narayanan , Jonathan Pritchett","doi":"10.1016/j.eeh.2025.101670","DOIUrl":"10.1016/j.eeh.2025.101670","url":null,"abstract":"<div><div>As mobile financial assets, slaves have high liquidation value that makes them desirable as loan collateral. The mobility of slaves also makes them insecure collateral because borrowers could sell slaves to outside buyers or move them beyond the reach of creditors. We contend that creditors balanced the opposing forces of liquidity and security in deciding whether to extend credit against slave collateral. Using an original sample of New Orleans mortgage and sales records, we find that relatively few loans were backed with slave collateral and that slave buyers paid higher interest rates for their loans.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"97 ","pages":"Article 101670"},"PeriodicalIF":2.6,"publicationDate":"2025-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143577631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Land Inequality and Demographic Outcomes: The Relationship between Access to Land and the Demographic System in 19th-century Rural Tuscany","authors":"M. Manfredini , A. Fornasin , M. Breschi","doi":"10.1016/j.eeh.2025.101668","DOIUrl":"10.1016/j.eeh.2025.101668","url":null,"abstract":"<div><div>In pre-industrial rural Italy, the disparities among smallholders, sharecroppers, and day laborers were starkly defined by their unequal access to land, which significantly influenced their living standards, family structures, and socioeconomic conditions. This paper uses nominative data from 1819 to 1859 to first explore how the different peasant categories adjusted their demographic behaviors according to their tie to the land, and then how they were possibly modified when short-term stressors, such as price increase and/or epidemics, altered the existing equilibrium.</div><div>The results reveal that the groups with access to land where less vulnerable and less susceptible to economic crises compared to day laborers, who relied entirely on the market for essential food supplies. During periods of high prices, day laborers experienced a rapid decline in their economic situation, leading to increased mortality, migration, and postponement of marriages. However, access to land was also associated with a demographic pattern aimed at both controlling household consumption and maximizing the male labor force. This included strict control over marriages, increased fertility, and selective mobility, all of which could intensify during crises and periods of rising prices.</div><div>These findings underscore the inadequacy of the simplistic classification of landed versus landless groups, emphasizing the necessity for a more sophisticated understanding of households based on their relationship and connections with the land.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"97 ","pages":"Article 101668"},"PeriodicalIF":2.6,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143577630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic stress and migration in early modern Japan: Rural-urban comparative evidence from population registers","authors":"Satomi KUROSU , Hao DONG","doi":"10.1016/j.eeh.2025.101667","DOIUrl":"10.1016/j.eeh.2025.101667","url":null,"abstract":"<div><div>This study investigates the effects of economic stress on out-migration behaviors using individual-level panel data transcribed from local population registers of three villages and a neighboring town in northeastern Japan in 1708–1870. Economic stress under study includes local economic hardship, measured by rice price fluctuations, and large-scale famines. We apply multinomial logistic models to examine competing risks of migration for various reasons and to compare rural and non-rural populations. The likelihood of service-related migration declined while that of illegal absconding increased during times of economic hardship. Rural residents were more vulnerable to famines, whereas urban residents were more affected by rice price fluctuations. Moreover, systematic socioeconomic heterogeneities existed in the migration responses to economic stress between the landowner/tax-payer and landless/non-tax-payer classes. Overall, this study dissects the complex dynamics of migration responses to economic stress, revealing significant variations based on migration reasons, socioeconomic status, and rural-urban contexts.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"97 ","pages":"Article 101667"},"PeriodicalIF":2.6,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143471462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
James J Feigenbaum , Jonas Helgertz , Joseph Price
{"title":"Examining the role of training data for supervised methods of automated record linkage: Lessons for best practice in economic history","authors":"James J Feigenbaum , Jonas Helgertz , Joseph Price","doi":"10.1016/j.eeh.2025.101656","DOIUrl":"10.1016/j.eeh.2025.101656","url":null,"abstract":"<div><div>During the past decade, scholars have produced a vast amount of research using linked historical individual-level data, shaping and changing our understanding of the past. This linked data revolution has been powered by methodological and computational advances, partly focused on supervised machine-learning methods that rely on training data. The importance of obtaining high-quality training data for the performance of the record linkage algorithm largely, however, remains unknown. This paper comprehensively examines the role of training data, and—by extension—improves our understanding of best practices in supervised methods of probabilistic record linkage. First, we compare the speed and costs of building training data using different methods. Second, we document high rates of conditional accuracy across the training data sets, rates that are especially high when built with access to more information. Third, we show that data constructed by record linking algorithms learning from different training-data-generation methods do not substantially differ in their accuracy, either overall or across demographic groups, though algorithms tend to perform best when their feature space aligns with the features used to build the training data. Lastly, we introduce errors in the training data and find that the examined record linking algorithms are remarkably capable of making accurate links even working with flawed training data.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"96 ","pages":"Article 101656"},"PeriodicalIF":2.6,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143553003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Balancing economic stress: The role of rural–urban migration in nineteenth-century East Belgium","authors":"George C. Alter , Michel Oris","doi":"10.1016/j.eeh.2025.101666","DOIUrl":"10.1016/j.eeh.2025.101666","url":null,"abstract":"<div><div>In this paper we propose an integrated view of both the rural and the urban sides of migration in 19th century East Belgium. We study two rural areas, Ardennes and the Pays de Herve, with diverging agrarian structures and pathways to modernization. Both areas faced the challenge of population pressure due to high fertility and falling mortality. Between them was a textile town, Verviers, which was one of the cradles of industrial revolution in continental Europe. Young people in rural areas engaged in circular migrations with the goal of marrying and establishing new households, which became increasingly difficult in communities with growing populations and diminishing opportunities. Moving from farm to farm also increased as the ownership of farmland became more concentrated and unequal. Those who did not succeed in the countryside moved to Verviers and rarely returned to their rural roots. Instead, they entered a different migratory system within the urban-industrial agglomeration. When urban economic conditions were bad, migrants from Ardennes and the Pays de Herve did not leave Verviers for other industrial areas. They preferred to remain close to kin living in the villages. Overall, migration flows responded weakly to short-term fluctuations in prices and industrial activity, but rural-urban migrations relieved growing economic stress in the countryside.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"96 ","pages":"Article 101666"},"PeriodicalIF":2.6,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143387612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Gains from factory electrification: Evidence from North Carolina, 1905–1926","authors":"Will Damron","doi":"10.1016/j.eeh.2025.101654","DOIUrl":"10.1016/j.eeh.2025.101654","url":null,"abstract":"<div><div>Between 1900 and 1930, the share of power in American manufacturing coming from electricity grew from 10% to 80%. Although electrification has been attributed with dramatic productivity gains, data limitations have constrained previous research to rely on aggregate data. Using a newly-collected dataset covering manufacturers in North Carolina in the early 1900s, I examine the effects of electrification at the establishment level. Manufacturers who electrified increased their productivity and output relative to manufacturers who did not. The effects on workers were mixed. While electrification increased average wages, it also increased the return to skill and reduced the labor share. Delays in electricity adoption point to the importance of complementary innovations in electricity transmission and financial markets.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"96 ","pages":"Article 101654"},"PeriodicalIF":2.6,"publicationDate":"2025-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143377347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}