Suchergebnisse

AbstractThis paper studies the impact of collectivization on patricide in China during the Cultural Revolution. From 1955 to 1957, nearly 96 per cent of farmers were organized into communes. Consequently, fathers lost control over family wealth. We propose that this shift decreased fathers' bargaining power over their adult sons, which might increase family conflicts. On the basis of a novel dataset, we find that the speed of collectivization significantly increased patricide, and the result is robust by employing ruggedness to instrumenting for the speed of collectivization. Our study extends the literature on intra‐household bargaining from couples to intergenerational relationships.

AbstractThe existing studies usually find that technical change was very important in constraining the economic growth of the Soviet Union. While these studies have been successful in quantifying the extent of technical change, they have been less successful in quantifying its nature. This paper moves a step closer to probing the essence of Soviet efficiency by splitting the aggregate technical change into its subcomponents – namely, capital and labour efficiency. I find that the Soviet Union registered strong labour efficiency gains during most of the postwar period, converging towards the labour efficiency level of the global frontier – the US. Labour efficiency growth did decrease over time, but labour efficiency was not a primary cause of Soviet growth retardation. That retardation was instead caused by a decline in capital efficiency. At a disaggregated level, I find that the decrease in capital efficiency was driven by structures. I hypothesize that labour shortages and an inadequate investment policy resulted in a large stock of unfinished, and hence idle, structures, distorting Soviet economic growth.

AbstractThis paper qualitatively and quantitatively examines the development of the sovereign debt market in Prewar China under different governments. During the Beijing Era (1912–26), accompanied by the establishment of necessary financial institutions, the sovereign debt market emerged to meet fiscal needs. Surprisingly, the Nationalist government, in power from 1927, successfully cultivated a robust market characterized by its expanding size and liquidity. Setting itself apart from its predecessors, the government established credibility as a borrower in two key ways. Firstly, it demonstrated unwavering commitment to debt service by settling previous debts and offering well‐structured new ones, even during challenging times. Furthermore, the government escrowed fiscal revenue, pledged for debt repayments, to a semi‐independent committee of private bankers on behalf of debtholders, enhancing public confidence. Secondly, the government showcased its ability to secure tax revenues for debt repayments. However, starting from 1931/2, the debt market experienced a decline due to the government's compromised ability to pay resulting from external wars and shifting political priorities that weakened its commitment to debt repayments. Empirical evidence confirms the market's responsiveness to regime shifts and policy changes. This paper sheds light on how a nascent autocratic government can successfully borrow from the public.

AbstractThis article provides a new interpretation of Brazil's independence that relates the process of political emancipation to the Portuguese empire's fiscal crisis at the beginning of the nineteenth century. We discuss the origins and impact of the fiscal crisis that followed the Napoleonic invasion of Portugal in 1807 and the transfer of the government to Rio de Janeiro. Quantitative evidence shows that expenditures with the palace and the army in Brazil were higher than those discussed in the previous literature. Moreover, the government was only able to finance itself by increasing loans via paper money issuances from the Bank of Brazil. Real wages show that the inflationary policy in the 1810s led to a rapid decline in living standards, fuelling dissatisfaction with the government. Our findings are consistent with views expressed in contemporary official correspondence and parliamentary debates.

AbstractBefore 1948, approximately one‐third of the United Kingdom (UK)'s hospital beds were located in voluntary hospitals, many of which continued to benefit from the funds generated by their historic endowments. When the National Health Service (NHS) was created, the vast majority of these hospitals were taken over by the State. This paper examines the neglected question of what happened to these endowments and the role which charity continued to play in the funding of NHS hospitals more generally. It makes an explicit attempt to examine the development of hospital services in each of the UK's constituent nations and shows how the treatment of endowments and the role of charity differed between them. It also highlights the continuing importance of arguments over the 'boundaries' between 'essential' and 'non‐essential' forms of health service expenditure, and between the roles of the statutory and voluntary sectors more generally.

AbstractThis paper investigates the impact of the disruption of the Ottoman Empire on the integration of regional and colonial commodity markets in the Near East. Exploiting a novel dataset on commodity prices in Syria, Egypt, Turkey, France, and the United Kingdom covering the 1787–1939 period, it assesses the extent of price dispersion across markets before and after the end of the Ottoman Empire and investigates the causes behind the change in market integration. The results indicate that, while regional markets disintegrated during 1923–39, reflecting the anti‐global environment of the interwar era, colonial market linkages strengthened. The empirical findings also highlight that border effects, rather the rise of protection per se, were the main drivers behind the increase of regional price dispersion.

AbstractWe investigate the financing and performance of international entrepreneurship in an environment that was characterized by severe information problems and very weak investor protection. Despite these problems, new ventures could raise large amounts of equity and debt on the Belgian capital market between 1890 and 1914. Many of these firms were international new ventures (INVs) with their main operations abroad, often far away from Belgium. We find that INVs raised much more capital but were less likely to pay a dividend than domestic new ventures (DNVs). They were less likely to issue a bond and had a higher cost of debt when operating further away from Belgium. Performance after listing was generally bad for new ventures throughout the period, but it was much worse for INVs than for DNVs. Our findings confirm contemporary arguments that unprotected, financially illiterate investors were expropriated by INV founders.

AbstractSince the arrival of Christopher Columbus in the so‐called New World in 1492, hundreds of thousands of Spaniards settled in Central and South America. This paper assesses the skill selectivity of Spanish migrants who went to Hispanic America during the sixteenth to eighteenth centuries for the first time. The age‐heaping method is employed to estimate numeracy levels as a proxy for human capital. With a database of 33 929 individual observations, the findings show that Spaniards who left the country to settle in the Spanish territories were positively self‐selected. Additionally, differences are observed in the human capital of those who chose to settle in Mexico, who had a higher level of numeracy, than those who chose Peru. These differences might be due to the viceroyalty structure and educational institutions that encouraged the emigration of people with greater human capital to Mexico. Finally, when the level of numeracy of Spaniards in Hispanic America is compared with the numeracy of the total population, emigrants still had higher levels of human capital.

AbstractThis paper explores the origins of German banks' risk‐taking in the years preceding the 1931 crisis. The 1920s were marked by a large and prolonged increase in capital flows into Germany, chiefly from the United States and the United Kingdom. This coincided, at the individual bank level, with a rise in leverage and a fall in liquidity. We examine possible connections between the two phenomena. Our analysis is based on a combination of historiographical work and statistical modelling based on a newly hand‐collected bimonthly dataset on German reporting banks from 1925 to 1935. Bank by bank we examine the effects of foreign inflows on decisions related to leverage, lending, and liquidity. The Dawes Plan of 1924 and the relative absence of a too‐big‐to‐fail (TBTF) environment allow us to mitigate endogeneity concerns. We suggest that while capital inflows did not seem to impact banks' liquidity decisions, their impact on leverage was non‐negligeable.

AbstractThis article uses the full sample of the 1851 census enumerators' books (CEBs) to revisit and reanalyse the well‐known phenomenon of female kin servants in the British census. We find that the recording of female kin servants points to three distinct possibilities – day servants, domestic work at relatives' homes, and work at relatives' homes as part of the family business unit. Accordingly, we argue that female kin servants offer a rare opportunity to look into the interaction between gendered work, household economy, and market economy, and they should be considered as much in the labour force as classic servants. We further offer tentative methods to revise the number of female domestic servants. Our revision suggests that domestic service probably employed more women than manufacturing activities of all sorts put together. It highlights the limited impacts of industrialization on most women's work experiences as well as traditional sector's importance for women's employment, even as late as the mid‐nineteenth century.