Pub Date : 2019-12-12DOI: 10.1017/S0968565019000210
Miikka Voutilainen, Riina Turunen, J. Ojala
Pre-industrial money supply typically consisted of multiple, often foreign currencies. Standard economic theory implies that this entails welfare loss due to transaction costs imposed by currency exchange. Through a study of novel data on Finnish nineteenth-century parish-level currency conditions, we show that individual currencies had principal areas of circulation, with extensive co-circulation restricted to the boundary regions in between. We show that trade networks, defined here through the regional co-movement of grain prices, proved crucial in determining the currency used. Market institutions and standard price mechanisms had an apparent role in the spread of different currencies and in determining the dominant currency in a given region. Our findings provide a caveat for the widely held assumption that associates multi-currency systems with negative trade externalities.
{"title":"Multi-currency regime and markets in early nineteenth-century Finland","authors":"Miikka Voutilainen, Riina Turunen, J. Ojala","doi":"10.1017/S0968565019000210","DOIUrl":"https://doi.org/10.1017/S0968565019000210","url":null,"abstract":"Pre-industrial money supply typically consisted of multiple, often foreign currencies. Standard economic theory implies that this entails welfare loss due to transaction costs imposed by currency exchange. Through a study of novel data on Finnish nineteenth-century parish-level currency conditions, we show that individual currencies had principal areas of circulation, with extensive co-circulation restricted to the boundary regions in between. We show that trade networks, defined here through the regional co-movement of grain prices, proved crucial in determining the currency used. Market institutions and standard price mechanisms had an apparent role in the spread of different currencies and in determining the dominant currency in a given region. Our findings provide a caveat for the widely held assumption that associates multi-currency systems with negative trade externalities.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"27 1","pages":"115 - 138"},"PeriodicalIF":0.7,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0968565019000210","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47049589","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}
Pub Date : 2019-12-01DOI: 10.1017/s0968565019000246
{"title":"FHR volume 26 issue 3 Cover and Back matter","authors":"","doi":"10.1017/s0968565019000246","DOIUrl":"https://doi.org/10.1017/s0968565019000246","url":null,"abstract":"","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":" ","pages":"b1 - b2"},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/s0968565019000246","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49278380","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}
Pub Date : 2019-12-01DOI: 10.1017/s0968565019000234
{"title":"FHR volume 26 issue 3 Cover and Front matter","authors":"","doi":"10.1017/s0968565019000234","DOIUrl":"https://doi.org/10.1017/s0968565019000234","url":null,"abstract":"","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":" ","pages":"f1 - f3"},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/s0968565019000234","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46748004","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}
Pub Date : 2019-12-01DOI: 10.1017/S0968565019000167
F. Grubb
Ron Michener takes issue with my approach to and analysis of colonial Virginia's paper money. He objects to how I calculate the paper money's asset present value when the paper money is hypothesized to be zero-coupon and interest-bearing bonds. He questions my data on the amount of Virginia's paper money in circulation, and he objects to the econometric treatment I apply to my model of that money's performance. He, however, presents no alternative data constructions, or any alternative explanations for the patterns in the data, nor does he present any alternative hypotheses or do any hypothesis testing to account for the level and movement in the value of Virginia's paper money.
Ron Michener对我对弗吉尼亚殖民地纸币的处理和分析提出了异议。他反对我在假设纸币为零息票和有息债券时如何计算纸币的资产现值。他质疑我关于弗吉尼亚州流通纸币数量的数据，并反对我对该货币表现模型的计量经济学处理。然而，他没有提出替代的数据结构，也没有对数据中的模式做出任何替代的解释，也没有提出任何替代假设或进行任何假设测试来解释弗吉尼亚纸币的价值水平和变动。
{"title":"Colonial Virginia's paper money, 1755–1774: a reply to Michener","authors":"F. Grubb","doi":"10.1017/S0968565019000167","DOIUrl":"https://doi.org/10.1017/S0968565019000167","url":null,"abstract":"Ron Michener takes issue with my approach to and analysis of colonial Virginia's paper money. He objects to how I calculate the paper money's asset present value when the paper money is hypothesized to be zero-coupon and interest-bearing bonds. He questions my data on the amount of Virginia's paper money in circulation, and he objects to the econometric treatment I apply to my model of that money's performance. He, however, presents no alternative data constructions, or any alternative explanations for the patterns in the data, nor does he present any alternative hypotheses or do any hypothesis testing to account for the level and movement in the value of Virginia's paper money.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"26 1","pages":"401 - 408"},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0968565019000167","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49557451","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}
Pub Date : 2019-12-01DOI: 10.1017/S0968565019000155
R. Michener
Farley Grubb's recent article in the Financial History Review contains econometric results designed to support his theoretical propositions concerning the paper money of the American colonies. This comment demonstrates that some of his results are spurious and the rest are based on using incorrect testing procedures and incorrect critical values of test statistics.
法利·格拉布(Farley Grubb)最近在《金融历史评论》(Financial History Review)上发表的文章包含了计量经济学的结果，旨在支持他关于美国殖民地纸币的理论主张。这一评论表明，他的一些结果是虚假的，其余的是基于使用不正确的测试程序和不正确的测试统计的临界值。
{"title":"A re-examination of the empirical evidence concerning colonial Virginia's paper money, 1755-1774: a comment on Grubb","authors":"R. Michener","doi":"10.1017/S0968565019000155","DOIUrl":"https://doi.org/10.1017/S0968565019000155","url":null,"abstract":"Farley Grubb's recent article in the Financial History Review contains econometric results designed to support his theoretical propositions concerning the paper money of the American colonies. This comment demonstrates that some of his results are spurious and the rest are based on using incorrect testing procedures and incorrect critical values of test statistics.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"26 1","pages":"389 - 399"},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0968565019000155","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44979104","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}
Pub Date : 2019-10-22DOI: 10.1017/S0968565019000179
Christopher Coyle, A. Musacchio, J. Turner
In this article, using new estimates of the size of the UK's capital market, we examine financial development and investor protection laws in Britain c.1900 to test the influential law and finance hypothesis. Our evidence suggests that there was not a close correlation between financial development and investor protection laws c.1900 and that the size of the UK's share market is a puzzle given the paucity of statutory investor protection. To illustrate that Britain was not unique in its approach to investor protection in this era, we examine investor protection laws across legal families c.1900.
{"title":"Law and finance in Britain c.1900","authors":"Christopher Coyle, A. Musacchio, J. Turner","doi":"10.1017/S0968565019000179","DOIUrl":"https://doi.org/10.1017/S0968565019000179","url":null,"abstract":"In this article, using new estimates of the size of the UK's capital market, we examine financial development and investor protection laws in Britain c.1900 to test the influential law and finance hypothesis. Our evidence suggests that there was not a close correlation between financial development and investor protection laws c.1900 and that the size of the UK's share market is a puzzle given the paucity of statutory investor protection. To illustrate that Britain was not unique in its approach to investor protection in this era, we examine investor protection laws across legal families c.1900.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"26 1","pages":"267 - 293"},"PeriodicalIF":0.7,"publicationDate":"2019-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0968565019000179","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43375713","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}
Abe de Jong, Philip T. Fliers, Henry van Beusichem
This article investigates the determinants of Dutch firms’ dividend policies in the twentieth century. We identify three distinct episodes and document shifts in dividend policies in the 1930s and 1980s, because firm managers cater to the changing preferences of shareholders. The first episode, prior to World War II, was characterised by dividends that were fixed contracts between shareholder and management and the payouts were mechanically determined by earnings. The second epoch of Dutch dividend policy, until the 1980s, was characterised by dividend smoothing. Dividends were still strongly related to earnings, but because of shareholder's preferences for stable dividend income, earnings changes are incorporated in dividends with a lag. Finally, dividend policy in the most recent episode is inspired by shareholder wealth maximisation, based on agency and signalling motives. In this period, dividends have become largely decoupled from earnings.
{"title":"Catering and dividend policy: evidence from the Netherlands over the twentieth century","authors":"Abe de Jong, Philip T. Fliers, Henry van Beusichem","doi":"10.2139/ssrn.3439820","DOIUrl":"https://doi.org/10.2139/ssrn.3439820","url":null,"abstract":"This article investigates the determinants of Dutch firms’ dividend policies in the twentieth century. We identify three distinct episodes and document shifts in dividend policies in the 1930s and 1980s, because firm managers cater to the changing preferences of shareholders. The first episode, prior to World War II, was characterised by dividends that were fixed contracts between shareholder and management and the payouts were mechanically determined by earnings. The second epoch of Dutch dividend policy, until the 1980s, was characterised by dividend smoothing. Dividends were still strongly related to earnings, but because of shareholder's preferences for stable dividend income, earnings changes are incorporated in dividends with a lag. Finally, dividend policy in the most recent episode is inspired by shareholder wealth maximisation, based on agency and signalling motives. In this period, dividends have become largely decoupled from earnings.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"26 1","pages":"321 - 358"},"PeriodicalIF":0.7,"publicationDate":"2019-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45120283","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}
Pub Date : 2019-08-13DOI: 10.1017/S0968565019000143
E. Dermineur
This article explores the world of informal financial transactions and informal networks in pre-industrial France. Often considered merely as simple daily transactions made to palliate a lack of cash in circulation and to smooth consumption, the examination of private transactions reveals not only that they served various purposes, including productive investments, but also that they proved to be dynamic. The debts they incurred helped to smooth consumption but also helped to make investments. Some lenders were more prominent than others, although no one really dominated the informal market. This article also compares informal transactions with formal ones through the study of probate inventories and notarial records respectively. It compares these two credit circuits, their similarities and different characteristics, and their various networks features. The debts incurred in the notarial credit market were more substantial but did not serve a different purpose than in the informal market. Here too, the biggest lenders did not monopolise the extension of capital. Perhaps the most striking result lies in the fact that the total volume of exchange between the informal credit market and the notarial credit market (after projection) was similar.
{"title":"Peer-to-peer lending in pre-industrial France","authors":"E. Dermineur","doi":"10.1017/S0968565019000143","DOIUrl":"https://doi.org/10.1017/S0968565019000143","url":null,"abstract":"This article explores the world of informal financial transactions and informal networks in pre-industrial France. Often considered merely as simple daily transactions made to palliate a lack of cash in circulation and to smooth consumption, the examination of private transactions reveals not only that they served various purposes, including productive investments, but also that they proved to be dynamic. The debts they incurred helped to smooth consumption but also helped to make investments. Some lenders were more prominent than others, although no one really dominated the informal market. This article also compares informal transactions with formal ones through the study of probate inventories and notarial records respectively. It compares these two credit circuits, their similarities and different characteristics, and their various networks features. The debts incurred in the notarial credit market were more substantial but did not serve a different purpose than in the informal market. Here too, the biggest lenders did not monopolise the extension of capital. Perhaps the most striking result lies in the fact that the total volume of exchange between the informal credit market and the notarial credit market (after projection) was similar.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"26 1","pages":"359 - 388"},"PeriodicalIF":0.7,"publicationDate":"2019-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0968565019000143","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47105120","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}
Pub Date : 2019-08-01DOI: 10.1017/s0968565019000192
{"title":"FHR volume 26 issue 2 Cover and Back matter","authors":"","doi":"10.1017/s0968565019000192","DOIUrl":"https://doi.org/10.1017/s0968565019000192","url":null,"abstract":"","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"26 1","pages":"b1 - b2"},"PeriodicalIF":0.7,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/s0968565019000192","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44241237","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}
Pub Date : 2019-08-01DOI: 10.1017/S0968565019000131
D. Chambers, Rasheed Saleuddin, C. Mcmahon
Abstract Innovations in the world of alternative finance such as online consumer lending, fund-raising platforms and cryptocurrencies are proceeding apace. In this article, we examine three historical case studies of newly emerged non-bank financial markets and discuss the possible implications for today's alternative finance markets. The first insight is that the private sector can generally be counted on to meet previously unmet needs. Moneylenders filled a gap unaddressed by the banking system of the day. Junior market IPOs provided access to funds for smaller companies that might otherwise have struggled to raise external finance. Private currencies replaced sovereign coins in transactions at various points in history. The second insight, however, is that new financial markets and instruments eventually attract the attention of regulators. Finally, these examples are a warning to industry not to take for granted that an initially laissez-faire regulatory regime precludes a stronger response at some point in the future. In all three cases, tougher regulation – in some cases even to the point of shutting down the products and markets concerned – arrived after long periods of observation and deliberation by the state.
{"title":"Alternative finance: a historical perspective","authors":"D. Chambers, Rasheed Saleuddin, C. Mcmahon","doi":"10.1017/S0968565019000131","DOIUrl":"https://doi.org/10.1017/S0968565019000131","url":null,"abstract":"Abstract Innovations in the world of alternative finance such as online consumer lending, fund-raising platforms and cryptocurrencies are proceeding apace. In this article, we examine three historical case studies of newly emerged non-bank financial markets and discuss the possible implications for today's alternative finance markets. The first insight is that the private sector can generally be counted on to meet previously unmet needs. Moneylenders filled a gap unaddressed by the banking system of the day. Junior market IPOs provided access to funds for smaller companies that might otherwise have struggled to raise external finance. Private currencies replaced sovereign coins in transactions at various points in history. The second insight, however, is that new financial markets and instruments eventually attract the attention of regulators. Finally, these examples are a warning to industry not to take for granted that an initially laissez-faire regulatory regime precludes a stronger response at some point in the future. In all three cases, tougher regulation – in some cases even to the point of shutting down the products and markets concerned – arrived after long periods of observation and deliberation by the state.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"26 1","pages":"109 - 126"},"PeriodicalIF":0.7,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0968565019000131","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44605797","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}
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