Cliometrica最新文献

This article presents a database with the probably most up-to-date and reliable consumer price indices for a large sample of European countries since 1870. The database is a compilation but a contribution by going back to original or ignored works. For some countries, where CPIs have been missing, new provisional indices are constructed, and some are reconstructed for critical periods. The article critically examines historical CPIs in oft-used online databases and uncover some alarming inaccuracies and even fallacies. Despite the importance of accurate CPIs in long-term analyses, previously little effort has been put in assessing the quality and comparability of data between countries. Realism of the CPIs is examined within a framework of economic integration that qualifies received views. Lack of integration of Mediterranean countries before mid-20th century is validated, and contradictory patterns of integration in interwar and postwar Europe uncovered.

Abstract

This paper investigates the impact of four historical tropical storms on the Colonial Bank’s operations in the British Caribbean between 1922 and 1927. By employing a high-frequency data set of bank transactions, this study reveals how these severe shocks influenced the banking activities of clients. The findings reveal a multifaceted and significant impact of tropical storm strikes on the banks’ operations, particularly a surge in borrowing via overdrafts of current accounts. Moreover, the study reveals the multifaceted nature of such storms’ impact on the bank’s functionality, with affected branches demonstrating an uptick in deposits and savings as a strategy to mitigate funding shocks. The results of the econometric analysis indicate that the impact of such storms on banks’ functionality during the early 20th century was significant and multidimensional. It highlights the critical role that the Colonial Bank plays in facilitating recovery from these devastating events and contributes to the existing literature by studying multiple shocks at different geographical locations and time frames.

Dividend policy is not set de novo each year, but dividends are smoothed from one year to the next, leading to a short-term persistent component. In this paper, we investigate whether there is also long-run persistence in dividend policy, by using a unique sample of firms listed on the Brussels Stock Exchange since 1824. We show that dividend smoothing leads to a long-term persistent component in dividend policy, as we find evidence that the initial dividend policy, as measured in the first calendar year after listing, has a long-lasting effect on future dividend policy. Although this effect persists for many years, it fades away over time. When this happens, a new slowly changing dividend policy emerges.

By relying on information on wages from primary sources, I estimate welfare ratios in Lima in 1757–1819. I use two alternative methods to estimate the subsistence basket and welfare ratios. The results indicate that working families in Lima faced severe difficulties to cover their basic needs if they did not deviate from typical consumption habits. However, they could cover their nutritional and other basic needs if they replaced expensive foods, such as meats and bread, with cheaper sources of nutrients, such as maize flour. An international comparison shows that the welfare ratio in Lima was lower than the ratios in Northern Europe and North America. However, Lima compared well to several important European cities, such as Paris, Munich and Toledo.