Pub Date : 2020-06-22DOI: 10.1017/S0212610920000129
Concha Betrán, M. A. Pons
ABSTRACT This paper analyses the mechanisms through which capital flows produced financial instability in Spain over a 165-year period. We study why and how capital bonanzas make crises more likely and severe, and whether their incidence varies depending on types of crises (currency, banking and debt crises). We conclude that most of them occurred in different monetary policy regimes, but they were associated with capital bonanzas in a liberal regulatory framework, both of which contributed to a higher likelihood and greater severity of crises. The analysis of the different monetary policy regimes, financial structures and the types of crises allows us to draw some policy implications that emphasise the need for sound financial regulation and supervision.
{"title":"CAPITAL FLOW BONANZAS AS A FUNDAMENTAL INGREDIENT IN SPAIN'S FINANCIAL CRISES, 1850-2015","authors":"Concha Betrán, M. A. Pons","doi":"10.1017/S0212610920000129","DOIUrl":"https://doi.org/10.1017/S0212610920000129","url":null,"abstract":"ABSTRACT This paper analyses the mechanisms through which capital flows produced financial instability in Spain over a 165-year period. We study why and how capital bonanzas make crises more likely and severe, and whether their incidence varies depending on types of crises (currency, banking and debt crises). We conclude that most of them occurred in different monetary policy regimes, but they were associated with capital bonanzas in a liberal regulatory framework, both of which contributed to a higher likelihood and greater severity of crises. The analysis of the different monetary policy regimes, financial structures and the types of crises allows us to draw some policy implications that emphasise the need for sound financial regulation and supervision.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"40 1","pages":"135 - 169"},"PeriodicalIF":1.0,"publicationDate":"2020-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610920000129","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47706773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.1017/S0212610920000117
María Inés Moraes
ABSTRACT This paper gathers information on the diet of the people of Montevideo. It puts forward some hypotheses regarding the caloric intake of the plebeian and non-elite social groups, introduces two Laspeyres indexes of food prices for Montevideo in 1760-1810, analyses the movements of food prices in Montevideo in this period and compares the case of Montevideo with neighbouring cities.
{"title":"EATING, DRINKING, PAYING. THE PRICE OF FOOD IN MONTEVIDEO IN THE LATE COLONIAL PERIOD","authors":"María Inés Moraes","doi":"10.1017/S0212610920000117","DOIUrl":"https://doi.org/10.1017/S0212610920000117","url":null,"abstract":"ABSTRACT This paper gathers information on the diet of the people of Montevideo. It puts forward some hypotheses regarding the caloric intake of the plebeian and non-elite social groups, introduces two Laspeyres indexes of food prices for Montevideo in 1760-1810, analyses the movements of food prices in Montevideo in this period and compares the case of Montevideo with neighbouring cities.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"38 1","pages":"249 - 278"},"PeriodicalIF":1.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610920000117","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41474359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-20DOI: 10.1017/S0212610920000099
José Luis Peña-Mir
ABSTRACT New Institutional Economics treats early modern Spain as an example of a state whose political and contracting institutions hindered economic growth. However, the assumption that Spanish political institutions were predatory in this respect has been called into question. This paper challenges the idea that Spain was unable to develop sufficiently good contracting institutions, of which we know relatively little. Using data from Malaga's notarial credit market, I show that legal institutions facilitated contractual compliance in private financial transactions. Specifically, public mortgage registries, which had improved the registration of properties used as collateral since their creation in 1768, favoured the subscription of larger contracts. Furthermore, results suggest that registries could have contributed to the development of a more impersonal credit market.
{"title":"HOW WELL WERE CREDITORS’ RIGHTS PROTECTED IN EARLY MODERN SPAIN? THE CASE OF THE PUBLIC MORTGAGE REGISTRY IN MALAGA","authors":"José Luis Peña-Mir","doi":"10.1017/S0212610920000099","DOIUrl":"https://doi.org/10.1017/S0212610920000099","url":null,"abstract":"ABSTRACT New Institutional Economics treats early modern Spain as an example of a state whose political and contracting institutions hindered economic growth. However, the assumption that Spanish political institutions were predatory in this respect has been called into question. This paper challenges the idea that Spain was unable to develop sufficiently good contracting institutions, of which we know relatively little. Using data from Malaga's notarial credit market, I show that legal institutions facilitated contractual compliance in private financial transactions. Specifically, public mortgage registries, which had improved the registration of properties used as collateral since their creation in 1768, favoured the subscription of larger contracts. Furthermore, results suggest that registries could have contributed to the development of a more impersonal credit market.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"40 1","pages":"35 - 65"},"PeriodicalIF":1.0,"publicationDate":"2020-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610920000099","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46845856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-23DOI: 10.1017/S021261092000004X
Zacarias Moutoukias, M. ’T Hart
ABSTRACT Between 1800 and 1820, Buenos Aires and the former colonial Viceroyalty of Rio de la Plata faced an unprecedented fiscal crisis caused by the revolutionary wars, eventually solved by levying forced loans. This paper considers the unintended institutional consequences of these loans. The novel devices allowed (1) the holders of forced-loan coupons to use these bonds to pay off debts incurred in customs duties and (2) the holders of bills of exchange involved in the provisioning of the military to use these bills to pay part of their forced loans. Starting with the conceptualisation of the institutional order as a complex system, this paper examines the interactions among the circulation of financial paper bills, the financing of war and changes in the position of the merchants' guild and the legal framework for Atlantic trade. It thereby contributes to renewing institutional change approaches in the Spanish-American context.
{"title":"FISCAL CRISES, FORCED LOANS AND UNINTENDED INSTITUTIONAL CONSEQUENCES IN WARTIME BUENOS AIRES, 1800-1820","authors":"Zacarias Moutoukias, M. ’T Hart","doi":"10.1017/S021261092000004X","DOIUrl":"https://doi.org/10.1017/S021261092000004X","url":null,"abstract":"ABSTRACT Between 1800 and 1820, Buenos Aires and the former colonial Viceroyalty of Rio de la Plata faced an unprecedented fiscal crisis caused by the revolutionary wars, eventually solved by levying forced loans. This paper considers the unintended institutional consequences of these loans. The novel devices allowed (1) the holders of forced-loan coupons to use these bonds to pay off debts incurred in customs duties and (2) the holders of bills of exchange involved in the provisioning of the military to use these bills to pay part of their forced loans. Starting with the conceptualisation of the institutional order as a complex system, this paper examines the interactions among the circulation of financial paper bills, the financing of war and changes in the position of the merchants' guild and the legal framework for Atlantic trade. It thereby contributes to renewing institutional change approaches in the Spanish-American context.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"39 1","pages":"265 - 296"},"PeriodicalIF":1.0,"publicationDate":"2020-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S021261092000004X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44570401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-06DOI: 10.1017/S0212610920000075
C. Cussen, Juan José Martínez B.
ABSTRACT This paper applies modern economic theory to the ownership of enslaved men and women in the labour market context of Santiago, Chile from 1773 to 1810. We calculate the internal rate of return for slaves by gender and age as a way to understand the economic justification of slavery in an urban scenario where free labour was also readily available. Based on archival sources documenting the selling prices for slaves, prevailing wages for free labourers, maintenance costs and life expectancy, we argue that the ownership of enslaved men and women was a consistently profitable activity.
{"title":"THE ECONOMICS OF URBAN SLAVEHOLDING IN SANTIAGO, CHILE, 1773-1810","authors":"C. Cussen, Juan José Martínez B.","doi":"10.1017/S0212610920000075","DOIUrl":"https://doi.org/10.1017/S0212610920000075","url":null,"abstract":"ABSTRACT This paper applies modern economic theory to the ownership of enslaved men and women in the labour market context of Santiago, Chile from 1773 to 1810. We calculate the internal rate of return for slaves by gender and age as a way to understand the economic justification of slavery in an urban scenario where free labour was also readily available. Based on archival sources documenting the selling prices for slaves, prevailing wages for free labourers, maintenance costs and life expectancy, we argue that the ownership of enslaved men and women was a consistently profitable activity.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"39 1","pages":"99 - 127"},"PeriodicalIF":1.0,"publicationDate":"2020-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610920000075","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43499910","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-02DOI: 10.1017/S0212610920000063
D. Santilli
ABSTRACT Based on primary sources, baskets of consumption for Buenos Aires are reconstructed for the 1780-1820 period, applying current international methodologies. They build on previous work based on 1835 data. It can be seen that the consumption pattern did not vary substantially in the period and, considering the salary of both urban and rural workers, we are able to establish that standards of living were high and experienced a significant increase after 1835, especially during the 1840s. This placed Buenos Aires among the cities of the Western world with highest welfare ratio levels.
{"title":"CONSUMPTION AND LIVING STANDARDS IN BUENOS AIRES. CONSUMER BASKETS AND INCOME BETWEEN THE LATE COLONIAL AGE AND THE FIRST HALF OF THE 19TH CENTURY","authors":"D. Santilli","doi":"10.1017/S0212610920000063","DOIUrl":"https://doi.org/10.1017/S0212610920000063","url":null,"abstract":"ABSTRACT Based on primary sources, baskets of consumption for Buenos Aires are reconstructed for the 1780-1820 period, applying current international methodologies. They build on previous work based on 1835 data. It can be seen that the consumption pattern did not vary substantially in the period and, considering the salary of both urban and rural workers, we are able to establish that standards of living were high and experienced a significant increase after 1835, especially during the 1840s. This placed Buenos Aires among the cities of the Western world with highest welfare ratio levels.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"38 1","pages":"311 - 342"},"PeriodicalIF":1.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610920000063","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49526923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-03-30DOI: 10.1017/S0212610920000051
Patricia Olguín, B. Bragoni
ABSTRACT This paper aims to analyze the changes in the standard of living of workers in the popular sectors of Mendoza during the “great expansion” of the Argentine economy. A series of real wages of the construction pawn in public works is calculated for 1895–1914, in order to compare it with series of real wages of low and medium public employee grades (low-level policeman, porter and clerk) and vineyard employees, which were previously estimated. In this way, we try to know if the dynamism of viticulture and public investment improved their living conditions. In addition, it seeks to compare these results with the cost of a basic basket of goods and services and calculate family income for some construction laborers identified in the National Population Census of 1895, in order to know if they insured family subsistence.
{"title":"SALARIOS REALES Y SUBSISTENCIA DE LOS TRABAJADORES DE MENDOZA DURANTE LA GRAN EXPANSIÓN (ARGENTINA, 1890–1914)","authors":"Patricia Olguín, B. Bragoni","doi":"10.1017/S0212610920000051","DOIUrl":"https://doi.org/10.1017/S0212610920000051","url":null,"abstract":"ABSTRACT This paper aims to analyze the changes in the standard of living of workers in the popular sectors of Mendoza during the “great expansion” of the Argentine economy. A series of real wages of the construction pawn in public works is calculated for 1895–1914, in order to compare it with series of real wages of low and medium public employee grades (low-level policeman, porter and clerk) and vineyard employees, which were previously estimated. In this way, we try to know if the dynamism of viticulture and public investment improved their living conditions. In addition, it seeks to compare these results with the cost of a basic basket of goods and services and calculate family income for some construction laborers identified in the National Population Census of 1895, in order to know if they insured family subsistence.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"39 1","pages":"537 - 564"},"PeriodicalIF":1.0,"publicationDate":"2020-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610920000051","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47019829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-03-27DOI: 10.1017/S0212610919000399
A. Primmer
ABSTRACT This article explores the development of railway nationalism and «railway imperialism» within Colombian politics during the early 20th century. It uses the experience of the hitherto unstudied Great Northern Central Railway of Colombia British «free-standing company» as a lens to evaluate the way in which these political currents impacted railway development in the Colombian department of Santander. It argues that the rise of railway nationalism intertwined with regionalism and personal interests represents an important and unacknowledged factor in the collapse of the British company, as well as the overall lack of railway expansion and subsequent economic decline in the department.
{"title":"RAILWAY NATIONALISM AND «RAILWAY IMPERIALISM» IN COLOMBIA AND THE ECONOMIC DECLINE OF SANTANDER, 1907–1918","authors":"A. Primmer","doi":"10.1017/S0212610919000399","DOIUrl":"https://doi.org/10.1017/S0212610919000399","url":null,"abstract":"ABSTRACT This article explores the development of railway nationalism and «railway imperialism» within Colombian politics during the early 20th century. It uses the experience of the hitherto unstudied Great Northern Central Railway of Colombia British «free-standing company» as a lens to evaluate the way in which these political currents impacted railway development in the Colombian department of Santander. It argues that the rise of railway nationalism intertwined with regionalism and personal interests represents an important and unacknowledged factor in the collapse of the British company, as well as the overall lack of railway expansion and subsequent economic decline in the department.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"39 1","pages":"355 - 389"},"PeriodicalIF":1.0,"publicationDate":"2020-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610919000399","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42835720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-03-04DOI: 10.1017/S0212610919000417
J. V. Torres-Moreno, José L. Henao-Giraldo
ABSTRACT This paper analyses the role of Mompox in New Granada's interregional trade during the late colonial period. It focuses on the value, structure and destination of exports of domestic goods from Mompox to markets on the Atlantic and the Andes. By unearthing unexplored sources, this paper provides evidence that will help to understand, indirectly, some issues such as the nature and timing of economic growth, the degree of regional specialisation and, above all, the role of inland ports in the economic geography of the viceroyalty. The paper contends, first, that the region experienced a boom–bust cycle during the late colonial period. The export of domestic goods doubled between 1770 and 1800 but subsequently collapsed during the 1802-1809 years. Second, evidence suggests that the region experienced a process of market deepening and widening. Trade flows, then, played a larger role in shaping the economic history of the region than previously thought.
{"title":"CONNECTING THE NORTHERN ANDES AND THE ATLANTIC. THE ROLE OF INLAND PORTS IN NEW GRANADA'S INTERREGIONAL TRADE (1770-1809)","authors":"J. V. Torres-Moreno, José L. Henao-Giraldo","doi":"10.1017/S0212610919000417","DOIUrl":"https://doi.org/10.1017/S0212610919000417","url":null,"abstract":"ABSTRACT This paper analyses the role of Mompox in New Granada's interregional trade during the late colonial period. It focuses on the value, structure and destination of exports of domestic goods from Mompox to markets on the Atlantic and the Andes. By unearthing unexplored sources, this paper provides evidence that will help to understand, indirectly, some issues such as the nature and timing of economic growth, the degree of regional specialisation and, above all, the role of inland ports in the economic geography of the viceroyalty. The paper contends, first, that the region experienced a boom–bust cycle during the late colonial period. The export of domestic goods doubled between 1770 and 1800 but subsequently collapsed during the 1802-1809 years. Second, evidence suggests that the region experienced a process of market deepening and widening. Trade flows, then, played a larger role in shaping the economic history of the region than previously thought.","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":"39 1","pages":"469 - 507"},"PeriodicalIF":1.0,"publicationDate":"2020-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0212610919000417","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46631222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-03-01DOI: 10.1017/s0212610920000026
{"title":"RHE volume 38 issue 1 Cover and Front matter","authors":"","doi":"10.1017/s0212610920000026","DOIUrl":"https://doi.org/10.1017/s0212610920000026","url":null,"abstract":"","PeriodicalId":45403,"journal":{"name":"Revista De Historia Economica","volume":" ","pages":"f1 - f4"},"PeriodicalIF":1.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/s0212610920000026","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46540978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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