What caused the 1929 crash of the New York Stock Exchange? This paper quantitatively studies liquidity during the 1929 crash of the NYSE. I evidence that the crash represented a liquidity crisis due to the liquidation of brokers’ margin loans. Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a four-fold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid-ask spreads suggest that liquidity explains one-fifth of the variance in daily stock returns during the crash.
{"title":"The 1929 crash of the New York stock exchange as a liquidity crisis","authors":"Jean-Laurent Cadorel","doi":"10.1111/ehr.13309","DOIUrl":"10.1111/ehr.13309","url":null,"abstract":"<p>What caused the 1929 crash of the New York Stock Exchange? This paper quantitatively studies liquidity during the 1929 crash of the NYSE. I evidence that the crash represented a liquidity crisis due to the liquidation of brokers’ margin loans. Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a four-fold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid-ask spreads suggest that liquidity explains one-fifth of the variance in daily stock returns during the crash.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 4","pages":"1197-1221"},"PeriodicalIF":1.4,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139387819","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":"Review of periodical literature for 2022: (iv) 1700–1850","authors":"Karolina Hutková","doi":"10.1111/ehr.13313","DOIUrl":"10.1111/ehr.13313","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"355-363"},"PeriodicalIF":2.2,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139388998","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":"Artisans Abroad: British Migrant Workers in Industrialising Europe, 1815–1870 By Fabrice Bensimon, (Oxford: Oxford University Press, 2023. pp. 304. 60 figs. 13 tabs. 8 maps. ISBN 978019883584-4 Hbk. £83)","authors":"Jane Humphries","doi":"10.1111/ehr.13321","DOIUrl":"10.1111/ehr.13321","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"323-324"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139452846","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":"Impunity and Capitalism: The Afterlives of European Financial Crises, 1690–1830 By Trevor Jackson, (Cambridge: Cambridge University Press, 2022. pp. xii + 310. 5 figs. 4 tabs. ISBN Hbk. 9781316516287£75)","authors":"Pamfili M. Antipa","doi":"10.1111/ehr.13320","DOIUrl":"10.1111/ehr.13320","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"319-320"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139452100","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":"Settling for Less: Why States Colonize and Why They Stop By Lachlan McNamee, (Princeton: Princeton University Press, 2023. pp. 256. 30 figs. ISBN 9780691237817. bk £30)","authors":"Jeanne Cilliers","doi":"10.1111/ehr.13319","DOIUrl":"10.1111/ehr.13319","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"325-326"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139452731","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":"Banking on Slavery: Financing Southern Expansion in the Antebellum United States By Sharon Ann Murphy, (Chicago: The University of Chicago Press, 2023. pp. 432. 18 figs. 8 tables. ISBN 9780226825137. Pbk $35)","authors":"Patrick Luck","doi":"10.1111/ehr.13318","DOIUrl":"10.1111/ehr.13318","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"321-322"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139452178","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}
<p>The year 2022 again saw a significant number of publications in late medieval economic and social history, including a bumper six articles in this journal which at least partly covered this period. Political structures and their economic impacts were a particularly popular topic. <span>Angelucci, Meraglia and Voigtländer</span> examine the development of self-governing merchant towns in England using a dataset of 555 boroughs which existed before the Black Death. They demonstrate that a combination of involvement in trade and being in royal hands caused specific towns to seek ‘Farm Grants’ (conferring rights to self-governance including in tax collection and law enforcement) from the crown. They argue this process was triggered by the Commercial Revolution of the twelfth and thirteenth centuries, in which towns sought more flexible institutional arrangements to handle commerce. They further show that towns with Farm Grants were more likely to be represented directly in parliament, creating a virtuous re-enforcing relationship by which urban autonomy led to a stronger nationally representative body. This leads to their wider argument that this relationship helped create stronger constraints on rulers in early modern England than elsewhere in Europe. <span>Lantschner</span> examines city states across the Mediterranean world, comparing Christian and Islamic regions. He challenges previous assessments that have seen Italian city-republics as a stage in the development of western-European democracy and as imperfect versions of modern states. Instead, he argues that city states thrived in areas of political fragmentation and are best seen as ‘brittle regimes’ in which actors including political organisations and city-based lords, often in alliance with external agents outside the city, vied for control.</p><p>Two articles focused specifically on Tuscan city leagues. <span>Caferro</span> calls for a deeper understanding of these leagues beyond their military function in marshalling collective armies. He highlights their significant economic role, through creating tariff-free zones among participants and cancelling reprisals between members (where a whole city would be held responsible for the fraudulent behaviour of bad actors from that city). <span>Caferro</span> also argues that the share of troops provided by each city in a league can act as a proxy for its relative wealth, allowing for cross-city comparisons which are hard to make using other sources. <span>Martoccio</span> looks at the role of leagues as collective organisations to respond to the threat of bands of mercenaries in the late fourteenth century. While previous scholarship largely based on chronicles has presented leagues as collapsing due to rivalries between member cities, he argues that leagues were often effective in breaking apart mercenary companies by organising collectively raised bribes for specific captains and marshalling military forces for short periods.</p><p>Other stu
{"title":"Review of periodical literature for 2022: (ii) 1100–1500","authors":"Spike Gibbs","doi":"10.1111/ehr.13315","DOIUrl":"10.1111/ehr.13315","url":null,"abstract":"<p>The year 2022 again saw a significant number of publications in late medieval economic and social history, including a bumper six articles in this journal which at least partly covered this period. Political structures and their economic impacts were a particularly popular topic. <span>Angelucci, Meraglia and Voigtländer</span> examine the development of self-governing merchant towns in England using a dataset of 555 boroughs which existed before the Black Death. They demonstrate that a combination of involvement in trade and being in royal hands caused specific towns to seek ‘Farm Grants’ (conferring rights to self-governance including in tax collection and law enforcement) from the crown. They argue this process was triggered by the Commercial Revolution of the twelfth and thirteenth centuries, in which towns sought more flexible institutional arrangements to handle commerce. They further show that towns with Farm Grants were more likely to be represented directly in parliament, creating a virtuous re-enforcing relationship by which urban autonomy led to a stronger nationally representative body. This leads to their wider argument that this relationship helped create stronger constraints on rulers in early modern England than elsewhere in Europe. <span>Lantschner</span> examines city states across the Mediterranean world, comparing Christian and Islamic regions. He challenges previous assessments that have seen Italian city-republics as a stage in the development of western-European democracy and as imperfect versions of modern states. Instead, he argues that city states thrived in areas of political fragmentation and are best seen as ‘brittle regimes’ in which actors including political organisations and city-based lords, often in alliance with external agents outside the city, vied for control.</p><p>Two articles focused specifically on Tuscan city leagues. <span>Caferro</span> calls for a deeper understanding of these leagues beyond their military function in marshalling collective armies. He highlights their significant economic role, through creating tariff-free zones among participants and cancelling reprisals between members (where a whole city would be held responsible for the fraudulent behaviour of bad actors from that city). <span>Caferro</span> also argues that the share of troops provided by each city in a league can act as a proxy for its relative wealth, allowing for cross-city comparisons which are hard to make using other sources. <span>Martoccio</span> looks at the role of leagues as collective organisations to respond to the threat of bands of mercenaries in the late fourteenth century. While previous scholarship largely based on chronicles has presented leagues as collapsing due to rivalries between member cities, he argues that leagues were often effective in breaking apart mercenary companies by organising collectively raised bribes for specific captains and marshalling military forces for short periods.</p><p>Other stu","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"335-346"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ehr.13315","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139452637","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":"Review of periodical literature for 2022: (i) 400–1100","authors":"Máirín MacCarron","doi":"10.1111/ehr.13316","DOIUrl":"10.1111/ehr.13316","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"329-334"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139389963","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":"A Monetary and Fiscal History of Latin America, 1960–2017 By Timothy Kehoe and Juan Pablo Nicolini (eds), Minneapolis, MN: University of Minnesota Press, 2021. pp. xvii + 569. ISBN Hbk. 9781517911980 Pbk. 9781517911362, pbk $80.00, cloth; $20.00","authors":"Georgina M. Gomez","doi":"10.1111/ehr.13322","DOIUrl":"10.1111/ehr.13322","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"327-328"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139390429","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}
Pim de Zwart, Markus Lampe, Kevin Hjortshøj O'Rourke
There has still been too little detailed work on the protectionism that emerged in the wake of the Great Depression. In this paper we explore the experiences of two countries that have been largely neglected in the literature, the Netherlands and Netherlands East Indies (NEI). How did these traditionally free-trading economies respond to the Depression? We construct a detailed product-level database of tariff and non-tariff barriers to trade on the basis of primary sources. While ad valorem tariff increases in the Netherlands were largely due to deflation, the country protected agriculture and textiles in a number of ways. Once quotas are taken into account, trade restrictiveness indices suggest that protection in the Netherlands and NEI was comparable to protection in the UK and India, respectively. The NEI quota system was largely geared to protecting Dutch exporters, and succeeded in doing so, but the reverse was not true.
{"title":"The last free traders? Interwar trade policy in the Netherlands and Netherlands East Indies","authors":"Pim de Zwart, Markus Lampe, Kevin Hjortshøj O'Rourke","doi":"10.1111/ehr.13308","DOIUrl":"10.1111/ehr.13308","url":null,"abstract":"<p>There has still been too little detailed work on the protectionism that emerged in the wake of the Great Depression. In this paper we explore the experiences of two countries that have been largely neglected in the literature, the Netherlands and Netherlands East Indies (NEI). How did these traditionally free-trading economies respond to the Depression? We construct a detailed product-level database of tariff and non-tariff barriers to trade on the basis of primary sources. While ad valorem tariff increases in the Netherlands were largely due to deflation, the country protected agriculture and textiles in a number of ways. Once quotas are taken into account, trade restrictiveness indices suggest that protection in the Netherlands and NEI was comparable to protection in the UK and India, respectively. The NEI quota system was largely geared to protecting Dutch exporters, and succeeded in doing so, but the reverse was not true.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 3","pages":"1057-1085"},"PeriodicalIF":1.4,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ehr.13308","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139158728","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}
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