We present and analyze the panopticon of Germany’s foreign trade, with new data on all products, all trade partners, quantities, and values, at annual frequency, 1880–1913. Historical product categories are reclassified according to the Standard International Trade Classification (SITC) to ensure comparability over time and across countries. Germany became increasingly specialized in manufacturing, in line with theories of comparative advantage. However, most trade growth occurred along the extensive margin, and 20–25 percent of trade was intra-industry trade, at five-digit SITC. Both facts suggest substantial within-sector heterogeneity. We discuss why this matters for our understanding of the first globalization.
{"title":"The panopticon of Germany’s foreign trade, 1880–1913: New facts on the first globalization","authors":"Wolf-Fabian Hungerland, Nikolaus Wolf","doi":"10.1093/ereh/heac001","DOIUrl":"https://doi.org/10.1093/ereh/heac001","url":null,"abstract":"\u0000 We present and analyze the panopticon of Germany’s foreign trade, with new data on all products, all trade partners, quantities, and values, at annual frequency, 1880–1913. Historical product categories are reclassified according to the Standard International Trade Classification (SITC) to ensure comparability over time and across countries. Germany became increasingly specialized in manufacturing, in line with theories of comparative advantage. However, most trade growth occurred along the extensive margin, and 20–25 percent of trade was intra-industry trade, at five-digit SITC. Both facts suggest substantial within-sector heterogeneity. We discuss why this matters for our understanding of the first globalization.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49425084","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}
This paper investigates the relationships between urbanization and long-term economic growth in the pre-industrial world. To this end, we compiled a novel dataset collecting all currently available data on urban and rural populations in an Italian pre-unification state, the Republic of Genoa. Data show the paradoxical coexistence of high urbanization levels with cyclical Malthusian stagnations. Putting together empirical results and historical evidence, we interpreted this puzzle, highlighting how a high degree of urbanization could be the consequence of widespread poverty, rather than a measure of rising standards of living. To describe this phenomenon, we coined the term “Malthusian urbanization”.
{"title":"The paradox of “Malthusian urbanization”: urbanization without growth in the Republic of Genoa, 1300–1800","authors":"Luigi Oddo, A. Zanini","doi":"10.1093/ereh/heab027","DOIUrl":"https://doi.org/10.1093/ereh/heab027","url":null,"abstract":"\u0000 This paper investigates the relationships between urbanization and long-term economic growth in the pre-industrial world. To this end, we compiled a novel dataset collecting all currently available data on urban and rural populations in an Italian pre-unification state, the Republic of Genoa. Data show the paradoxical coexistence of high urbanization levels with cyclical Malthusian stagnations. Putting together empirical results and historical evidence, we interpreted this puzzle, highlighting how a high degree of urbanization could be the consequence of widespread poverty, rather than a measure of rising standards of living. To describe this phenomenon, we coined the term “Malthusian urbanization”.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46806789","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}
The Bank of Japan (BOJ) expanded its liquidity provision in response to a series of financial panics from 1931–1932; however, the BOJ restricted its lending mostly to correspondent banks. We use the BOJ’s preferential treatment of correspondent banks as a quasi-experimental setting to examine the impact of central bank lending on financial intermediation. We find that deposits and loans did not fall as fast for correspondent banks as for other banks during the panic period. Furthermore, correspondent banks were less likely to be closed. The results suggest that central banks’ liquidity provision plays a critical backstop role during financial stringency.
{"title":"The effects of lender of last resort on financial intermediation during the great depression in Japan","authors":"Masami Imai, Tetsuji Okazaki, Michiru Sawada","doi":"10.1093/ereh/heab026","DOIUrl":"https://doi.org/10.1093/ereh/heab026","url":null,"abstract":"The Bank of Japan (BOJ) expanded its liquidity provision in response to a series of financial panics from 1931–1932; however, the BOJ restricted its lending mostly to correspondent banks. We use the BOJ’s preferential treatment of correspondent banks as a quasi-experimental setting to examine the impact of central bank lending on financial intermediation. We find that deposits and loans did not fall as fast for correspondent banks as for other banks during the panic period. Furthermore, correspondent banks were less likely to be closed. The results suggest that central banks’ liquidity provision plays a critical backstop role during financial stringency.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":"21 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138534217","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}
After a century of Irish independence, this study constructs long run Genuine Savings estimates, a leading economic indicator of sustainable development, to reassess Irish economic history from the vantage of sustainable development. The main difference uncovered surrounds the post-1950 period where Ireland failed to achieve economic convergence and was considered an economic failure in growth terms. From a sustainability perspective, Ireland may have been an overachiever during a “great transition” of sustainable development driven by improved institutions and policies. The findings show the value of the sustainable development perspective in shedding new light on a country’s development experience.
{"title":"Reassessing Ireland’s economic development through the lens of sustainable development","authors":"Luke Mcgrath, Stephen Hynes, John Mchale","doi":"10.1093/ereh/heab025","DOIUrl":"https://doi.org/10.1093/ereh/heab025","url":null,"abstract":"After a century of Irish independence, this study constructs long run Genuine Savings estimates, a leading economic indicator of sustainable development, to reassess Irish economic history from the vantage of sustainable development. The main difference uncovered surrounds the post-1950 period where Ireland failed to achieve economic convergence and was considered an economic failure in growth terms. From a sustainability perspective, Ireland may have been an overachiever during a “great transition” of sustainable development driven by improved institutions and policies. The findings show the value of the sustainable development perspective in shedding new light on a country’s development experience.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":"3 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138534218","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}
The Spanish Second Republic was a unique experiment of democratization in interwar Europe, which was characterized by extreme levels of political uncertainty. We find that investors responded to shifts in uncertainty by selling stocks in favor of government bonds—a behavior known as flight-to-safety. Additionally, we find that political uncertainty caused stock market stress and induced significant differences in the cross-section of expected stock returns, consistent with the exposures to political uncertainty. The fact that investors recurrently scuttled to shelter into government bonds suggests that they did not perceive a radical change in the political regime as an immediate and credible threat.
{"title":"Scuttle for shelter: flight-to-safety and political uncertainty during the Spanish Second Republic","authors":"Stefano Battilossi, S. Houpt, Gertjan Verdickt","doi":"10.1093/ereh/heab022","DOIUrl":"https://doi.org/10.1093/ereh/heab022","url":null,"abstract":"\u0000 The Spanish Second Republic was a unique experiment of democratization in interwar Europe, which was characterized by extreme levels of political uncertainty. We find that investors responded to shifts in uncertainty by selling stocks in favor of government bonds—a behavior known as flight-to-safety. Additionally, we find that political uncertainty caused stock market stress and induced significant differences in the cross-section of expected stock returns, consistent with the exposures to political uncertainty. The fact that investors recurrently scuttled to shelter into government bonds suggests that they did not perceive a radical change in the political regime as an immediate and credible threat.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46796339","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}
Relying on longitudinal micro data from rural Spain between 1750 and 1950, this article evidences that families mortally neglected a significant fraction of their female babies. Firstly, baptism records exhibited exceptionally high sex ratios at birth until the late nineteenth century. Secondly, having no previous male siblings increased the probability of male baptisms. Likewise, this same feature, together with the number of siblings alive, also increased female mortality during the first day of life. These findings are concentrated at higher parities and among landless and semi-landless families. Lastly, under-registration cannot explain these patterns affecting female mortality shortly after birth.
{"title":"Death, sex, and fertility: female infanticide in rural Spain, 1750–1950","authors":"F. B. Tapia, Francisco J. Marco-Gracia","doi":"10.1093/ereh/heab023","DOIUrl":"https://doi.org/10.1093/ereh/heab023","url":null,"abstract":"\u0000 Relying on longitudinal micro data from rural Spain between 1750 and 1950, this article evidences that families mortally neglected a significant fraction of their female babies. Firstly, baptism records exhibited exceptionally high sex ratios at birth until the late nineteenth century. Secondly, having no previous male siblings increased the probability of male baptisms. Likewise, this same feature, together with the number of siblings alive, also increased female mortality during the first day of life. These findings are concentrated at higher parities and among landless and semi-landless families. Lastly, under-registration cannot explain these patterns affecting female mortality shortly after birth.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49038813","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":"25th year of the European Review of Economic History","authors":"","doi":"10.1093/ereh/heab024","DOIUrl":"https://doi.org/10.1093/ereh/heab024","url":null,"abstract":"","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49427201","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 short history of the European Review of Economic History in celebration of its twenty-fifth anniversary","authors":"P. Sharp","doi":"10.1093/ereh/heab021","DOIUrl":"https://doi.org/10.1093/ereh/heab021","url":null,"abstract":"","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48033370","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}
This paper studies the impact of inflation on income taxes in Sweden, the UK, and the United States during the world wars. As tax reforms were rising top marginal rates and reducing exemption thresholds, extraordinary levels of inflation eroded the real value of exemptions, brackets, and deductions. The micro-simulation of actual and alternative scenarios shows that inflation made the tax less progressive, particularly in Sweden during World War I and the UK during World War II. Nevertheless, its redistributive effect increased due to the related growth in tax revenue. Inflation contributed to transform a “class tax’’ into a “mass tax”.
{"title":"Income tax progressivity and inflation during the world wars","authors":"Sara Torregrosa-Hetland, Oriol Sabaté","doi":"10.1093/ereh/heab020","DOIUrl":"https://doi.org/10.1093/ereh/heab020","url":null,"abstract":"\u0000 This paper studies the impact of inflation on income taxes in Sweden, the UK, and the United States during the world wars. As tax reforms were rising top marginal rates and reducing exemption thresholds, extraordinary levels of inflation eroded the real value of exemptions, brackets, and deductions. The micro-simulation of actual and alternative scenarios shows that inflation made the tax less progressive, particularly in Sweden during World War I and the UK during World War II. Nevertheless, its redistributive effect increased due to the related growth in tax revenue. Inflation contributed to transform a “class tax’’ into a “mass tax”.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47100365","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}
This study contributes to debates on the efficacy of institutions in settler colonies by comparing the Cape Colony’s fiscal path to the experiences of Australia, New Zealand, and Canada. I find that the Cape’s fiscal trajectory was divergent. Agricultural and mining taxes were important surrogates of income taxes in other colonies, but the Cape’s narrow interests pushed for insulation from direct taxes. This made the Cape’s fiscal path unsustainable with comparatively low per capita taxes, high deficits, and the highest level of indebtedness. I argue that the instrumentality of ‘‘responsible government” status was conditional on how imported self-government institutions were endogenized.
{"title":"Fiscal capacity in ‘‘responsible government’’ colonies: the Cape Colony in comparative perspective, c. 1865–1910","authors":"Abel Gwaindepi","doi":"10.1093/ereh/heab019","DOIUrl":"https://doi.org/10.1093/ereh/heab019","url":null,"abstract":"\u0000 This study contributes to debates on the efficacy of institutions in settler colonies by comparing the Cape Colony’s fiscal path to the experiences of Australia, New Zealand, and Canada. I find that the Cape’s fiscal trajectory was divergent. Agricultural and mining taxes were important surrogates of income taxes in other colonies, but the Cape’s narrow interests pushed for insulation from direct taxes. This made the Cape’s fiscal path unsustainable with comparatively low per capita taxes, high deficits, and the highest level of indebtedness. I argue that the instrumentality of ‘‘responsible government” status was conditional on how imported self-government institutions were endogenized.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":"1 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"60849899","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}
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