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on Business, Economic and Financial History |
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Issue of 2011‒03‒19
sixteen papers chosen by |
| By: | Anna Aubanell (Departament d'Economia i d'Història Econòmica, Universitat Autònoma de Barcelona) |
| Abstract: | The aim of this paper is to discover the origins of utility regulation in Spain, and to analyse, from a microeconomic perspective, its characteristics and the impact of regulation on consumers and utilities. Madrid and the Madrilenian utilities are taken as a case study. The electric industry in the period studied was a natural monopoly2. Each of the three phases of production, generation, transmission and distribution, had natural monopoly characteristics. Therefore, the most efficient form to generate, transmit and distribute electricity was the monopoly because one firm can produce a quantity at a lower cost than the sum of costs incurred by two or more firms. A problem arises because when a firm is the single provider it can charge prices above the marginal cost, at monopoly prices. When a monopolist reduces the quantity produced, price increases, causing the consumer to demand less than the economic efficiency level, incurring a loss of consumer surplus. The loss of the consumer surplus is not completely gained by the monopolist, causing a loss of social surplus, a deadweight loss. The main objective of regulation is going to be to reduce to a minimum the deadweight loss. Regulation is also needed because when the monopolist fixes prices at marginal cost equal marginal revenue there would be an incentive for firms to enter the market creating inefficiency. The Madrilenian industry has been chosen because of the availability of statistical information on costs and production. The complex industry structure and the atomised demand add interest to the analysis. This study will also provide some light on the tariff regulation of the period which has been poorly studied and will complement the literature on the US electric utilities regulation where a different type of regulation was implemented. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2011_08&r=his |
| By: | Francisco Muñoz-Pradas (Departament de Geografia, Universitat Autònoma de Barcelona) |
| Abstract: | The role of public health has been a central topic on the classical debate about the historical mortality decline in Europe. One of these health initiatives were the Milk Depots. Spain set up those centres from the late 19th century until the beginning of the Civil War. The goal of this paper is to evaluate the effect of this health intervention on the infant mortality decline during this period. This study works out three kinds of sources: Statistical Yearbooks, Official documents and local records produced by the same Milk Depot. It analyses data available for all the country and one local case such as the Barcelona’s Milk Depot (1904-1935). The main methodological issue deals with the measurement of the effect of the Milk Depot activities on the pattern of changes of infant mortality. Results suggest that Milk Depots have a positive but quite moderate effect on the improving of overall levels of child survival. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2011_10&r=his |
| By: | Timothy W. Guinnane (Department of Economics, Yale University); Susana Martínez-Rodríguez (Departamento de Economía Aplicada, Universidad de Murcia) |
| Abstract: | Studies of Spanish cooperatives date their spread from the Law on Agrarian Syndicates of 1906. But the first legislative appearance of cooperatives is an 1869 measure that permitted general incorporation for lending companies. The 1931 general law on cooperatives, which was the first act permitting the formation of cooperatives in any activity, reflects the gradual disappearance of the cooperative’s “business” characteristics. In this paper we trace the Spanish cooperative’s legal roots in business law and its connections to broader questions of the freedom of association, the formation of joint-stock enterprises, and the liability of investors in business and cooperative entities. Our account underscores the similarities of the organizational problems approach by cooperatives and business firms, while at the same time respecting the distinctive purposes cooperatives served. |
| Keywords: | cooperative, general incorporation, business enterprise, freedom of association, freedom of contract |
| JEL: | N43 N23 K20 |
| Date: | 2010–12 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2010_08&r=his |
| By: | Jeorge Álvarez; Ennio Bilancini; Simone D’Alessandro; Gabriel Porcile |
| Abstract: | Abstract In this paper we apply a model of early industrialization to the case of New Zealand and Uruguay in 1870-1940. We show how di_erences in agricultural institutions may have produced di_erent development paths in two countries which were similar under many respects. While in New Zealand the active role of the Crown in regulating the land market facilitated access to land, in Uruguay land was seized by a small group of large landowners. Our model shows that land concentration may have negatively inuenced industrialization and growth by impeding the formation of a large group of middle-income landowners and, as a consequence, the development of a domestic demand for basic manufactures. We support this view with a comparative analysis of agricultural institutions and industrial development in New Zealand and Uruguay |
| Keywords: | gricultural Institutions; Industrialization; Growth; New Zealand; Uruguay; Functional Distribution; Agricultural surplus; |
| JEL: | D33 O14 P52 Q15 |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:mod:depeco:0635&r=his |
| By: | Frank Barry (Institute for International Integration Studies, Trinity College Dublin); |
| Abstract: | T. K. Whitaker and Seán Lemass are generally credited with effecting the policy shiftfrom protectionism to outward orientation. Ireland’s low corporation tax regime,however, has its origins in the export profits tax relief (EPTR) measures introduced bythe second inter-party government in 1956. EPTR was introduced at the urging of theDepartment of Industry and Commerce in the face of long-standing opposition from Revenue and the Department of Finance. Industry and Commerce at the same time successfully thwarted the desires of the Taoiseach, the Department of Finance and other state agencies to have restrictions on foreign ownership of industry repealed. These apparently contradictory positions were rooted in the historical legacy of protectionism. The inter-party Taoiseach, John A. Costello, downplayed the connection between EPTR and foreign investment in an apparent attempt to deprive Fianna Fáil of an opportunity for controversy. Its introduction hastened the end of Fianna Fáil prevarication on the issue of foreign ownership. The importance of the intense electoral competition of the period is also frequently ignored in accounts of the policy shift. Following sixteen years of unbroken Fianna Fáil rule, the next four general elections brought four changes of government. Along with the depth of the 1950s recession, this forced Fianna Fáil into a comprehensive reexamination of its industrial strategy. The economic thinking of the major political parties co-evolved, and many of the institutional innovations of the period were the result of inter-party government initiatives. The defeat inflicted on Finance by the Department of Industry and Commerce partly motivated Finance’s work on Economic Development, the 1958 publication of which provided political cover for Fianna Fáil’s U-turn on overall economic strategy. |
| Keywords: | Ireland, FDI, Corporation Tax, Export Profits Tax Relief |
| JEL: | N14 N43 |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:iis:dispap:iiisdp357&r=his |
| By: | Francisco Muñoz-Pradas (Departament de Geografia, Universitat Autònoma de Barcelona) |
| Abstract: | One feature of the modern nutrition transition is the growing consumption of animal proteins. The most common approach in the quantitative analysis of this change used to be the study of averages of food consumption. But this kind of analysis seems to be incomplete without the knowledge of the number of consumers. Data about consumers are not usually published in historical statistics. This article introduces a methodological approach for reconstructing consumer populations. This methodology is based on some assumptions about the diffusion process of foodstuffs and the modeling of consumption patterns with a log-normal distribution. This estimating process is illustrated with the specific case of milk consumption in Spain between 1925 and 1981. These results fit quite well with other data and indirect sources available showing that this dietary change was a slow and late process. The reconstruction of consumer population could shed a new light in the study of nutritional transitions. |
| Date: | 2011–01 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2011_06&r=his |
| By: | Javier Silvestre; Vicente Pinilla; Mª Isabel Ayuda |
| Abstract: | Very few empirical studies have analyzed the labor market performance of internal migrants in the nineteenth and early twentieth centuries. Using a new dataset, this article examines the occupational attainment of migrants, mostly internal migrants, in the city of Barcelona. We find that, in comparison with natives, the occupational outcome of migrants is partly explained by differences in labor market experience and skills. Nevertheless, other factors also appear to play an important role. Estimates, moreover, do not suggest the existence of improved economic assimilation over time. The results indicate that at least some groups of migrants faced barriers to occupational mobility. |
| Date: | 2011–01 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdacee:02-2011&r=his |
| By: | Matteo Mogliani (EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - Ecole des Ponts ParisTech - Ecole Normale Supérieure de Paris - ENS Paris); Giovanni Urga (Cass Business School - City University London - City University London, University of Bergamo - University of Bergamo); Carlos Winograd (EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - Ecole des Ponts ParisTech - Ecole Normale Supérieure de Paris - ENS Paris, Université d'Evry - Val d'Essonne - Université d'Evry - Val d'Essonne) |
| Abstract: | Argentina is a unique experience of protracted economic instability and monetary disorder. In the framework of a long-term view, we investigate the demand for narrow money in Argentina from 1900 to 2006, shedding some light on the existence of money demand equilibria in extremely turbulent economies. The paper examines the effect of monetary regime changes by dealing with the presence of structural breaks in long-run equations. We estimate and test for regime changes through a sequential approach and we embed breaks in long-run models. A robust cointegration analysis can be hence performed in a single-equation framework. We find that estimated parameters are in sharp contrast with those reported in the literature for Argentina, but in line with those reported for industrialized countries, while significant structural breaks appear consistent with major policy shocks that took place in Argentina during the 20th century. |
| Keywords: | money demand ; financial regimes ; structural breaks ; single-equation cointegration ; cointegration test ; Argentina monetary history |
| Date: | 2011–03–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-00575107&r=his |
| By: | Bruno S. Frey; Paolo Pamini; Lasse Steiner |
| Abstract: | The official intention of the UNESCO World Heritage List is to protect the global heritage. However, the existing List is highly imbalanced according to countries and continents. Historical reasons, such as historical GDP, population, and number of years of high civilization, have a significant impact on being included on the List. In addition, economic and political factors unrelated to the value of heritage, such as rent seeking by bureaucrats and politicians, the size of the tourist sector, the importance of media, the degree of federalism, and membership in the UN Security Council, influence the composition of the List. |
| Keywords: | Global public goods, world heritage, international organizations, international political economy, culture |
| JEL: | Z11 F5 H87 |
| Date: | 2011–01 |
| URL: | http://d.repec.org/n?u=RePEc:zur:econwp:001&r=his |
| By: | Robert J. Shiller (Cowles Foundation, Yale University); Virginia M. Shiller (Child Study Center, Yale University) |
| Abstract: | While leading figures in the early history of economics conceived of it as inseparable from philosophy and other humanities, there has been movement, especially in recent decades, towards its becoming an essentially technical field with narrowly specialized areas of inquiry. Certainly, specialization has allowed for great progress in economic science. However, recent events surrounding the financial crisis support the arguments of some that economics needs to develop forums for interdisciplinary interaction and to aspire to broader vision. |
| Keywords: | Economic methodology, Specialization, Behavioral economics, Psychology, Rational expectations, Economics as a moral science, Pareto criterion, Interdisciplinary, Journal of Economic Perspectives |
| JEL: | B4 B41 |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:1788&r=his |
| By: | Daniel Gordon; Rognvaldur Hannesson |
| Abstract: | In the 1970s, the herring stocks in the Northeast Atlantic were nearly fished to extinction. This collapse is usually attributed to technological advances. We investigate the impact of technological shocks on herring stocks and the sensitivity of catch to stock size and technological shocks. We present evidence that the power block was the principal factor in the demise of the herring stock. Our results also indicate the emergence of a significant stock effect in the 1950s. A simulation model indicates that this could be due to an increasing range of the fishing fleet due to ongoing technological progress. |
| JEL: | C22 C53 Q22 |
| Date: | 2011–03–07 |
| URL: | http://d.repec.org/n?u=RePEc:clg:wpaper:2011-05&r=his |
| By: | Salvador Calatayud Giner (Departament d'Anàlisi Econòmica, Universitat de València) |
| Abstract: | El papel desempeñado por el Estado en la economía española del siglo XIX ha sido muy controvertido y, en general, ha recibido juicios negativos. Este artículo trata de evaluar la intervención pública en el ámbito de la regulación del cultivo del arroz. Justificada frente al paludismo, esta reglamentación encontró grandes dificultades para ser aplicada hasta que se consolidó el nuevo aparato estatal salido de la revolución liberal, a causa de las resistencias locales y las limitaciones administrativas. En la segunda mitad del siglo XIX, sin embargo, el Estado estableció una legislación que perviviría en el tiempo y fue ampliamente respetada. De ese modo el Estado mostró una cierta autonomía respecto a intereses sociales muy arraigados y materializó medidas que tenían un impacto sobre la mejora sanitaria de la población. |
| Keywords: | Agricultura, Política agraria, Formación del Estado, Cultivo del arroz |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2011_07&r=his |
| By: | Francisco J. Medina-Albaladejo (Universidad de Murcia) |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2010_04&r=his |
| By: | María Victoria Vásquez Rodríguez |
| Abstract: | A partir de la caracterización de las prácticas en el área de producción de la Imprenta Patriótica, este trabajo pretende aportar a la discusión la identificación de factores que han permitido a esta organización permanecer prácticamente invariable desde su fundación, a pesar de los procesos constantes de actualización e innovación tecnológica en las organizaciones de la Industria Gráfica en el contexto local. Se realiza una caracterización del sector que incluye una breve historia de la evolución de la tecnología en la industria gráfica, y posteriormente se realiza el análisis de caso. El documento concluye que las prácticas y tecnologías ya desechadas por la Industria se mantienen vigentes en la Imprenta Patriótica ya que siguen contribuyendo al cumplimiento de su misión, respondiendo a las exigencias de difusión de las investigaciones del Instituto Caro y Cuervo. |
| Date: | 2011–03–07 |
| URL: | http://d.repec.org/n?u=RePEc:col:000179:008154&r=his |
| By: | Salvador Calatayud Giner (Departament d'Anàlisi Econòmica, Universitat de València) |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2011_09&r=his |
| By: | Salvador Calatayud Giner (Departament d'Anàlisi Econòmica, Universitat de València) |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:aub:uhewps:2011_11&r=his |