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on Business, Economic and Financial History |
| By: | Matthias Morys (University of York); Martin Ivanov (Sofia University) |
| Abstract: | We challenge the view that Centrally Planned Economies functioned well until the early 1970s, delivering high economic growth and better living standards. Judged by real wages as the most widely used historical living standard indicator, only in the 1970s did Bulgarian living standards surpass levels achieved already four decades earlier. Our findings are particularly discomforting for the rural population which was the big loser of collectivization and forced industrialization policies after 1947. Wages increased throughout the 1970s and the 1980s, but far less so than Maddison’s GDP per capita estimates which are often used as a proxy for living standards. |
| Keywords: | real wages, state socialism, structural transformation |
| JEL: | E01 N14 N54 N64 P2 P51 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:hes:wpaper:0267 |
| By: | Kulka, Amrita (University of Warwick); Smith, Cory (University of Maryland (AREC)) |
| Abstract: | We study the process of long-run urban growth using a unique setting of close elections that determined “county seats” (capitals) in the frontier United States. Employing a regression discontinuity design, we show that winning towns rapidly became the economic and population centers of their counties as new migrants coordinated on them as destinations. This coordination was largest in the early years of a county’s history, but limited in later decades. Using generalized random forests, we show that the economic changes were not zero sum locally: specific choices of county seat could increase long-run county population and income. As county administration was limited in this era, the public sector did not play a substantial role in this growth. Instead, these results illustrate how a political process can select spatial equilibria through a shock that is neither related to locational fundamentals nor confers direct productivity advantages on the location. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:wrk:warwec:1518 |
| By: | Jaime Bonet-Morón; Andrés Felipe Parra-Solano |
| Abstract: | La Matuna es un área situada en el corazón del casco histórico de Cartagena, entre El Centro, San Diego y Getsemaní, lo cual la convierte en una zona de especial interés para la ciudad. A pesar de su localización y algunas construcciones que se dieron a finales del siglo XIX y comienzos del XX, la urbanización es relativamente reciente pues inició formalmente en 1952. Este documento describe el desarrollo urbano que tuvo La Matuna en Cartagena entre 1890 y 2022, explicando los cambios ocurridos y los principales factores que influyeron en su evolución. Los resultados muestran que el proceso de urbanización de La Matuna parece estar asociado a dos aspectos fundamentales de la ciudad: (i) los cambios económicos y sociales; y (ii) la evolución de la planificación urbana. Por un lado, los auges y declives económicos determinaron la demanda por suelo urbano a lo largo del periodo analizado. Además, los planes de urbanismo también afectaron la dinámica de urbanización del sector por los estímulos establecidos en las normas urbanas definidas en los años de estudio para los distintos sectores de la ciudad. **** Abstract: La Matuna is an area located in the heart of the historic center of Cartagena de Indias, between El Centro, San Diego and Getsemaní, which makes it an area of special interest for the city. Despite its location and some constructions that occurred at the end of the 19th century and beginning of the 20th century, urbanization is relatively recent as it formally began in 1952. This document describes the urban development of La Matuna between 1890 and 2022, explaining the changes that occurred and the main factors that influenced its evolution. The results show that the urban development of La Matuna seems to be associated with two fundamental aspects of the city: (i) economic and social changes; and (ii) the evolution in urban planning. On the one hand, economic booms and busts determined the demand for urban land throughout the analyzed period. In addition, the urban planning plans also affected the urbanization dynamics of the sector due to the stimuli established in the urban standards defined during the years of study for the different sectors of the city. |
| Keywords: | Cartagena de Indias, La Matuna, Centro Histórico, Historic Center |
| JEL: | N96 R11 R14 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:bdr:cheedt:64 |
| By: | Philipp Ager; Viktor Malein |
| Abstract: | The paper evaluates the long-run impact of charity nurseries for disadvantaged children in early 20th-century New York. Access to charity nurseries with kindergarten instruction raised children’s years of education and reduced their likelihood of working in low-skilled jobs later in life. Instead, exposed children were more likely to work in jobs requiring higher cognitive and language skills. The effects were strongest for children from the most disadvantaged immigrant groups at that time. Our findings suggest that kindergarten instruction in charity nurseries helped immigrant children better understand teachers’ instructions and learning materials which improved their economic outcomes in adulthood. |
| Keywords: | Age of Mass Migration; Charity Nurseries; Child Care; Disadvantaged Children; Kindergarten Instruction; New York City |
| JEL: | I21 I26 J13 J15 N31 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2024_596 |
| By: | Ivan Luzardo-Luna (University of Pennsylvania); Meredith M. Pake (Grinnell College) |
| Abstract: | his paper assesses the distributional and poverty mitigation impacts of the British unemployment insurance system at the peak of the Great Depression. Initially designed as a true insurance program, by 1928 it had evolved into a large-scale social welfare program providing flat-rate benefits to up to two million workers. Using a novel dataset of wages at the industry and county level from January 1928 to December 1932, we analyze the extent to which the program redistributed income across earnings quantile, industry, and geographic groups. Our findings indicate that the program reduced earnings inequality across industries and counties by up to 32% and mitigated much of the economic distress of the Great Depression, especially for lower-paid workers and those in industries with high unemployment rates. This suggests that generalized, relatively cheap social welfare programs can be effective tools for providing broad-based support and mitigating poverty during crises. |
| Keywords: | unemployment insurance, Great Depression, interwar Britain, wages, inequality |
| JEL: | J65 N34 J31 N14 |
| Date: | 2024–09–01 |
| URL: | https://d.repec.org/n?u=RePEc:pen:papers:24-027 |
| By: | Davies, James B. (University of Western Ontario); Lluberas, Rodrigo (Universidad ORT Uruguay); Waldenström, Daniel (Research Institute of Industrial Economics (IFN)) |
| Abstract: | This paper examines long-term trends in aggregate wealth and inheritance and in their distributions, focusing on developed economies. A key stylized fact is that wealth is less equally distributed than income. Financial assets predominate among the wealthy, while owner-occupied housing is crucial for middle groups, so higher stock prices raise wealth inequality, while house price increases do the opposite. Inheritances exacerbate absolute wealth inequality but reduce relative inequality. Wealth inequality declined in advanced Western countries during the first half of the 20th century, then stabilized or rose. Aggregate wealth-to-income ratios have fluctuated, reflecting both market and policy influences, whereas inherited wealth proportions have declined over the long run. Continued increases in the value of employer-based pensions, housing and social security wealth in recent decades have acted to reduce wealth inequality, offsetting the disequalizing impact of financial asset price increases to a varying extent across countries. |
| Keywords: | Wealth; Inheritance; Inequality; Saving; History |
| JEL: | D15 D31 E01 E21 G51 H55 |
| Date: | 2024–10–05 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:iuiwop:1502 |
| By: | Theopisti Stylianou-Lambert; Antigone Heraclidou |
| Abstract: | This paper critically examines colonial-era photographic archives related to Cypriot archaeology maintained by museums and other collecting institutions in the UK and in Cyprus. It investigates how these archives can be decolonialised or re-framed. The institutions chosen as case studies are the British Museum, the Ashmolean Museum, the Institute of Archaeology at Oxford University, and the Bank of Cyprus Cultural Foundation. The examined archives were created in Cyprus by Western officials, explorers, and archaeologists: Falkland Warren, J.A.R. Munro, John Linton Myres, Luigi Palma di Cesnola, and Max and Magda Ohnefalsch-Richter. As a result, the photographs reflect the colonial attitudes of their creators and the power relations entrenched in archaeological work at the end of the 19th and beginning of the 20th centuries in Cyprus. The paper explores colonial marks, examines the case study institutions’ decolonisation strategies (if any), and suggests seven strategies for museums interested in re-framing colonial-era photographic archives. |
| Keywords: | photographic archives, archaeology, decolonisation, Cyprus, re-framing |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:hel:greese:201 |
| By: | Brian D. Varian |
| Abstract: | Economic historians have identified Victoria's McCulloch Tariff of 1866 as the genesis of Australian protection of manufacturing—a trade-policy regime that was to persist until the latetwentieth century. The McCulloch Tariff imposed 10 per cent duties on a range of manufactured imports; this range was further extended by the closely following Customs Act of 1867. Victoria's pathbreaking protectionist legislation of 1866–7 has, until now, escaped any direct cliometric assessment of its consequences. This paper relies on what little industryspecific data are available for Victoria in this period: annual data on the number of manufactories in operation in the years preceding and following the policy change. Following a difference-in-differences approach, this study finds no statistically significant association between the imposition of the 10 per cent duties and the number of manufactories. This finding is irrespective of changes in the regression sample, definition of an untreated industry, and estimation method used. The McCulloch Tariff is better remembered for the trajectory on which it placed Victorian economic policy. |
| Keywords: | Australia, manufacturing, protectionism, tariffs, trade policy, Victoria |
| JEL: | F13 N67 N77 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:auu:hpaper:124 |
| By: | Nanna Fukushima; Stephanie von Hinke; Emil N. S{\o}rensen |
| Abstract: | This paper investigates the effects of the staggered roll-out of a pollution reduction programme introduced in the UK in the 1950s. The policy allowed local authorities to introduce so-called Smoke Control Areas (SCAs) which banned smoke emissions. We start by digitizing historical pollution data to show that the policy led to an immediate reduction in black smoke concentrations. We then merge data on the exact location, boundary and month of introduction of SCAs to individual-level outcomes in older age using individuals' year-month and location of birth. We show that exposure to the programme increased individuals' birth weights as well as height in adulthood. We find no impact on their years of education or fluid intelligence. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.11839 |
| By: | Lane, Nathan |
| Abstract: | I study the impact of industrial policy on industrial development by considering an important episode during the East Asian miracle: South Korea's heavy and chemical industry (HCI) drive, 1973--1979. Based on newly assembled data, I use the introduction and termination of industrial policies to study their impacts during and after the intervention period. (1) I reveal that the heavy-chemical industrial policies promoted the expansion and dynamic comparative advantage of directly targeted industries. (2) Using variation in exposure to policies through the input-output network, I demonstrate that policy indirectly benefited downstream users of targeted intermediates. (3) The benefits of HCI persisted even after it ended, some of which took time to manifest. These findings suggest that the temporary drive shifted Korean manufacturing into more advanced markets and supported durable change. This study helps clarify the lessons drawn from the East Asian growth miracle. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:303480 |
| By: | Waitkus, Nora; Savage, Mike; Toft, Maren |
| Abstract: | Wealth inequalities are increasingly prominent in contemporary societies but they have not been systematically addressed by sociological class analysis. However, class analysis should have a lot to offer: in the literature on wealth inequality, wealth is often approached as a unidimensional distribution – a quantity one can possess more or less of, crystallized in notions of the Top 1%. In this theoretical intervention, we discuss ways in which class analysis can address the gravity of wealth inequality by returning to the origins in the thinking of Marx and Weber, where capital accumulation and property organization were given central stage. Drawing on more recent contributions from Bourdieu, and integrating insights from political economy, theories of racial capitalism and feminist perspectives, we outline ways to enrich class theory through attention to housing, finance, business and debt. Our intervention allows class analysis to embrace accumulation, exploitation, closure and exclusion; making it fit for purpose to address 21st-century social changes. |
| Keywords: | capitalism; class; theory; wealth |
| JEL: | J1 |
| Date: | 2024–06–10 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:124534 |
| By: | Lorenzo Esposito (Dipartimento di Politica Economica, DISCE, Università Cattolica del Sacro Cuore, Milano, Italy - Banca d’Italia, Milano, Italy); Ettore Giuseppe Gatti (DISCE, Università Cattolica del Sacro Cuore, Milano, Italy); Giuseppe Mastromatteo (Dipartimento di Politica Economica, DISCE, Università Cattolica del Sacro Cuore, Milano, Italy) |
| Abstract: | In this work we discuss how the development of geopolitical confrontation between Eastern and Western blocs will affect globalization after the end of the hyper-globalization era. The debate on these issues is developing by the day and the perspective of an increasingly fragmented world is more and more real. However, global supply chains and global financial markets and flows are not going to disappear overnight. What is developing is a new form of globalization, with also a new set-up in the relationship between the State and large corporations. This work is divided in two parts. The first deals with the trade dimension, where we discuss the changing geometry of international trade and the connection between growth and the balance of payments; then we analyse what are the weak spots of the two blocs and the resulting strategies. The second part deepens the military dimension that is growingly mixed up with economic issues. We discuss some general aspects of military economics, the US military industrial base and their military-entertainment complex; then we discuss the equivalent base in Europe and, finally, how the World War II succeeded in rapidly and totally overhaul US economy as an example for Europe in the next future. In the conclusions, we discuss the main characteristics of the China-United States relationship and the three policies that must be blocked as soon as possible to prevent the sliding towards a new world war. |
| Keywords: | globalization, friendshoring, international trade, military expenses |
| JEL: | F20 F50 H56 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:ctc:serie5:dipe0040 |
| By: | César Ducruet (CNRS - Centre National de la Recherche Scientifique, EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique); In Joo Yoon (KMI - Korea Maritime Institute - Korea Maritime Institute) |
| Abstract: | The North Korean economy is experiencing a deepening economic and political crisis since the early 1990s. Although North Korea is not commonly seen as a shipping nation, its major cities are coastal, and it hosts nine international trading ports. However, little is known about the role of maritime transport in its development. This article uses vessel movement data to reconstitute the maritime network linking North Korean ports and other ports, over the period 1977-2021. Besides the drastic connectivity loss, main results conclude about a limited role of maritime transport in economic development, except for its participation to China's increasing grip on North Korea. This research brings new knowledge about North Korea and contributes to advance maritime network studies in general. |
| Keywords: | multivariate analysis, international trade, maritime connectivity, network analysis |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04689246 |
| By: | Gabriele Cappelli; Johannes Westberg |
| Abstract: | The relationship between gender inequality and occupational segregation is a fascinating puzzle. New microdata on all primary-school teachers in Sweden in c. 1890 show that the gender wage gap in the profession was 10 percent when holding observable features constant, and occupational segregation was strong. Women worked in minor and junior schools receiving low wages – yet higher than those paid in other occupations –, while men mostly taught in regular primary schools that paid competitive wages for men. Gender wage inequality and occupational segregation were the price for the feminization of schooling, i.e., part of the Swedish “quiet revolution.†|
| Keywords: | gender inequality; wages; occupational segregation; white-collar; teachers; Sweden |
| JEL: | J16 J22 N33 I24 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:usi:wpaper:913 |
| By: | Caroline Paire (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Marc-Antoine Dolet (AGIR - AGroécologie, Innovations, teRritoires - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse - INP - PURPAN - Ecole d'Ingénieurs de Purpan - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, LRSV - Laboratoire de Recherche en Sciences Végétales - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse); Hervé Hannin (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, IHEV Institut des hautes études de la vigne et du vin - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Alain Samsom (PECH ROUGE - Unité Expérimentale de Pech-Rouge - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, SPO - Sciences Pour l'Oenologie - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - UM - Université de Montpellier); Valérie Olivier-Salvagnac (AGIR - AGroécologie, Innovations, teRritoires - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse - INP - PURPAN - Ecole d'Ingénieurs de Purpan - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, LRSV - Laboratoire de Recherche en Sciences Végétales - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse); Christian Chervin (AGIR - AGroécologie, Innovations, teRritoires - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse - INP - PURPAN - Ecole d'Ingénieurs de Purpan - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, LRSV - Laboratoire de Recherche en Sciences Végétales - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse); Oliver Geffroy (PPGV - Physiologie, Pathologie et Génétique Végétales - INP - PURPAN - Ecole d'Ingénieurs de Purpan - Toulouse INP - Institut National Polytechnique (Toulouse) - UT - Université de Toulouse); Foued Cheriet (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, IHEV Institut des hautes études de la vigne et du vin - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier) |
| Abstract: | Fungus tolerant grape varieties (RVs) are emerging as a promising solution in a viticultural context characterised by growing societal, environmental, and regulatory tensions. Since the 1930s, several countries have launched research programmes that aim at developing disease-resistant hybrids. Today, 66 resistant grape varieties are registered in at least one of the European catalogues. The historical overview and dynamic integration of RV have not been the subject of a large number of scientific articles. This makes it necessary to explore grey literature such as Vitisphère (www.vitisphere.com), a French daily online magazine created in 2000 specialised in wine industry. Through a press review, this article provides historical background to European breeding programmes and an overview of their perception in France and Occitanie, gathering over 543 articles on the topic of RVs published between 2009 and end June 2024. |
| Keywords: | grape variety, Disease-resistant hybrid, European breeding programme, wine |
| Date: | 2024–09–13 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04699298 |
| By: | Barber, Luke; Jetter, Michael; Krieger, Tim |
| JEL: | D74 F51 H56 N33 N43 Z12 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302355 |
| By: | Guillaume Vandenbroucke |
| Abstract: | Wars create short-term fluctuations in mortality. Belligerents might mitigate their own casualties with larger armies that hinder their opponent’s fighting ability. But diseases are frequent in wars and, thus, may reduce the benefits of larger armies. First, I analyze these competing mechanisms in a dynamic model of wartime attrition. Second, I calibrate the model using U.S. Civil War data and find that if the Union had fielded a 50%-larger army in 1861, Union casualties would have been marginally lower. The theory provides the insight for this quantitative result. |
| Keywords: | war; attrition; diseases |
| JEL: | E6 H56 N4 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedlwp:98887 |
| By: | Nie, Zhuoyuan |
| Abstract: | After the Kuomintang(KMT) retreated to Taiwan in 1949, they established an authoritarian regime and instituted martial law to maintain the minority mainlanders’ governance over the majority Taiwanese. This oppression led to the Kaohsiung Incident in 1979, a moment in which the Tangwai(democratic promoters outside KMT) leaders clashed with the KMT over the future of democracy. In the ensuing military trials, the KMT and the Tangwai performed as victims to curry international support. The international media recognized the KMT’s efforts to initiate moderate reforms in Taiwan and the Tangwai’s commitment to achieving democracy and human rights. Thus, the KMT and the Tangwai both achieved some success. More importantly, their clashes resulted in democratization as the two sides eventually reached compromises to reform Taiwan, marking the most peaceful process in the Third Wave of Democratization. |
| Date: | 2024–09–24 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:rqfhy |
| By: | Ellis Scharfenaker; Bruno Theodosio; Duncan K. Foley |
| Abstract: | Adam Smith's inquiry into the emergence and stability of the self-organization of the division of labor in commodity production and exchange is considered using statistical equilibrium methods from statistical physics. We develop a statistical equilibrium model of the distribution of independent direct producers in a hub-and-spoke framework that predicts both the center of gravity of producers across lines of production as well as the endogenous fluctuations between lines of production that arise from Smith's concept of "perfect liberty". The ergodic distribution of producers implies a long-run balancing of "advantages to disadvantages" across lines of employment and gravitation of market prices around Smith's natural prices. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.10402 |
| By: | Diana Barro (Dept. of Economics, University of Venice); Antonella Basso (Dept. of Economics, University of Venice); Stefania Funari (Dept. of Management, University of Venice); Guglielmo Alessandro Visentin (Dept. of Management, University of Venice) |
| Abstract: | Though they may seem completely unrelated, art and financial markets can go hand in hand. The potential of art as an investment has been acknowledged at least since the 1960s, when Richard H. Rush, investment banker, and collector, published the seminal book Art as an investment in 1961. A decade later, economics and finance scholars started to study the financial characteristics of art, such as its rate of return and its volatility. Over the years, scholars have increasingly devoted their time to studying art in financial markets, producing a copious scientific literature, and indeed, investors now consider art as investment alternative. Given the remarkable interest this topic has aroused in both academics and practitioners, and the several years during which a substantial literature has accumulated, we carry out a bibliometric analysis of the scientific literature that studied the role of art in financial markets to explore its development throughout the years. To this aim, we adopt bibliometric indicators that measure the scientific impact of publications, journals, authors, and their countries. Finally, we investigate the co-occurrence of the keywords by means of a community detection analysis to outline the main research areas. |
| Keywords: | Art investment, Financial markets, Bibliometric analysis, Clustering, bibliometrix. |
| JEL: | G11 Z11 |
| Date: | 2023–09 |
| URL: | https://d.repec.org/n?u=RePEc:vnm:wpdman:204 |
| By: | Giovanni Federico; Andrea Incerpi |
| Abstract: | The accuracy of Italy’s current account series in the Liberal Age has been debated since ISTAT reconstruction in 1957, resulting in a few isolated attempts to shed lights on the topic. The aim of the paper is to provide a new estimate for the main components of the current account, that is trade balance and invisibles, taking into account some possible corrections and new methodologies to overcome the limited availability of data. Results suggest to deepen the analysis of post-Unification Italy looking to different perspectives |
| Keywords: | Italy, current account, post-Unification |
| JEL: | N13 N73 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:usi:wpaper:911 |
| By: | Scopacasa, Rafael |
| Abstract: | The mountain communities of late-first millennium BC Italy have been regarded as non-urban societies that reverted to city life mainly owing to Roman intervention. A growing body of archaeological evidence is uncovering the diversity of settlement forms and dynamics in the region’s pre-Roman past, which included sites encompassing a range of functions and social agents. This article presents an indepth, microscale analysis of one such site, Monte Vairano in Samnium, drawing on perspectives from comparative urbanism. Monte Vairano developed urban characteristics such as a complex socioeconomic profile and political cohesion, as well as potentially more unique features such as an apparently balanced distribution of wealth. These results can shed further light on the diversity of ancient urbanization and its sociopolitical implications in late-first millennium BC Italy and the Mediterranean. |
| Date: | 2024–09–16 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:fkh4d |
| By: | Michel Aglietta; Sabrina Khanniche |
| Abstract: | Les deux époques d’inflation des années 1970 et 2020, à un demi-siècle d’écart, ont en commun une prise de conscience de l’écologie comme susceptible de mettre un terme à l’expansion du capitalisme. Toutefois les réponses économiques et politiques ont été fort différentes. Les enjeux politiques et sociaux sont opposés. La grande crise inflationniste des années 1970 s’est achevée par le triomphe du néolibéralisme propulsant le capitalisme financier sous l’égide du cycle financier. Au contraire, la crise inflationniste qui a suivi la pandémie de Covid 19 remet au premier plan la nécessité d’une planification stratégique sous l’égide de la puissance publique pour affronter l’urgence climatique. |
| Keywords: | Inflation;Monetary policy;Environment |
| JEL: | E3 E5 N10 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:cii:cepipb:2024-46 |
| By: | Alma Cohen; Rajeev H. Dehejia |
| Abstract: | We examine how politicization and polarization influence judicial review within U.S. Federal appellate courts. Analyzing over 400, 000 cases from 1985 to 2020, we find that judges' political alignment or misalignment with trial judges increasingly affect their decisions, particularly in the last two decades. This trend is significant in precedential cases: panels of Democratic judges are 6.9 percentage points more likely to reverse Republican trial judges compared to Democratic ones, whereas Republican panels are 3.6 percentage points less likely to reverse fellow Republican judges. This effect persists across ideological and non-ideological cases and even among judges appointed before 2000. |
| JEL: | H0 K0 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:32920 |
| By: | Davis, John B. (Department of Economics Marquette University; Department of Economics Marquette University) |
| Abstract: | This chapter discusses how philosophy could influence economists in the future. It emphasizes factors affecting economists’ willingness to incorporate philosophical ideas in economics, and distinguishes a weak case and a strong case for them doing so. Both are tied to behavioral welfare economics’ ‘reconciliation problem’ regarding the relationship between positive and normative economics. The weak case concerns the nature of individual identity in connection with how present bias and weakness of will potentially pit today’s and tomorrow’s selves against one another. The strong case concerns the normative scope of economic policy and expanding policy recommendation beyond its current welfare-only basis. The weak case imposes adjustment on positive economics; the strong case imposes it on normative economics. The paper closes with brief comments on how historically different sciences and fields draw on one another over time. |
| Keywords: | economics, philosophy, reconciliation problem, present bias, individual identity, justice, Rawls, institutions, interdisciplinarity |
| JEL: | A12 A33 B41 D03 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:mrq:wpaper:2024-04 |
| By: | Shuaiyu Chen; T. Clifton Green; Huseyin Gulen; Dexin Zhou |
| Abstract: | We examine how large language models (LLMs) interpret historical stock returns and compare their forecasts with estimates from a crowd-sourced platform for ranking stocks. While stock returns exhibit short-term reversals, LLM forecasts over-extrapolate, placing excessive weight on recent performance similar to humans. LLM forecasts appear optimistic relative to historical and future realized returns. When prompted for 80% confidence interval predictions, LLM responses are better calibrated than survey evidence but are pessimistic about outliers, leading to skewed forecast distributions. The findings suggest LLMs manifest common behavioral biases when forecasting expected returns but are better at gauging risks than humans. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.11540 |