Economy of Ragusa, 1300–1800: The Tiger of Medieval Mediterranean
Using data for proxying economic activity, we confirm historical consensus that the medieval Republic of Ragusa (now Dubrovnik) was a prosperous small open economy, rivaling bigger competitors like Venice. More tentatively, we test a number of hypotheses on the determinants of success, finding partial evidence that Ragusa had strong fundamentals with prudent finances, effective rule of law, good governance, social fairness, business-friendly institutions, and trade openness. Ragusa may be an early example of a ‘Tiger’ economy with growth-promoting institutions. Future research should test the ‘resilience hypothesis’ that such economies are best able to deal with external shocks.
Year of publication: |
2013
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Authors: | Havrylyshyn, Oleh ; Srzentic, Nora |
Published in: |
Comparative Economic Studies. - Palgrave Macmillan, ISSN 0888-7233. - Vol. 55.2013, 2, p. 201-231
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Publisher: |
Palgrave Macmillan |
Saved in:
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