In this article, we use the original ledgers of the Bank of England to document which institutions received liquidity during the crisis of 1866. The so-called Overend-Gurney panic is when the Bank began adopting lending of last resort policies (Bignon, Flandreau and Ugolini 2011). We compare...

This paper develops a new insight enabling the empirical study of media capture: minority shareholders of newspapers and readers face similar risks. Both are adversely affected when corrupt insiders use the newspaper for personal profit and receive invisible revenues. This means that relevant...

On Sunday 20 June 1948, the Deutsche Mark was swapped against the Reichsmark and became immediately used in all transactions and evicted all others means of payment. This success was associated with a massive upsurge of consumption and productivity, all things that were predicted by the money...