fluctuations in rainfall to capture the exogenous variation in trade between Germany, France, the U.K., and the Ottoman Empire … during 1859-1913. The provisionistic policy of the Ottoman Empire--only surplus production was exported--constitutes the …

Ferguson and Schularick (2006) recently provided a measure of the effect of Empire subjection on borrowing countries … methodology is inadequate and that their estimates are biased. The reason is that Empire subjection did not affect borrowing … market access. It suggests that the benefits of Empire were unevenly distributed. It shows that the main incidence of …