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Complementarity, Competition and Institutional Development: The Irish Loan Funds through Three Centuries
Hollis, Aidan; Sweetman, Arthur - EconWPA - 1997
Ireland's loan funds were a long lived, self-sustaining, large-scale microcredit organization that made millions of loans, without collateral, to the poor. We examine the life-cycle of this institution and show how the loan funds responded to their economic environment in ways that benefitted...
Persistent link: https://www.econbiz.de/10005076565
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Paper Money but a Gold Debt. Italy in the Gold Standard
Tattara, Giuseppe; or consequences) - EconWPA - 2002
During the 52 years between the Unification of the Kingdom of Italy and World War 1, the lira was legally convertible … there was only a small cost connected to adopting the gold standard, then why did Italy not make all possible efforts to … resume as soon as possible and adhere more strictly to the gold standard? Italy had a large foreign debt that was basically …
Persistent link: https://www.econbiz.de/10005408387
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Microcredit in Pre-Famine Ireland
Hollis, Aidan; Sweetman, Arthur - EconWPA - 1997
Hundreds of independent, local, quasi-charitable microcredit societies, or "loan funds," were lending to as many as 20% of Irish households in the mid-nineteenth century. Monitored by a central regulatory authority, funds in the system were successful in mitigating informational, moral hazard...
Persistent link: https://www.econbiz.de/10005408388
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"Excess Volatility" and the German Stock Market, 1870-1990
Long, J. Bradford De; Becht, Marco - EconWPA - 1995
This paper uses long-run real price and dividends series to investigate for the German stock market the questions asked of the U.S. market by Shiller (1989). It tries to determine in what periods and to what degree the Germanstock market has also possessed "excess volatility" over the past...
Persistent link: https://www.econbiz.de/10005408396
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How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects
Duarte, António Portugal; Andrade, João Sousa - EconWPA - 2005
This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the...
Persistent link: https://www.econbiz.de/10005412543
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A Corporate Governance Reform as a Natural Experiment for Incentive Contracts
Bayer, Christian; Burhop, Carsten - EconWPA - 2004
The present paper proposes to employ a major shift in the legal and institutional environment to identify contractual incentives from the correlation of executive pay and firm performance. We use the reform of the German stock companies act in 1884 as such a major shift and estimate the...
Persistent link: https://www.econbiz.de/10005413146
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Exchange-Rate Regimes and International Trade: Evidence from the=20 Classical Gold Standard Era
J. Ernesto L=F3pez-C=F3rdova; = =20 Chris Meissner - EconWPA - 2001
In this paper we show that the spread of the classical gold=20 standard in the late nineteenth century increased international trade=20 flows. This positive effect was compounded whenever a group of countries=20 formed a monetary union. Applying the gravity model of trade to more than=20 1,100...
Persistent link: https://www.econbiz.de/10005556788
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If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913
Bayer, Christian; Burhop, Carsten - EconWPA - 2005
We analyze the relation of firm performance and managerial turnover in 19th century German banking by probit estimation. This period covers a major reform of corporate governance. Before the reform performance and turnover are unrelated, wheras after the reform more succesfull managers leave...
Persistent link: https://www.econbiz.de/10005556869
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Un Análisis de cointegración con corrección de errores de las Fugas de Capital y la Inestabilidad Política en México , An econometric model of capital flight in Mexico
Diaz-Bautista, Alejandro; Andrade, Cesar Alfredo Olivas - EconWPA - 2005
Resumen El presente estudio se centra en analizar los factores que provocan el éxodo de capital en México, entre los que se incluyen: el saldo en cuenta corriente, el grado de sobrevaluación de la moneda, el diferencial en las tasas de interés entre México y Estados Unidos y el diferencial...
Persistent link: https://www.econbiz.de/10005125516
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Fractional Reserve Banking as Economic Parasitism: A Scientific, Mathematical & Historical Expose, Critique, and Manifesto
Nuri, Vladimir Z. - EconWPA - 2002
This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...
Persistent link: https://www.econbiz.de/10005126382