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Global Hegemony and Exorbitant Privilege
Pflueger, Carolin E.; Yared, Pierre - National Bureau of Economic Research - 2024
We present a dynamic two-country model in which military spending, geopolitical risk, and government bond prices are jointly determined. The model is consistent with three empirical facts: hegemons have a funding advantage, this advantage rises with geopolitical tensions, and war losers suffer...
Persistent link: https://www.econbiz.de/10015056136
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Annexation or Conquest? The Economics of Empire Building
Grossman, Herschel I. - 2001
the history of the Roman, Mongol, Ottoman, and Nazi German empires to illustrate the applicability of the theory …This paper develops an economic theory of empire building. This theory addresses the choice among three strategies that … Conquest. The theory shows how the choice among these strategies depends on such factors as the economic gains from imperial …
Persistent link: https://www.econbiz.de/10012470620
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A Model of the International Monetary System
Farhi, Emmanuel - 2016
We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve assets; a gold exchange standard vs. a floating...
Persistent link: https://www.econbiz.de/10012456380
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Conflict, Evolution, Hegemony, and the Power of the State
Levine, David K. - 2013
In a model of evolution driven by conflict between societies more powerful states have an advantage. When the influence of outsiders is small we show that this results in a tendency to hegemony. In a simple example in which institutions differ in their "exclusiveness" we find that these...
Persistent link: https://www.econbiz.de/10012459442
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A Conceptual Framework for Interpreting Recorded Human History
North, Douglass C. - 2006
must be a fundamental part of the development process. This paper develops an integrated theory of economics and politics …
Persistent link: https://www.econbiz.de/10012465864
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Human capital : a theoretical and empirical analysis, with special reference to education
Becker, Gary Stanley - 1975 - 2. ed.
Persistent link: https://www.econbiz.de/10000596963
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Suppressing Asset Price Inflation : The Confederate Experience, 1861-1865
Weidenmier, Marc D. - 2002
Confederate monetary reforms encouraged holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their convertibility. We show that Confederate funding acts aimed at precipitating the conversion of currency into bonds did temporarily suppress currency depreciation....
Persistent link: https://www.econbiz.de/10012469479
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Why Not Taxation and Representation? A Note on the American Revolution
Galiani, Sebastian - 2016
Why did the most prosperous colonies in the British Empire mount a rebellion? Even more puzzling, why didn't the British agree to have American representation in Parliament and quickly settle the dispute peacefully? At first glance, it would appear that a deal could have been reached to share...
Persistent link: https://www.econbiz.de/10012455956
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The Paradox of Civilization : Pre-Institutional Sources of Security and Prosperity
Dal Bó, Ernesto - 2015
The rise of civilizations involved the dual emergence of economies that could produce surplus ("prosperity") and states that could protect surplus ("security"). But the joint achievement of security and prosperity had to escape a paradox: prosperity attracts predation, and higher insecurity...
Persistent link: https://www.econbiz.de/10012456842
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Acquisitions, Productivity, and Profitability : Evidence from the Japanese Cotton Spinning Industry
Braguinsky, Serguey - 2014
We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the...
Persistent link: https://www.econbiz.de/10012458762