The extreme levels of stock price volatility found during the Great Depression have often been attributed to political uncertainty. This Paper performs an explicit test of the Merton/Schwert hypothesis that doubts about the survival of the capitalist system were partly responsible. It does so by...

The severity of the Great Depression in Germany has sometimes been blamed on reparations in simplistic fashion. Alternative interpretations relied on American capital exports, the demise of the Gold Standard, or on malfunc¬tions of the domestic economy, such as excessive wage increases during...

Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank intervened to bring down stock prices, rectify imbalances and curb speculation. Present value relations, comparisons with historical valuation measures and the time-series...

This paper provides a description of the economic growth process and its major characteristics in the Netherlands from the 1930s up to the present. The first part presents some main characteristics of the long-run growth performance of the Dutch economy. It is shown that the Netherlands has...

The aim of this paper is to isolate and measure the respective importance of political and economic aspects in two critical episodes of the French inter-war period: the stabilization process of the mid-1920s and the reluctance to abandon the gold standard during the 1930s. We do this by...

The purpose of this paper is to survey and re-interpret the extensive literature that tried to explain both the depth of the great depression in Europe and the delay of recovery as a failure to coordinate economic policies. Europe could not exploit her vast economic potential after 1918, because...

Increases in human stature are seen as a key indicator of improvement in the average health of populations. The literature associates stature with a variety of socioeconomic variables, and much of the focus is on the nineteenth century and on the last 50 years. In this paper I present and...

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...

This paper studies structural transformation of Soviet Russia in 1928-1940 from an agrarian to an industrial economy through the lens of a two-sector neoclassical growth model. We construct a large dataset that covers Soviet Russia during 1928-1940 and Tsarist Russia during 1885-1913. We use a...

Debt mutualisation through Eurobonds has been proposed as a solution to the Euro crisis. Although this proposal found some support, it also attracted strong criticisms as it risks raising the spreads for strong countries, diluting legacy debt and promoting moral hazard by weak countries. Because...