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Terms of Trade Shocks and Economic Performance 1870-1940 : Prebisch and Singer Revisited

Hadass, Yael S.; Williamson, Jeffrey G. - 2021

Debate over trends in the terms of trade between primary commodities and manufactures, their causes and their impact has dominated the literature for more than a century. Classical economists claimed that the terms of trade of primary commodities should improve since land and natural resources...

Persistent link: https://www.econbiz.de/10013227739

Industrial Catching Up in the Poor Periphery 1870-1975

Williamson, Jeffrey G. - 2011

that accelerated even more up to 1950-1975. What explains the spread of the industrial revolution world-wide and this … to have taken resource advantages away from the European and North American leaders, and integrating world financial …

Persistent link: https://www.econbiz.de/10013129186

When, Where, and Why? Early Industrialization in the Poor Periphery 1870-1940

Williamson, Jeffrey G. - 2010

This paper documents industrial output and labor productivity growth around the poor periphery 1870-1940 (Latin America, the European periphery, the Middle East, South Asia, Southeast Asia and East Asia). Intensive and extensive industrial growth accelerated there over these seven critical...

Persistent link: https://www.econbiz.de/10013138324

The Spread of Manufacturing to the Poor Periphery 1870---2007

Bénétrix, Agustín S. - 2012

This paper documents industrial output growth around the poor periphery (Latin America, the European periphery, the Middle East and North Africa, Asia, and sub-Saharan Africa) between 1870 and 2007. We find that although the roots of rapid peripheral industrialization stretch into the late 19th...

Persistent link: https://www.econbiz.de/10013103787

The Impact of Globalization on Pre-Industrial, Technologically Quiescent Economies

Williamson, Jeffrey G. - 2012

This paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their … wages to land rents, on the other hand, declined up to World War I and so did the ratio of wages to GDP per capita. The …

Persistent link: https://www.econbiz.de/10013103885

The Golden Dilemma

Erb, Claude B. - 2013

While gold objects have existed for thousands of years, gold's role in diversified portfolios is not well understood. We critically examine popular stories such as 'gold is an inflation hedge'. We show that gold may be an effective hedge if the investment horizon is measured in centuries. Over...

Persistent link: https://www.econbiz.de/10013088402

"Convergence in the Age of Mass Migration"

Taylor, Alan M. - 2013

Between 1870 and 1913, economic convergence among present OECD members (or even a wider sample of countries) was dramatic, about as dramatic as it has been over the past century and a half. The convergence can be documented in GDP per worker-hour, GDP per capita and in real wages. What were the...

Persistent link: https://www.econbiz.de/10013093434

The Impact of Globalization on Pre-Industrial, Technologically Quiescent Economies

Williamson, Jeffrey G. - 2012

Persistent link: https://www.econbiz.de/10013112616

Globalization and the Great Divergence : Terms of Trade Booms and Volatility in the Poor Periphery 1782-1913

Williamson, Jeffrey G. - 2008

W. Arthur Lewis argued that a new international economic order emerged between 1870 and 1913, and that global terms of trade forces produced rising primary product specialization and de-industrialization in the poor periphery. More recently, modern economists argue that volatility reduces growth...

Persistent link: https://www.econbiz.de/10012772451

Dating the Integration of World Equity Markets

Bekaert, Geert - 2008

Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which … equity market becomes financially integrated with world capital markets. We find endogenous break dates that are very … markets are on average larger and more liquid than before; returns are more volatile and more highly correlated with the world …

Persistent link: https://www.econbiz.de/10012774881