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Longer-run Economic Consequences of Pandemics

Jordà, Òscar - 2020

What are the medium- to long-term effects of pandemics? How do they differ from other economic disasters? We study major pandemics using the rates of return on assets stretching back to the 14th century. Significant macroeconomic after-effects of pandemics persist for about decades, with real...

Persistent link: https://www.econbiz.de/10012481892

Poverty Traps, Distance, and Diversity : The Migration Connection

Williamson, Jeffrey G. - 2006

Within-country ethnic diversity in high-wage immigrant nations is driven by long distance migration. This paper documents the migration-diversity connection for the first global century before 1914 and the second global century after 1950. It distinguishes between ethnic diversity among the...

Persistent link: https://www.econbiz.de/10012466114

International Migration in the Long-Run : Positive Selection, Negative Selection and Policy

Hatton, Timothy J. - 2004

Most labor scarce overseas countries moved decisively to restrict their immigration during the first third of the 20th century. This autarchic retreat from unrestricted and even publicly-subsidized immigration in the first global century before World War I to the quotas and bans introduced...

Persistent link: https://www.econbiz.de/10012468164

Winners and Losers Over Two Centuries of Globalization

Williamson, Jeffrey G. - 2002

concludes with four lessons of history and an agenda for international economists, including more attention to the impact of …

Persistent link: https://www.econbiz.de/10012469549

"Convergence in the Age of Mass Migration"

Taylor, Alan M. - 1994

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/10012474217

International Monetary Relations : Taking Finance Seriously

Obstfeld, Maurice - 2017

In our book, Global Capital Markets: Integration, Crisis, and Growth, we traced out the evolution of the international monetary system using the framework of the "international monetary trilemma": countries can enjoy at most two from the set {exchange-rate stability, open capital markets, and...

Persistent link: https://www.econbiz.de/10012455241

The Great Mortgaging : Housing Finance, Crises, and Business Cycles

Jordà, Òscar - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10012458166

Sovereign Debt in Latin America, 1820-1913

Paolera, Gerardo della - 2012

This paper examines sovereign lending to Latin America and the Caribbean from 1820 to 1913. We examine four waves of capital flows where defaults were followed by a return to market access. In spite of extended default, countries kept promising high returns that attracted international investors...

Persistent link: https://www.econbiz.de/10012460297

Inequality and Schooling Responses to Globalization Forces : Lessons from History

Williamson, Jeffrey G. - 2006

abundant Europe and the high-wage, labor scarce New World. Those global forces contributed to a reduction in unskilled labor … scarcity in the New World and to a rise in unskilled labor scarcity in Europe. Thus, it contributed to rising inequality in … overseas countries, like the United States, and falling inequality in most of Europe. Falling unskilled labor scarcity and …

Persistent link: https://www.econbiz.de/10012466110

Did Vasco da Gama Matter for European Markets? Testing Frederick Lane's Hypotheses Fifty Years Later

O'Rourke, Kevin H. - 2005

spice markets were already well integrated with those in Iberia and northern Europe, implying that Portugal could not have … relative spice prices, that is, accounting for inflation. It also draws on evidence from Iberia and northern Europe. In …

Persistent link: https://www.econbiz.de/10012466787