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The purported failure of the classical quantity theory of money in the colonial economy is shown to be a failure of data and not a failure of theory. When new data on the quantity of specie in circulation is added to the current data on paper money and prices, and econometrically estimated in...
Persistent link: https://www.econbiz.de/10005487463
Exchange rates and price indices are constructed to test purchasing power parity between eight British North American colonial locations, five of whom issued their own fiat paper money. Purchasing power parity is then tested between these same locations after six became states politically and...
Persistent link: https://www.econbiz.de/10005487470
The British North American colonies were the first western economies to rely on legislature-issued fiat paper money as their principal internal medium of exchange. This system arose piecemeal across the colonies making the paper money creation story for each colony unique. It was true monetary...
Persistent link: https://www.econbiz.de/10005487481
The existence and extent of intra-family debt shifting via selling children into bondage among German immigrant families to North America is documented using quantitative ship manifest and servant auction data. This evidence is at odds with the standard description presented in the literature...
Persistent link: https://www.econbiz.de/10005487485
Resources to fight the War for Independence from Great Britain (1775-1783) were to be provided to the U.S. Congress by the individual states based on each state’s population share in the united colonies. Congressional spending, however, largely flowed to where the theater of war was located....
Persistent link: https://www.econbiz.de/10005487493
Forensic accounting is used to reconstruct the data on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated, and the amounts actually executed. These data are substantial improvements over...
Persistent link: https://www.econbiz.de/10011165115
The British North American colonies were the first western economies to rely on legislature-issued paper monies as an important internal media of exchange. This system arose piecemeal. In the absence of banks and treasuries that exchanged paper monies at face value for specie monies on demand,...
Persistent link: https://www.econbiz.de/10011262851
The purpose of Chapter 3 is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency—thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the...
Persistent link: https://www.econbiz.de/10010815440
The British North American colonies were the first western economies to rely on legislative-issued fiat paper monies as their principal internal media of exchange. This system arose piecemeal. It was monetary experimentation on a grand scale. In the absence of banks and treasuries that exchanged...
Persistent link: https://www.econbiz.de/10010815444
The purpose of this paper is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency--thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the...
Persistent link: https://www.econbiz.de/10010950679