<title>Abstract</title> This paper shows that modern monetary theory can be better understood through the differences between Menger and Walras. Since the 1980s, attempts to establish coherent microfoundations for monetary exchange have brought Menger's theory of the origin of money to the forefront and sent...

Using local administrative data from 1826 to 1936, we document the evolution of crime rates in 19th century France and we estimate the impact of a negative income shock on crime. Our identification strategy exploits the phylloxera crisis. Between 1863 and 1890, phylloxera destroyed about 40% of...

This paper shows that currency arrangements impact on credit available through default incentives. To this end we build a symmetric two-country model with money and imperfect credit market integration. With the Euro Area context in mind, we capture differences in credit market integration by...

Using department level administrative data from 1826 to 1936 we document the evolution of crime rates in 19th century France and we estimate the impact of a negative income shock on crime. Our identification strategy exploits the phylloxera crisis. Between 1863 and 1890, phylloxera destroyed...

The financial market was well developed in France in the years before World War I, and there were many newspapers that provided information to investors. Yet commentators at the time faulted the financial press for inaccuracy and biases, which they linked to the existence of payments made by...

This paper shows that modern monetary theory can be better understood through the differences between Menger and Walras. Since the 1980s attempts to establish coherent microfoundations for monetary exchange have brought Menger's theory of the origin of money to the forefront and sent walrasian...

Introduction: What’s a Money Doctor? -- Money Doctors in the Medieval/Pre-Modern Period -- Is Oda Nobunaga the Final Champion of the Medieval Era or A Pioneer of the Early Modern Era? -- A Money Doctor in the 16th Century Japan -- Johan Palmstrüch, A Copper Money Doctor: Stockholm Banco and...