We consider an example of the impact of a new good on producers of close substitutes: the invention of margarine and its rapid introduction into the British market from the mid-1870s. This presented a challenge to the traditional suppliers of that market, butter producers from different European...

This paper does challenge the "regulatory license" view that reliance by regulators on the output of rating agencies in the 1930s "caused" the agencies to become a central part of the fabric of the US financial system. We argue that long before the 1930s, courts began using ratings as financial...

This paper uses city-level data to examine the impact of a first wave of railroad construction in Sweden, between 1855 and 1870, from the 19th century until today. We estimate that railroads accounted for 50% of urban growth, 1855-1870. In cities with access to the railroad network, property...

The late nineteenth century Danish agricultural revolution saw the modernization and growth of the dairy industry. Denmark rapidly caught up with the leading economies, and Danish dairying led the world in terms of productivity. Uniquely in a world perspective, high quality micro-level data...

This paper deals with agricultural dynamics in late-Imperial Russia. Based upon a comprehensive micro-level data set on annual yields between 1883 and 1913, we provide insight into regional differences of agricultural growth and the development prospects of Russian agriculture before WWI. Making...

An explanation of the Great Depression based on mortgage debt via the banking channel has been downplayed due to the conservatism of mortgage contracts at the time. Indeed, maturities were particularly short compared to today's average terms (around three years), and loan-to-value ratios often...

The study develops a real wage series for Germany c. 1500-1850 and analyzes its relationship with population size. From 1690 data density allows the estimation of a structural time series model of this relationship. The major results are the following: First, there was a strong negative...

We examine the geography of cotton textiles in Britain in 1838 to test claims about why the industry came to be so heavily concentrated in Lancashire. Our analysis considers both first and second nature aspects of geography including the availability of water power, humidity, coal prices, market...

In this study we reconstruct the Balkan countries' monetary relations with Western Europe in the period of the Latin Monetary Union (LMU), particularly from 1867 to 1912. We concentrate on the complex puzzle of LMU and its relations with the Balkans within the theoretical framework of dependent...