Do emerging markets need to sacrifice economic sovereignty in order to borrow more cheaply on the international capital markets? To explore this, we exploit a natural experiment following the Treaty of Berlin in 1878 when four Balkan states - Bulgaria, Greece, Romania, and Serbia - received full...

The relative success of the Danish and failure of the Irish dairy industries before the First World War is often contrasted given their competition for the lucrative British butter market. The traditional narrative implicitly assumes that Ireland failed because it was unsuccessful at adopting...