Dornbusch and Edwards (1990) argued that left-leaning populist leaders in Latin America have a common macroeconomic policy that pursues growth and income distribution, neglecting the adverse effects of deficits and inflation. In their analysis, populist regimes had four economic stages: boom,...

The Spanish flu pandemic of 1918 constituted a strong exogenous shock on economic activity that compounded that of the First World War. In this paper, we condition the economic importance of these shocks on the level of economic freedom measured by the HIEL project (Prados de la Escosura 2016)...

We offer evidence of the role of continental orientation in the historical diffusion of technologies. Diamond (1997) argued that technologies spread more slowly North-South (N-S) than East-West (E-W) for two reasons. First, it was relatively costly for individuals to transport innovations when...

Do immigrants undermine culture in a way that destroys productivity in destination countries? Some scholars have argued that because immigrants come from countries with dysfunctional social capital—norms and institutions— they will import it and pollute the social capital in destination...