Showing papers in "Revista De Historia Economica in 2013"
TL;DR: This paper examined sovereign lending to Latin America and the Caribbean from 1820 to 1913 and examined four waves of capital flows where defaults were followed by a return to market access, and discussed imperfections of the sovereign debt institutional context in the region and discussed a menu of options that some countries used to seek funds in the global financial markets after defaults.
Abstract: This paper examines sovereign lending to Latin America and the Caribbean from 1820 to 1913. We examine four waves of capital flows where defaults were followed by a return to market access. In spite of extended default, countries kept promising high returns that attracted international investors again and again: financial autarky thus gave way to eras of high integration to global markets as measured by sovereign risk pricing. We discuss imperfections of the sovereign debt institutional context in the region and discuss a menu of options that some countries used to seek funds in the global financial markets after defaults. The parallel with the modern Latin American and Caribbean sovereign bond market experience is striking.
24 citations
TL;DR: This paper examined the marketing and distribution of foreign fabric, predominantly English, in the northern subplateau of Spain at the beginning of the 18th century using information from a fiscal source.
Abstract: This article examines the marketing and distribution of foreign fabric, predominantly English, in the northern sub-plateau of Spain at the beginning of the 18th century using information from a fiscal source. The official tax record used in this study was a specific and special tax levied on cloth imported from countries with which Spain was at war. The details of this tax shed more light on a hotly debated topic with respect to transport and networks in modern Spain and make it possible to analyze and quantify the physical volume as well as the value and the destination of textiles.
20 citations
TL;DR: In this article, a panel of demographic data illustrates national and regional racial transitions encompassing the colonial era is presented, showing that Brazil's population was of Native descent but became predominantly African in the 18th century; people of European ancestry remained a minority for another 200 years.
Abstract: The settlement and expansion of the Portuguese colonies in South America were made possible by slave labour; however, the historical size of enslaved Native and African groups is largely unknown. This investigation compiles extant statistics on the population of «Brazil» by race and state for the pre-census period from 1545 to 1850, complementing them with headcount estimates based on sugar, gold, and coffee production; pre-contact indigenous populations; and trans-Atlantic slave voyages. The resulting panel of demographic data illustrates national and regional racial transitions encompassing the colonial era. Brazil's population was of Native descent but became predominantly African in the 18th century; people of European ancestry remained a minority for another 200 years.
13 citations
TL;DR: In this article, the authors estimate the social savings of the railroads in Peru in the late 19th and early 20th centuries, using primary and secondary sources, and find that social savings ranged between 0.3 percent and 1.3 per cent of GDP in 1890, but then increased to a range between 3.6 per cent and 9.4 per cent in 1918.
Abstract: This article estimates the social savings of the railroads in Peru in the late 19th and early 20th centuries. The construction of railroads made it possible for Peruvians to substitute the traditional system of mules and llamas, although only for a few routes. Using primary and secondary sources, I estimate the social savings for 1890, 1904, 1914 and 1918. Social savings ranged between 0.3 per cent and 1.3 per cent of GDP in 1890, but then increased to a range between 3.6 per cent and 9.4 per cent of GDP in 1918. The social savings of railroads in Peru were comparable to those for the United States and Great Britain but were much lower than those for Mexico, Brazil and Argentina, largely because Peru had very few railroads.
12 citations
TL;DR: In this paper, the authors identify and categorize the currency crises suffered by Argentina from 1825 to 2002 and look for regularities in the behaviour of key macroeconomic variables in the neighbourhood of crises by means of graphic analysis, nonparametric and econometric techniques.
Abstract: The objective of this paper is twofold. First, it identifies and categorizes the currency crises suffered by Argentina from 1825 to 2002. Second, it looks for regularities in the behaviour of key macroeconomic variables in the neighbourhood of crises by means of graphic analysis, non-parametric and econometric techniques. We found that expansions in public expenditures as well as increases in the debt to GDP ratio and falls in the rate of growth of bank deposits contribute to spur the probability of crisis. Unfavourable external conditions, jointly with domestic imbalances, help to explain very deep crises or crashes.
10 citations
TL;DR: In this article, the authors focus on the business activities of a London merchant bank (Huth & Co. or Huth) with Spain during this period by paying special attention to the support given by Huth to the many bilateral trades between Spain and Britain in which the company participated.
Abstract: This paper deals with Anglo-Spanish trade and finances for the period c. 1810-1850. It concentrates on the business activities of a London merchant bank (Huth & Co. or Huth) with Spain during this period by paying special attention to the support given by Huth to the many bilateral trades between Spain and Britain in which the company participated. It also focuses on the support given by Huth to much trade in and out of Spanish ports but which did not go through British ports. This overall support included the provision of credit facilities, exchange rate brokerage, insurance services and commercial intelligence. In addition, the article covers the links between Huth and the Spanish crown, thanks to which the bank became an important conduit of Spanish investments in American securities before 1850. Huth was also the paymaster abroad for the Spanish state. In view of Huth?s close connections to the Spanish economy during this period, it is perhaps surprising that this is the first study of this «Spanish» house in London.
9 citations
TL;DR: In this article, the authors estimate original yields for five grains in thirty-three provinces of Spain in the mid-18th century and observe a strong heterogeneity between the provinces with yields being considerably higher in the north of the country than in the south-east.
Abstract: This paper estimates original yields for five grains in thirty-three provinces of Spain in the mid-18th century. We observe a strong heterogeneity between the provinces with yields being considerably higher in the north of the country than in the south-east. Although average yields in Spain were below those in other countries of north-western Europe, the provinces in the north achieved yields not far behind the most advanced agricultural regions of the world. The heterogeneity of yields across Spain can be explained by the different climatic conditions in each province. Although all the provinces improved their yields in the long term, the differences between the provinces remained stable until the modernisation of Spanish agriculture around the mid-20th century.
7 citations
TL;DR: In particular, mis investigaciones revelan la debilidad de esta institucion, concebida mas como un instrumento de enriquecimiento especulativo que de financiacion, cuya evolucion desvela la propia fragilidad of la economia cubana and, particular, el escaso desarrollo de su mercado de capitales as discussed by the authors.
Abstract: En este trabajo se presenta una aproximacion a la trayectoria de la economia cubana, desde comienzos del siglo XX hasta el estallido de la Revolucion, vista desde la perspectiva de lo sucedido en el mercado de acciones. A tal fin, he construido un indice de cotizacion de la Bolsa de La Habana, que muestra una fuerte dependencia con lo sucedido en el mercado azucarero, en particular con las exportaciones de azucar. No obstante, mis investigaciones revelan la debilidad de esta institucion, concebida mas como un instrumento de enriquecimiento especulativo que de financiacion, cuya evolucion desvela la propia fragilidad de la economia cubana y, particularmente, el escaso desarrollo de su mercado de capitales.
7 citations
TL;DR: In this article, the authors present a historical series of Venezuelan GDP from 1830 to 2012, and employ an expenditure approach to reconstruct the GDP of Venezuela, which could be applied with advantages for other Latin America countries.
Abstract: The aim of this paper is to present a historical series of Venezuelan GDP from 1830 to 2012. For that purpose we have employed an expenditure approach to reconstruct the GDP of Venezuela, which could be applied with advantages for others Latin America countries. We were able to identify three long economic phases for Venezuela: The first one from 1830-1924 which we refer as “agrarian economy”; the second one of oil driven development, characterize by a high velocity growth from 1924 to 1977, and the last phase portrayed as one of stagnation and decline from 1977 to 2012.
6 citations
TL;DR: In this article, an analisis empirico of the condiciones contractuales included in the constituciones of sociedades anonimas in Chile during the last century is presented.
Abstract: Son las leyes que protegen a los accionistas minoritarios una condicion necesaria para el desarrollo de los mercados de capitales? Este ensayo intenta responder esta pregunta usando datos sobre los origenes de las sociedades anonimas en Chile para desarrollar un analisis empirico de las condiciones contractuales incluidas en los estatutos de estas empresas durante el siglo XIX. Se muestra que, pese a que la legislacion chilena no incluia normas referidas a gobierno corporativo y proteccion a accionistas minoritarios, durante este periodo se desarrollo un mercado activo. El analisis empirico revela que los estatutos de las sociedades anonimas frecuentemente incluian clausulas que establecian derechos para los inversionistas minoritarios y que el uso de estas clausulas contractuales es consistente con las predicciones de un modelo de agencia simple.
5 citations
TL;DR: In this paper, the authors present historical series of coal consumption for Uruguay since the last decades of the 19th century until nowadays (1879-2011) and put forward three factors to explain the decisions to shift from coal to other energy sources: relative prices and freights, technological innovations and institutional aspects.
Abstract: The study of the rise and fall of mineral coal as an energy source can shed light on the characteristics of energy transition in Uruguay. This article presents historical series of coal consumption for Uruguay since the last decades of the 19th century until nowadays (1879-2011). The “coal era” can be placed in the first decades of the 20th century. The use of this mineral in four sectors may explain the dynamic of the coal consumption as a result of different trajectories that characterize the Uruguayan energy transition pattern of stops and goes. In addition, the article put forward three factors to explain the decisions to shift from coal to other energy sources: relative prices and freights, technological innovations and institutional aspects.
TL;DR: In this article, the authors show that Franco went against his own economic incentives, considering that the Spanish government was taking a commission from the workers' remittances, by limiting the number of workers sent to Germany during the Second World War.
Abstract: espanolDurante la Segunda Guerra Mundial, el dictador espanol Francisco Franco limito, por razones politicas, el numero de trabajadores civiles espanoles enviados a Alemania. Aunque se pacto el envio de 100.000 trabajadores a Alemania, el numero actual nunca supero los 9.550. Consecuentemente, el impacto de trabajadores espanoles en la economia de guerra alemana fue bajo. Este articulo muestra que, limitando las transferencias de trabajadores a Alemania, Francisco Franco estaba actuando en contra a sus propios incentivos economicos, ya que el Gobierno de Espana recibia una comision de las remesas. Al limitar el numero de trabajadores, Franco cedio a la presion aliada, que estimulaba minimizar la cooperacion con Alemania. Para dar soporte a este argumento, este articulo ofrece estimaciones actualizadas del numero de trabajadores, sus calificaciones y sus remesas. El articulo tambien brinda las primeras estimaciones del coste y beneficio de este programa para el Gobierno espanol. EnglishFor political reasons, the Spanish dictator Francisco Franco limited the number of civilian Spanish workers sent to Germany during the Second World War. Despite agreeing to send 100,000, the number of workers never exceeded 9,550. Their impact on the German war economy was small. This paper demonstrates that, in limiting worker transfers, Franco went against his own economic incentives, considering that the Spanish government was taking a commission from the workers� remittances. By limiting the number of workers sent, Franco satisfied the Allies� pressure to minimise cooperation with Germany. In support of this argument, this article offers updated estimates for the number of workers, their skill levels and remittances. It also provides the first estimates of Spanish costs and income from the programme.
TL;DR: In this article, a multidimensional indicator of institutional quality in Argentina for the period 1862-2008 is presented, and the results suggest that periods of high institutional quality coincided with the most expansion and relative progress.
Abstract: espanolEste articulo presenta un indicador multidimensional de calidad institucional para Argentina durante el periodo 1862-2008. Inicialmente, se describe un conjunto de variables que miden cuestiones de jure y de facto, tales como cambios en la Constitucion nacional y en las Constituciones provinciales, declaraciones de estado de sitio, intervenciones federales, libertad de prensa, independencia del banco central. Luego, el indicador se construye a traves del analisis de componentes principales. Los resultados sugieren que los periodos de alta calidad institucional en Argentina coincidieron con los de mayor expansion y avance relativo. En otras palabras, la mala calidad institucional no solo se habria reflejado en tasas de crecimiento bajas sino en una menor capacidad de seguir a los paises de mejor desempeno. EnglishThis paper presents a multidimensional indicator of institutional quality in Argentina for the period 1862-2008. Initially, it describes a set of variables that aim to measure issues related to the legal framework prevailing in Argentina and its implementation, such as changes in the Constitution and the Provincial Constitutions, Declarations of state of siege and Federal Interventions, Freedom of Press, Central Bank Independence. The Indicator is then constructed through the Principal Component Analysis. The results suggest that periods of high institutional quality in Argentina coincided with the most expansion and relative progress. In other words, poor institutional quality would not only be reflected in lower growth rates but also compromises the ability to follow those countries with the best performace.
TL;DR: In Espana, the cobertura de paro de base sindical alcanzo menos desarrollo que other seguros sociales privados.
Abstract: Antes de 1936, el seguro privado contra el paro estuvo basicamente a cargo de los sindicatos, mientras que las companias comerciales no se adentraron en esta rama del seguro, lo que se podria explicar por las ventajas que los primeros tenian a la hora de combatir los problemas de seleccion adversa y riesgo moral. No obstante, el seguro de paro de base sindical alcanzo menos desarrollo que otros seguros sociales privados, como el de enfermedad, quizas por las dificultades financieras que implicaban las crisis economicas. Ademas, el seguro de paro se difundio sobre todo entre los trabajadores urbanos con salarios elevados. En Espana, sin embargo, las tasas de cobertura se mantuvieron por debajo de las de otros paises europeos que tenian niveles de renta mas elevados, aunque incluso en estos la cobertura privada contra el paro no llegaba al 10% de la poblacion activa. En Espana, como en otros paises europeos, los fondos sindicales contra el paro introdujeron estrictos incentivos economicos para combatir los problemas de riesgo moral, pero eso precisamente dificulto la difusion del seguro privado de paro