During the nineteenth century Spain did not import the majority of Cuban tobacco, nor was most of it consumed in Spain. Spain neither consumed nor re-exported Cuban tobacco. Cuban tobacco, due to its high quality, was too expensive to be able to compete with tobacco of lesser quality which was,...

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...

The objective of this paper is to study the financial crises that have occurred in Spain over the last 150 years. With this objective in mind, the paper has two main purposes. Firstly, we determine the number of crises that took place between 1850 and 2000 considering currency, banking and stock...

During World War II, the art market experienced a massive boom in occupied countries. The discretion, the inflation proof character, the absence of market intervention and the possibility to resell artworks abroad have been suggested to explain why investing in artworks was one of the most...

This paper explores the pattern of agricultural productivity across 19th century Prussia to gain new insights on the causes of the 'Little Divergence' between European regions. We argue that access to urban demand was the dominant factor explaining the gradient of agricultural productivity as...

Geography made rural society in the south-east of England unequal. Economies of scale in grain growing created a farmer elite and many landless labourers. In the pastoral north-west, in contrast, family farms dominated, with few hired labourers and modest income disparities. Engerman and...

The recent debate on the Eurozone failed to appreciate a particular characteristic of European crisis experiences, namely their fundamentally political character. To make my argument, I borrow from Dani Rodrik (2000) the framework of a "political trilemma" between cross-border economic...

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...

This paper explores a simple though neglected mechanism linking land inequality and inefficiency: market power. In underdeveloped economies with serious constraints on labour mobility, high ownership concentration will endow landowners with market power in local labour markets. The resulting...

The French census of 1851 is one of the few nineteenth-century censuses that attempted to record the work of women and children carried out within households. This paper argues that the occupational designations in the nominative census lists are an accurate indicator of employment status. This...