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International Trade and Finance under the Two Hegemons: Complementarities in the United Kingdom (1870-1913) and the United States (1920-30)

Taylor, Alan M.; Wilson, Janine - C.E.P.R. Discussion Papers - 2006

Do international trade and finance flow together? In theory, trade and finance can be substitutes or complements, so the matter must be resolved empirically. We study trade and financial flows from the United Kingdom from 1870 to 1913 and the United States in the interwar years. Trade and...

Persistent link: https://www.econbiz.de/10005504376

Made in America? The New World, the Old, and the Industrial Revolution

Clark, Gregory; O'Rourke, Kevin Hjortshøj; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

have placed an emphasis on the importance of trade with New World colonies, and the expanded supply of raw cotton it … provided. We test both hypotheses using calibrated general equilibrium models of the British economy and the rest of the world … trade with the rest of the world, not the American colonies, that allowed Britain to export its rapidly expanding textile …

Persistent link: https://www.econbiz.de/10005497925

The growing dependence of Britain on trade during the Industrial Revolution

Clark, Gregory; O'Rourke, Kevin Hjortshøj; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014

trade in explaining British living standards or growth rates. We construct a three-region model of the world in which … Britain trades with North America and the rest of the world, and calibrate the model to data from the 1760s and 1850s. We find …

Persistent link: https://www.econbiz.de/10011083876

Productivity, Tradability and the Long-Run Price Puzzle

Bergin, Paul R; Glick, Reuven; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2004

Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the ‘Balassa-Samuelson’ effect. But looking back 50 years, or more, this effect virtually disappears from the data. What is...

Persistent link: https://www.econbiz.de/10005666451

Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s

Estevadeordal, Antoni; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

According to the Washington Consensus, developing countries’ growth would benefit from a reduction in tariffs and other barriers to trade. But a backlash against this view now suggests that trade policies have little or no impact on growth. If "getting policies right" is wrong or infeasible,...

Persistent link: https://www.econbiz.de/10005666812

Globalization in History: A Geographical Perspective

Crafts, Nicholas; Venables, Anthony J - C.E.P.R. Discussion Papers - 2001

This Paper argues that a geographical perspective is fundamental to understanding comparative economic development in the context of globalization. Central to this view is the role of agglomeration in productivity performance; size and location matter. The tools of the new economic geography are...

Persistent link: https://www.econbiz.de/10005667029

The Structure of Protection and Growth in the Late 19th Century

Lehmann, Sibylle H.; O'Rourke, Kevin Hjortshøj - C.E.P.R. Discussion Papers - 2008

Many papers have explored the relationship between average tariff rates and economic growth, when theory suggests that the structure of protection is what should matter. We therefore explore the relationship between economic growth and agricultural tariffs, industrial tariffs, and revenue...

Persistent link: https://www.econbiz.de/10005791289

Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls

Kalemli-Ozcan, Sebnem; Nikolsko-Rzhevskyy, Alex - C.E.P.R. Discussion Papers - 2011

Estimating the effect of trade on capital flows is difficult given the inherent identification problem. We use fluctuations in rainfall to capture the exogenous variation in trade between Germany, France, the U.K., and the Ottoman Empire during 1859-1913. The provisionistic policy of the Ottoman...

Persistent link: https://www.econbiz.de/10009283394

Endogeneity of Currency Areas and Trade Blocs: Evidence from the Inter-war Period

Ritschl, Albrecht; Wolf, Nikolaus - C.E.P.R. Discussion Papers - 2003

Empirical research on the gravity model of international trade in the wake of Rose (2000) affirms that currency union formation doubles or triples trade. Currency unions could, however, also be established precisely because trade among their members was already high. In OLS estimation, this...

Persistent link: https://www.econbiz.de/10005504501

Commodity Market Disintegration in the Interwar Period

Hynes, William; Jacks, David S.; O'Rourke, Kevin Hjortshøj - C.E.P.R. Discussion Papers - 2009

commodity markets between 1913 and 1938. There was dramatic disintegration during World War I, gradual reintegration during the …

Persistent link: https://www.econbiz.de/10005666542