122 research outputs found
Replication Data for: "Selection, Patience, and the Interest Rate"
No full textThis is the replication package for "Selection, Patience, and the Interest Rate," accepted in 2023 by the Journal of Political Economy Macroeconomics
/trew/ et la diathèse passive en khmer
No full textVersion prépublication. Différente pagination de la version publiée.International audienceThe present article seeks to define the syntactic, semantic and discursive properties of passive construction using the verb /trew/ "to touch" in Khmer. Unlike many studies, which tackle this question in terms of grammaticalization of the V linked to passive interpretation (which means its desemantization), the author will demonstrate that the semantics of /trew/ can be found in 'passive' constructions, just as it can be found in other constructions using this verb. Thus, the author will show that passive construction using /trew/ is not just an equivalent of passive construction in English or in French, for instance.Le présent article vise à cerner les propriétés d'ordre syntaxique, sémantique et discursif de la construction " passive " avec le verbe /trew/ " toucher " en khmer. À la différence d'un grand nombre d'études qui abordent la question en termes de grammaticalisation du V lié à l'interprétation passive (ce qui signifie sa désémantisation), l'auteur essayera de montrer que dans la construction 'passive' la sémantique de /trew/ est présente au même titre que dans les autres constructions auxquelles participe ce verbe. Cela permet d'expliquer pourquoi la construction /trew/ 'passif' n'est pas un simple équivalent du passif en anglais ou en français
Finance and balanced growth
No full textWe study the relationships between various concepts of financial development and balanced economic growth. A model of endogenous growth that incorporates roles for both financial efficiency and access to financial services permits a better understanding of the relationship between the size of the financial sector (value added) and growth. Higher financial value added results from some, but not all, kinds of finance-driven growth. If greater access rather than greater efficiency generates higher growth, then value added and growth can be positively correlated. We present some preliminary empirical results that support the importance of access alongside efficiency in explaining cross-country variations in growth.Peer reviewe
Endogenous Financial Development and Industrial Takeoff
No full textThere is a large and growing literature on the relationship between financial development and economic growth. It suggests a positive causal link running from finance to growth. We consider, in broad terms, the existing historical evidence on this connection. We demonstrate that constraints on investment finance occur primarily in the presence of fixed costs. Investments in physical transport infrastructures are prime examples of projects in which financial constraints can retard industrial growth. Furthermore, an appreciation of spatial and dynamic elements is central: Infrastructure development was privately financed by spatially concentrated coalitions of modest investors. We contrast the institutional environment in Britain with that in continental Europe. We develop a theory of finance and growth that can account for the disaggregated and dynamic nature of the finance and development of infrastructure.finance and growth, endogenous growth, economic integration, economic history.
HEGYI ÁDÁM: HUNGARICA IN DER DISSERATIONSSAMMLUNG DES NÜRNBERGER NATURFORSCHERS CHRISTOPH JACOB TREW (1695‒1769) KATALOG 1582‒1765
No full textBook review by P. Szabó Béla: HUNGARICA IN DER DISSERATIONSSAMMLUNG DES NÜRNBERGER NATURFORSCHERS
CHRISTOPH JACOB TREW (1695‒1769) KATALOG 1582‒1765, author Ádám Hegyi
P.Szabó Béla könyvismertetése Hegyi Ádám által feltárt: HUNGARICA IN DER DISSERATIONSSAMMLUNG DES NÜRNBERGER NATURFORSCHERS
CHRISTOPH JACOB TREW (1695‒1769) KATALOG 1582‒1765 című művéről.
 
HEGYI ÁDÁM: HUNGARICA IN DER DISSERATIONSSAMMLUNG DES NÜRNBERGER NATURFORSCHERS CHRISTOPH JACOB TREW (1695‒1769) KATALOG 1582‒1765
No full textBook review by P. Szabó Béla: HUNGARICA IN DER DISSERATIONSSAMMLUNG DES NÜRNBERGER NATURFORSCHERS
CHRISTOPH JACOB TREW (1695‒1769) KATALOG 1582‒1765, author Ádám Hegyi
P.Szabó Béla könyvismertetése Hegyi Ádám által feltárt: HUNGARICA IN DER DISSERATIONSSAMMLUNG DES NÜRNBERGER NATURFORSCHERS
CHRISTOPH JACOB TREW (1695‒1769) KATALOG 1582‒1765 című művéről.
 
Towards the microfoundations of finance and growth
No full textWe take a critical view of the standard approach to finance and growth. The mapping between the theory and empirics is shown to be poorly understood, and this is traced to deficiencies in our understanding of the microeconomics at play. By looking at both primary and secondary historical evidence we argue that issues of aggregation are critical, and that spatial factors are also prevalent. Further, we suggest that these disaggregated elements can change over the course of an industrial revolution. A model in the spirit of standard finance and growth theories is extended to consider these further effects, and we calibrate the model to data on historical growth paths.
In order to advance our understanding of the microeconomic factors that cause the observed phenomena in the finance-growth nexus, we develop a general equilibrium theory of financial intermediation in which exchange costs are endogenously determined by technologies, endowments and preferences. We suggest that incomplete contracts might be central to these phenomena. We link this framework to an understanding of power and political economy in a setting with heterogeneous agents. We develop these results numerically, showing a number of interesting interactions between markets, exchange costs and institutions in economies with different levels of wealth.
The model of endogenous exchange costs can be thought of in terms of the findings coming out of our historical analysis. We outline in some detail the further steps that need to be taken before we can speak of the microfoundations of finance and growth with any confidence. First, a fully dynamic model of markets and coalitions must be embedded within a story of economic growth that can match the dynamic observations. Second, we must develop our conception of incomplete contracting and the link with institutions and political economy. The thesis thus opens a number of interesting avenues for future research
Efficiency, Depth and Growth: Quantitative Implications of Finance and Growth Theory
No full textWe develop a parsimonious finance and endogenous growth model with microeconomic frictions in entrepreneurship and a role for credit constraints. We demonstrate that though an efficiency-growth relation will always exist, the efficiency-depth-growth relation may not. This has implications for the connection between the theory and empirics of finance and growth. We go on to ask whether the model can account for some historical trends in growth, financial depth and financial efficiency for the UK over the period 1850--1913. The best model of finance and growth is one that departs from the standard depth-growth link.finance and growth, endogenous growth, economic history.
Spatial takeoff in the first industrial revolution
No full textUsing the framework of Desmet and Rossi-Hansberg (forthcoming), we present a model of spatial takeoff that is calibrated using spatially-disaggregated occupational data for England in c.1710. The model predicts changes in the spatial distribution of agricultural and manufacturing employment which match data for c.1817 and 1861. The model also matches a number of aggregate changes that characterise the first industrial revolution. Using counterfactual geographical distributions, we show that the initial concentration of productivity can matter for whether and when an industrial takeoff occurs. Subsidies to innovation in either sector can bring forward the date of takeoff while subsidies to the use of land by manufacturing firms can significantly delay a takeoff because it decreases spatial concentration of activity
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