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The Present Value Relation Over Six Centuries: the Case of the Bazacle Company∗
The Present Value Relation Over Six Centuries: The Case of the Bazacle Company∗ David le Bris,y William N. Goetzmann,z and S´ebastienPouget x March 30, 2017 ∗We would like to thank Vikas Agarwal, Bruno Biais, Chlo´eBonnet, Claude Denjean, Ren´eGarcia, Jos´e Miguel Gaspar, Alex Guembel, Pierre-Cyrille Hautcœur, Christian Julliard, Augustin Landier, Laurence Le- scourret, Junye Li, Patrice Poncet, Jean-Laurent Rosenthal, Steve Ross, Sandrine Victor, Maxime Wavasseur and especially Marianne Andries, Ralph Koijen and Nour Meddahi, as well as seminar and conference partic- ipants at the Toulouse School of Economics, the CIFAR-IAST conference, UC Irvine, HEC, ESSEC, Georgia State University, Casa de Velazquez - Madrid, and the AEA meeting 2016 for helpful comments and sugges- tions. We also wish to thank Genevi`eve Douillard and Daniel Rigaud, from the Archives D´epartementales de la Haute-Garonne, for their help in finding and reading original documents. yUniversity of Toulouse, Toulouse Business School zYale School of Management, Yale University xToulouse School of Economics, University of Toulouse Capitole (IAE, CRM) The Present Value Relation Over Six Centuries: The Case of the Bazacle Company Abstract We study asset pricing over the longue dur´ee using share prices and net dividends from the Bazacle company of Toulouse, the earliest documented shareholding corpo- ration. The data extend from the firm’s foundation in 1372 to its nationalization in 1946. We find an average dividend yield of 5% per annum and near-zero long-term, real capital appreciation. Stationary dividends and stock prices enable us to directly study how prices relate to expected cash flows, without relying on a rate of return transformation. -
6 X 10.Long.P65
Cambridge University Press 978-0-521-00974-4 - The Dead and the Living in Paris and London, 1500-1670 Vanessa Harding Frontmatter More information The Dead and the Living in Paris and London, 1500–1670 This book is an innovative exploration in social history, showing how the practices surrounding death and burial can illuminate urban culture and experience. Vanessa Harding focuses on the crowded and turbulent worlds of early modern London and Paris, and makes use of rich con- temporary documentation to compare and contrast their experience of dealing with the dead. The two cities shared many of the problems and pressures of urban life, including high mortality rates, and a tradition of Christian burial, and there are many similarities in their responses to death. The treatment of the dead reveals the communities’ preoccupa- tion with the use of space, control of the physical environment, and the ordering of society and social behaviour. But the impact of Reformation called into question many traditional attitudes, and although London was fairly successful in establishing a new consensus, burial of the dead became a serious point of conflict in Paris. The Dead and the Living is as much about London and Paris as about death rituals, and Vanessa Harding emphasises the importance of the demographic, physical and social context within which burial and fu- nerary practices evolve. She looks at actual churchyards, cemeteries and churches, and at the responses of specific communities to burial. Vividly illustrated, this work is a major contribution to the history of the early modern city, and to our understanding of social and cultural change in an urban environment. -
Les Plants Des Vignes Du Château De Chenonceau: Orleans, Beaulne
Les plants des vignes du château de Chenonceau : Orleans, Beaulne, Anjou, Herbois (1547-1557) Henri Galinié To cite this version: Henri Galinié. Les plants des vignes du château de Chenonceau : Orleans, Beaulne, Anjou, Herbois (1547-1557) : Recherches sur l’histoire des cépages de Loire,3. 2016. halshs-01292150 HAL Id: halshs-01292150 https://halshs.archives-ouvertes.fr/halshs-01292150 Preprint submitted on 22 Mar 2016 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Les plants des vignes du château de Chenonceau : Orleans, Beaulne, Anjou, Herbois (1547 - 1557) Henri Galinié - Recherches sur l’histoire des cépages de Loire, 3 Mots-clefs Key words Résumé Abstract Version abrégée 1. Introduction Les limites imposées par le document 2. Les vignes 2.1 L’âge des vignes 2.2 Les trois clos, les treilles du jardin du pavillon et la closerie de La Tousche 2.2a – les trois clos ; 2.2b, les treilles du jardin du Pavillon ; 2.2c, la Closerie de la Tousche ; 2.2d, la superficie des vignes 2.3 – La conduite de la vigne 2.4 - Les rendements des vignes des clos (1547-1557) 2.5 – Les sols des trois clos 3. -
Did Purchasing Power Parity Hold in Medieval Europe?
Discussion Paper Did Purchasing Power Parity Hold in Medieval Europe? January 2014 Adrian R Bell ICMA Centre, Henley Business School, University of Reading Chris Brooks ICMA Centre, Henley Business School, University of Reading Tony K Moore ICMA Centre, Henley Business School, University of Reading Discussion Paper Number: ICM-2014-01 Henley Business School Discussion Paper Series Did Purchasing Power Parity Hold in Medieval Europe? Abstract This paper employs a unique, hand-collected dataset of exchange rates for five major currencies (the lira of Barcelona, the pound sterling of England, the pond groot of Flanders, the florin of Florence and the livre tournois of France) to consider whether the law of one price and purchasing power parity held in Europe during the late fourteenth and early fifteenth centuries. Using single series and panel unit root and stationarity tests on ten real exchange rates between 1383 and 1411, we show that the parity relationship held for the pound sterling and some of the Florentine florin series individually and for almost all of the groups that we investigate. Our findings add to the weight of evidence that trading and arbitrage activities stopped currencies deviating permanently from fair values and that the medieval financial markets were well functioning. This supports the results reported in other recent studies which indicate that many elements of modern economic theories can be traced back over 700 years in Europe. Keywords law of one price, purchasing power parity, medieval markets, historical finance JEL Classifications F31, N13, N23 Acknowledgements We are grateful to the Leverhulme Trust for funding this research under grant RPG-193. -
Did Purchasing Power Parity Hold in Medieval Europe?
Did purchasing power parity hold in medieval Europe? Article Accepted Version Bell, A. R., Brooks, C. and Moore, T. K. (2017) Did purchasing power parity hold in medieval Europe? The Manchester School, 85 (6). pp. 682-709. ISSN 1467-9957 doi: https://doi.org/10.1111/manc.12167 Available at http://centaur.reading.ac.uk/65800/ It is advisable to refer to the publisher’s version if you intend to cite from the work. See Guidance on citing . To link to this article DOI: http://dx.doi.org/10.1111/manc.12167 Publisher: Wiley All outputs in CentAUR are protected by Intellectual Property Rights law, including copyright law. Copyright and IPR is retained by the creators or other copyright holders. Terms and conditions for use of this material are defined in the End User Agreement . www.reading.ac.uk/centaur CentAUR Central Archive at the University of Reading Reading’s research outputs online Adrian R. Bell, Chris Brooks and Tony K. Moore, Did Purchasing Power Parity Hold in Medieval Europe?, The Manchester School (forthcoming) AUTHORS’ FINAL TEXT Abstract This paper employs a unique, hand-collected dataset of exchange rates for five major currencies (the lira of Barcelona, the pound sterling of England, the pond groot of Flanders, the florin of Florence and the livre tournois of France) to consider whether the law of one price and purchasing power parity held in Europe during the late fourteenth and early fifteenth centuries. Using single series and panel unit root and stationarity tests and cointegration analysis on ten real exchange rates between 1383 and 1411, we show that the parity relationship held for the pound sterling and some of the Florentine florin series individually and for almost all of the groups that we investigate. -
The Big Reset
REVISED s EDITION Willem s Middelkoop s TWarh on Golde and the Financial Endgame BIGs s RsE$EAUPTs The Big Reset The Big Reset War on Gold and the Financial Endgame ‘Revised and substantially enlarged edition’ Willem Middelkoop AUP Cover design: Studio Ron van Roon, Amsterdam Photo author: Corbino Lay-out: Crius Group, Hulshout Amsterdam University Press English-language titles are distributed in the US and Canada by the University of Chicago Press. isbn 978 94 6298 027 3 e-isbn 978 90 4852 950 6 (pdf) e-isbn 978 90 4852 951 3 (ePub) nur 781 © Willem Middelkoop / Amsterdam University Press B.V., Amsterdam 2016 All rights reserved. Without limiting the rights under copyright reserved above, no part of this book may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the written permission of both the copyright owner and the author of the book. To Moos and Misha In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. -
Family, Property, and Negotiations of Authority: Francoise Brulart and The
Purdue University Purdue e-Pubs Open Access Dissertations Theses and Dissertations Summer 2014 Family, property, and negotiations of authority: Francoise Brulart and the estate management of noble women in early modern Burgundy Amy Kathleen Rogers Dean Purdue University Follow this and additional works at: https://docs.lib.purdue.edu/open_access_dissertations Part of the European History Commons, Women's History Commons, and the Women's Studies Commons Recommended Citation Rogers Dean, Amy Kathleen, "Family, property, and negotiations of authority: Francoise Brulart and the estate management of noble women in early modern Burgundy" (2014). Open Access Dissertations. 253. https://docs.lib.purdue.edu/open_access_dissertations/253 This document has been made available through Purdue e-Pubs, a service of the Purdue University Libraries. Please contact [email protected] for additional information. *UDGXDWH6FKRRO)RUP30 5HYLVHG 0814 PURDUE UNIVERSITY GRADUATE SCHOOL Thesis/Dissertation Acceptance 7KLVLVWRFHUWLI\WKDWWKHWKHVLVGLVVHUWDWLRQSUHSDUHG %\ Amy K. Rogers Dean (QWLWOHG FAMILY, PROPERTY, AND NEGOTIATIONS OF AUTHORITY: FRANÇOISE BRULART AND THE ESTATE MANAGEMENT OF NOBLE WOMEN IN EARLY MODERN BURGUNDY Doctor of Philosophy )RUWKHGHJUHHRI ,VDSSURYHGE\WKHILQDOH[DPLQLQJFRPPLWWHH James R. Farr Silvia Mitchell Whitney Walton Nancy Gabin To the best of my knowledge and as understood by the student in the Thesis/Dissertation Agreement, Publication Delay, and Certification/Disclaimer (Graduate School Form 32), this thesis/dissertation adheres to the provisions of Purdue University’s “Policy on Integrity in Research” and the use of copyrighted material. James R. Farr $SSURYHGE\0DMRU3URIHVVRU V BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SSURYHGE\R. Douglas Hurt 08/04/2014 +HDGRIWKHDepartment *UDGXDWH3URJUDP 'DWH i FAMILY, PROPERTY, AND NEGOTIATIONS OF AUTHORITY: FRANÇOISE BRULART AND THE ESTATE MANAGEMENT OF NOBLE WOMEN IN EARLY MODERN BURGUNDY A Dissertation Submitted to the Faculty of Purdue University by Amy K. -
University of Toronto Department of Economics Warfare
University of Toronto Department of Economics Working Paper 355 Warfare, Liquidity Crises, and Coinage Debasements in Burgundian Flanders, 1384 - 1482: Monetary or Fiscal Remedies? By John H. Munro April 07, 2009 Department of Economics University of Toronto 150 St. George Street Toronto, Ontario M5S 3G7 Canada Warfare, Liquidity Crises, and Coinage Debasements in Burgundian Flanders, 1384 - 1482: Monetary or Fiscal Remedies? Working Paper no. 355 (MUNRO: no. 37) Repec Handle: tecipa-355 by John Munro Tuesday, 7 April 2009 Copyright © by John Munro 2009 Department of Economics University of Toronto Author's e-mail: [email protected] http://www.economics.utoronto.ca/munro5 On-line version: http://www.economics.utoronto.ca/index.php/index/research/workingPaperDetails/355 Keywords: coinage debasements, gold, silver, billon, bullion, bullionist policies, mints, mint outputs, seigniorage, brassage, inflation, deflation, ‘bullion famines’ and monetary scarcities, liquidity crises, credit, bills of exchange, usury, warfare, taxation JEL Classifications: E 31; E41; E42; E51; E52; E62; F33; H11; H27; N13; N23; N43 Warfare, Liquidity Crises, and Coinage Debasements in Burgundian Flanders, 1384 - 1482: Monetary or Fiscal Remedies? Abstract: John H. Munro: Department of Economics, University of Toronto Coinage debasements were a prevalent and generally very harmful feature of most economies in late-medieval western Europe, and most certainly in Burgundian Flanders (1384-1482). Flanders also experienced several economic recessions or contractions from three related sources: warfare; the so-called ‘bullion famines’, with liquidity crises; and the irredeemable decline of its former mainstay, the woollen textile industries. Since many of my previous publications dealt with the Flemish cloth industry, this paper focuses on the other two major economic problems, of which warfare was the most important factor. -
GFTS-2Ed-Ebook.Pdf
Gold: the Final Standard by Nathan Lewis Second Edition: March 2018 Copyright 2017 by Nathan Lewis. All rights reserved. No part of this book may be reproduced or transmitted in any form of by any means electronic or mechanical, including photocopying, printing, recording, or by any information storage and retrieval system, without permission in writing from Canyon Maple Publishing. Published by Canyon Maple Publishing PO Box 98 New Berlin, NY 13411 [email protected] newworldeconomics.com Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Ayn Rand Although gold and silver are not by nature money, money is by nature gold and silver. Karl Marx Table of Contents Introduction by George Gilder i Preface v Chapter 1: The Study of Currency History 1 Chapter 2: The Ancient World, 3500 B.C.-400 A.D. 13 Chapter 3: The Medieval Era, 400-1500 38 Chapter 4: The Bimetallic Era, 1500-1850 56 Chapter 5: The Classical Gold Standard, 1850-1914 91 Chapter 6: The Interwar Period, 1914-1944 138 Chapter 7: The Bretton Woods Period, 1944-1971 177 Chapter 8: The Floating Currency Era, 1971- 202 Chapter 9: Conclusions 230 Notes 247 Bibliography 264 Index 275 Introduction by George Gilder The anthropologist Margaret Mead used to tell of the story of “bold mariners” in Polynesian Island tribes who crafted elaborate canoes for traversing large distances at sea and catching hauls of fish, but then over the decades allowed these skills to slip away. -
Currency Symbols Range: 20A0–20CF
Currency Symbols Range: 20A0–20CF This file contains an excerpt from the character code tables and list of character names for The Unicode Standard, Version 14.0 This file may be changed at any time without notice to reflect errata or other updates to the Unicode Standard. See https://www.unicode.org/errata/ for an up-to-date list of errata. See https://www.unicode.org/charts/ for access to a complete list of the latest character code charts. See https://www.unicode.org/charts/PDF/Unicode-14.0/ for charts showing only the characters added in Unicode 14.0. See https://www.unicode.org/Public/14.0.0/charts/ for a complete archived file of character code charts for Unicode 14.0. Disclaimer These charts are provided as the online reference to the character contents of the Unicode Standard, Version 14.0 but do not provide all the information needed to fully support individual scripts using the Unicode Standard. For a complete understanding of the use of the characters contained in this file, please consult the appropriate sections of The Unicode Standard, Version 14.0, online at https://www.unicode.org/versions/Unicode14.0.0/, as well as Unicode Standard Annexes #9, #11, #14, #15, #24, #29, #31, #34, #38, #41, #42, #44, #45, and #50, the other Unicode Technical Reports and Standards, and the Unicode Character Database, which are available online. See https://www.unicode.org/ucd/ and https://www.unicode.org/reports/ A thorough understanding of the information contained in these additional sources is required for a successful implementation. -
Technologies of Money in the Middle Ages: the 'Principles of Minting'
Economic History Working Papers No: 275/2018 Technologies of money in the Middle Ages: The ‘Principles of Minting’ Oliver Volckart London School of Economics Economic History Department, London School of Economics and Political Science, Houghton Street, London, WC2A 2AE, London, UK. T: +44 (0) 20 7955 7084. F: +44 (0) 20 7955 7730 LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE DEPARTMENT OF ECONOMIC HISTORY WORKING PAPERS NO. 275 – FEBRUARY 2018 Technologies of money in the Middle Ages: The ‘Principles of Minting’ Oliver Volckart London School of Economics [email protected] Abstract The paper discusses which options medieval political authorities had to satisfy the demand for complex currencies. It distinguishes several models, each of which caused problems: A first one, where the basic unit was supplemented by a range of other denominations whose weight and purity where exactly proportional. While this did not take the proportionally larger labour costs involved in the production of small change into account, the second model did: here, small change had an over proportionally high content of base metal. In consequence, the stable numerical ratios between units of the same currency began to shift. The third option involved using gold for high purchasing power coins; a strategy that made currencies vulnerable to changes in the relative market prices of gold and silver. Again, the outcome was a that the numerical ratios between units of the same currency became instable. The paper discusses how political authorities chose between these options, how they supplied their mints with the necessary bullion and how minting was organised. -
Currency Depreciation in Early Modern England and France By
Currency Depreciation in Early Modern England and France by Debra Glassman and Angela Redish The authors are Assistant Professors, Department of Economics, University of British Columbia, 1873 East Mall #997, Vancouver, B.C. VET 1Y2, Canada. This paper was prepared for the October 1985 conference on Monetary and Financial History at the Federal Reserve Bank of Minneapolis. Comments are welcome. 1 The literature that has evolved to describe and explain early modern currency values has emphasized the extent of the decline in the specie value of the unit of account and has therefore emphasized the benefits to monarchs of depreciation, particularly from seignorage revenue and the improvement in the balance of trade. We argue that both these hypotheses are weak as general explanations of the determinants of monetary policy and are not supported by the evidence. The policies adopted were far more consistent with the hypothesis that the authorities were attempting to produce an efficient monetary system in a technologically primitive world. We support this hypothesis with evidence from sixteenth and seventeenth century France and England. After a brief description of the early modern monetary system, we discuss the objective of attaining an efficient monetary system, with an emphasis on the importance of the technology of coinage. We then show how depreciations in England and France were primarily an attempt to institute an efficient monetary system rather than to raise revenue or improve trade. The Early Modern Monetary System Early modern economies commonly used a unit of account that served as a standard of value separate from the medium of exchange.