41 documents found, page 1 of 5

Projeto de consolidação de uma comunidade de prática online de partilha de prát...

No momento atual, o futuro da educação está a ser equacionado por vários setores da sociedade, sendo importante que as instituições de ensino superior (em particular, as que contemplam na sua missão a formação de professores) dinamizem, em articulação com docentes de outros níveis de ensino, espaços de partilha e reflexão sobre o papel que deve desempenhar a tecnologia digital na reconfiguração dos processos de...

The vagaries of the sea: evidence on the real effects of money from maritime di...

We estimate the effect of money supply changes on the real economy by exploiting a recurring natural experiment: maritime disasters in the Spanish Empire (1531–1810) that resulted in the loss of sub stantial amounts of silver money. We find that negative money supply shocks caused Spanish real output to decline. A transmission channel analysis highlights slow price adjustments and credit frictions as mechanisms...

Patterns of Iberian economic growth in the early modern period

Anatomy of a premodern state

We provide a blueprint for constructing measures of state capacity in premodern states, offering several advantages over the current state of the art. We argue that assessing changing state capacity requires considering the composition of revenues, expenditure patterns, and local-level budgets. As an application, we examine the case of Portugal (1367–1844). Our findings demonstrate that throughout most of this ...

Introduction to the special issue “Productivity revolutions: Past and future”

We may be living at the dawn of a productivity revolution era brought about by modern science and technological improvements. The six research papers published in this special issue of The Manchester School, titled “Productivity Revolutions: Past and Future,” provide us with lessons on how economies and societies have dealt with the challenges posed by such revolutions.

Crowding in during the seven years’ war

We present a financial history of the Seven Years’ War (1756–1763) using a new dataset derived from the Bank of England minutes. We argue that the war and the associated actions of the Bank of England led to a trans formation of the financial system. Additionally, while there was short-term crowding out of private investment when interest rates rose due to the issue of war-related government debt, in the long-r...

Understanding money using historical evidence

Debates about the nature and economic role of money are mostly informed by evidence from the twentieth century, but money has existed for millennia. We argue that there are many lessons to be learned from monetary history that are relevant for current topics of policy relevance. The past is a source of evidence on how money works across different situations, helping to tease out features of money that do not de...

The rise and fall of paper money in Yuan China, 1260–1368

Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fi...

The long-run effects of risk: an equilibrium approach

Advanced economies tend to have large financial sectors which can be vulnerable to crises. We employ a DSGE model with banks featuring limited liability to investigate how risk shocks in the financial sector affect long-run macroeconomic outcomes. With full deposit insurance, banks expand balance sheets when risk increases, leading to higher investment and output. With no deposit insurance, we observe substanti...

Stunting and wasting in a growing economy: biological living standards in Portu...

Portugal's real income per head grew by a factor of eight during the second half of the twentieth century, a period of fast convergence towards Western European living standards. We use a new sample of about 3,400 infants and children living in Lisbon to document trends in the prevalence of stunting and wasting between 1906 and 1994. We find that stunting and wasting fell quickly from around 1950, for both male...