RHE 2010 n. 03 invierno

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http://dspace.uc3m.es/handle/10016/22063
Archivo Abierto Institucional de la Universidad Carlos III de Madrid: RHE V.28 Nº3 invierno 2010
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    Capital Market Integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936
    (Universidad Carlos III de Madrid. Instituto Laureano Figuerola, 2010-12) Houpt, Stefan Oliver; Rojo Cagigal, Juan Carlos
    This paper presents the first results of our most recent research on the Bilbao Stock Exchange (BSE) from its foundation in 1890 up to the Spanish CivilWar.We examine the origin of the Exchange and follow its evolution over the first half-century of existence. To this end we introduce some of the stock exchange indexes we have calculated for Bilbao and put them into comparative perspective with the existing series on general economic and industrial activity and the indexes for other Spanish exchanges for the period considered. These comparisons show Bilbao's evolution from a public debt-dominated market to an industrial exchange very much tied to regional development. Finally, we contrast the degree of financial market integration associated with the existing Spanish exchange indexes. Our analysis finds strong support for considering the BSE index as an industrial index and little evidence of capital market integration between the principal Spanish exchanges before the 1920s.
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    The contribution of new technology to economic growth. Lessons from economic history
    (Universidad Carlos III de Madrid. Instituto Laureano Figuerola, 2010-12) Crafts, Nicholas
    This paper reviews the analysis of technological change by cliometricians. It focuses on lessons about total factor productivity (TFP) from growth accounting and on aspects of social capability that are conducive to the effective assimilation of new technology. Key messages are that when TFP growth is very rapid this typically involves reductions in inefficiency not just technological advance and that even really important new technologies have small initial effects on aggregate productivity. Incentive structures matter greatly for the adoption of new technology, but social capability is not independent of the technological epoch as the information and communications technology (ICT) era has emphasized to Europeans.
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    The educational effects of 19th century disentailment of catholic church land in Colombia
    (Universidad Carlos III de Madrid. Instituto Laureano Figuerola, 2010-12) Fazio Vargas, Antonella; Sánchez Torres, Fabio
    The aim of this paper is to analyse the effects of land concentration prompted by the distribution of disentailed church land during the second half of the 19th century on the accumulation of human capital in early 20th century Colombia1. Using existing primary sources on the process of land disentailment and the 1912 National Census at the municipal level, descriptive statistics and econometric evidence show a significant and negative relationship between the amount of disentailed land during the 1870s and literacy and school enrolment rates of males in 1912.
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    The living standars of miners in Biscay (1876-1936). Wages, the human development index and height
    (Universidad Carlos III de Madrid. Instituto Laureano Figuerola, 2010-12) Escudero, Antonio; Pérez Castroviejo, Pedro
    Recent research on working-class living standards during the Industrial Revolution has shown that wages do not cover all welfare components — for instance, working conditions, leisure time or the «access rights» needed make one prosper (health, education and freedom). This is why studies have been published in which wages are compared with other living standard indicators. Following this line of research, our paper examines the evolution of welfare among Biscayan miners between 1876 and 1936 by contrasting real wages, Human Development Index and height. An additional contribution of the paper is that we relate the high morbi-mortality in the Biscayan working-class neighbourhoods with market failures derived from urbanisation, a connection not explicitly considered in the literature on living standards during the Industrial Revolution. These market failures were known by liberal politicians because the hygienists urged the intervention of the State to correct or, at least, ease them. However, the town councils in the Bilbaomining zone took more than 20 years to put into practice the measures proposed by the hygienists.
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    The development of the welfare state in Portugal. Trends in social expenditure between 1938 and 2003
    (Universidad Carlos III de Madrid. Instituto Laureano Figuerola, 2010-12) Carolo, Daniel Fernando; Pereirinha, José António
    This paper presents a data series on social expenditure in Portugal for the period 1938-2003. The series was built with the aim of identifying and characterizing the most significant phases in the process leading up to the current welfare state system in this country. The establishment of a social insurance (Prevideˆncia) in 1935 was one of the founding pillars of the Estado Novo (New State). Reforms to Social Welfare (Prevideˆncia Social) in 1962, while in the full throes of the New State, policy measures taken after the revolution of 1974 and a new orientation for social policy following the accession of Portugal to the European Economic Community (EEC) in the mid-1980s brought about significant transformations in the institutional organizational structure that provided welfare and conferred social rights in Portugal. To understand this process, knowledge is needed of the transformations to the institutional structures governing the organizations that provided welfare, welfare coverage in terms of the type of benefit and the population entitled to social risk protection, the magnitude of spending on benefits associated with these risks, as well as how benefits were allocated between the institutions. We built a data series for the period 1938-1980, which can then be matched to data already published in the OECD Social Expenditure Database from 1980 onwards. As a result, a consistent series for social expenditure from 1938 to 2003 was obtained. The methodology used to create the series enabled us to measure the impact of the variation in population coverage for social risks and the average generosity of benefits on the relative share of social expenditure in GDP. We present an interpretive reading for the full period, covering the New State and the Democracy from 1974, of the process of building the welfare state in Portugal.