DCS - Comunicaciones en Congresos y otros eventos
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Publication The political economy of gold standard adherence, Spain (1874-1921)(2014-09-04) Nogues-Marco, María del Pilar; Martínez Ruiz, ElenaPublication Producer cooperatives, institutional change and politics in the wine industry, 1880-1980(2014-11-17) Simpson, James; Fernández, EvaPublication Problemas históricos del desarrollo y atraso económico en la Europa del sur : Italia, España y Portugal entre las décadas de 1830 y 1930(Instituto de Cooperación Iberoamericana, 1985) Tena Junguito, AntonioPublication Los maestres de plata durante el reinado de Felipe IV : nombramientos y beneficios(Escuela de Estudios Hispano-Americanos, 2000) Álvarez Nogal, CarlosEstas páginas tienen como objetivo aportar algunas ideas relacionadas con los beneficios legales e ilegales obtenidos por los maestres de plata, así como identificar a los más importantes del reinado de Felipe IV, en función del volumen de metales preciosos que trajeron registrados legalmente. Se trata en el fondo de aportar algunos datos de utilidad que nos permitan entender mejor el papel que jugó en la Carrera de Indias una figura tan importante como fue la del maestre de plataPublication Where did European banks go during the first globalization? : an augmented gravitational approach to the spatial distribution of multinational banking(Cambridge University Press, 2008) Battilossi, StefanoPublication Response to technological change : the international wine industry, 1850–1939(Cambridge University Press, 2009) Simpson, JamesPublication Publication Vines and sharecropping : the case of Cataluña, 1700s-1930s(Universidad de Sevilla, 1998) Carmona, Juan; Simpson, JamesPublication La estrategía de la Real Hacienda en la negociación del crédito de los Austrias(Fundación ICO - Marcial Pons, Ediciones de Historia, 2000) Álvarez Nogal, CarlosPublication Estrategias de negociación de los agentes financieros en torno a la moneda de vellón(Universidad de Murcia, Servicio de Publicaciones, 2004) Álvarez Nogal, CarlosPublication Risk, Return and Volume in an Emerging Stock Market: The Bilbao Stock Exchange, 1916-1936(2006-06) Battilossi, Stefano; Houpt, Stefan Oliver; Universidad Carlos III de Madrid. Departamento de Historia Económica e InstitucionesWe constructed a unique data set including price and trade volumes for the Bilbao Stock Exchange (BSE) in the interwar period in order to calculate two alternative market indices (weighted and unweighted). The characteristics of the weekly returns on the market portfolio and trading volumes are analyzed in order to test the existence of various phenomena typical of emerging markets, such as autocorrelation and high persistence of volatility shocks, and other features of advanced markets, such as the risk-return relationship and the relationship between trading volumes and returns. The methodological approach is based on an augmented GARCH-cum-volume model. We find strong evidence in favour of autocorrelation and GARCH effects, no evidence of risk-return relationship, and weak evidence of a contemporaneous impact of trading volumes on returns. These findings are generally in line with the results obtained by recent studies on emerging markets.Publication The Fiscal Roots of Delayed Financial Liberalization in Western Europe, 1960-1991(2006-07) Battilossi, StefanoCapital controls survived in a number of European financial systems until the late 1980s, whereas other countries espoused a much more liberal approach. Why were financial reforms so controversial and controls so hard to dismantle? In the paper the determinants of delayed liberalization are empirically investigated for a panel of 16 European countries from 1960 to 1991. We find evidence in favour of a public finance interpretation of different attitudes towards financial liberalization.Publication In search of the Iberian business cycle: endogenous fiscal policy and the changing nature of the state, 1945-2000.(2007-06) Battilossi, Stefano; Foreman-Peck, JamesBoth fiscally responsible and irresponsible governments may have fiscal reaction functions which reduce or increase the amplitude and duration of business cycles. This, we suggest, is the key to the pattern of Iberian fluctuations in economic activity since 1945. Underlying these functions are political settlements or their absence; Traumatic political histories or shocks destroy the basis for stabilising fiscal policies. Stability, political ingenuity and luck can create this basis. Whereas in Spain, the ministers behind the 1959 Stabilisation Plan managed eventually to tame the excesses of a militarily directed economy, and the dictator ensured a transition that kept the army’s loyalty, the opposite path was followed in Portugal. Fiscal prudence allowed authoritarian Portugal to match Spain’s spectacular growth rates of the 1950s and 1960s without economic crises, but failure to secure the army prevented a smooth transition from dictatorship. In consequence Portugal experienced more extreme downturns and budgetary policies than Spain after 2000, and the Maastricht/EMU shocks. The two countries followed crossing paths. Macroeconomic instability prevailed in Spain under at least the early Franco, whereas smoothed adjustments (in spite of stronger external shocks) characterized the economy after the democratic transition. The reverse can be observed in Portugal, where macroeconomic stability under the Estado Novo gave way to dramatic fluctuations after the 1974 revolution.Publication The Second Reversal: The ebb and flow of financial repression in Western Europe, 1960-91(2005-07) Battilossi, StefanoSecurities markets in Continental Europe remained relatively underdeveloped throughout the 20th century as compared with those of Anglo-Saxon countries. The “law and finance” strand of literature argues that their secular stagnation can be traced back to legal origins and explained in terms of path dependency. Recent studies, however, provide ample evidence that the long-term development pattern of securities markets in Europe was not monotonical, but rather followed the ebb and flow of globalization. In fact, capital markets were well developed in a number of civil law countries on the eve of WW1. According to Rajan and Zingales, a “Great Reversal” occurred in the interwar period, from which financial markets did not fully recover until the 1990s. The paper argues that this view of a long-term U-shaped pattern does not reflect accurately the historical experience of European securities markets. In fact, a W-shaped pattern can be observed: securities markets noticeably recovered in the 1960s, only to be marginalized again in the 1970s and early 80s, until financial reforms allowed them eventually to thrive later in the same decade. The paper explains this post-war reversal with the rise of encompassing regimes of financial repression in many Western European countries, of which the underdevelopment of securities markets was one, but hardly the only facet. An index measuring the intensity of financial repression, covering both banking intermediation and capital markets, is constructed for a panel of 16 European countries in the period 1950-1991. The determinants of financial repression are then empirically assessed by using panel data which control for a wide set of fiscal, institutional and political variables. Results point to a public finance explanation of the reversal, according to which financial repression was basically motivated by governments’ attempt to impose implicit taxation on domestic currency- and debt-holders, including their banking systems.Publication Economías de escala, organización de patrimonios y los obstáculos a una reforma agraria. Andalucía 1931-36(2005) Carmona, Juan; Simpson, JamesPublication Economies of scale and obstacles to land reform, Andalusia 1931-36(2006-02) Carmona, Juan; Simpson, JamesPublication Economies of scale and obstacles to land reform, the case of Andalucía, 1931-36(2005) Carmona, Juan; Simpson, JamesPublication ¿Tenía razón Fermín Caballero? Una revisión de la estructura de la explotación y del coste de oportunidad del trabajo en Castilla y León, 1863-1950(1999) Carmona, Juan; Simpson, James