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Now showing 1 - 7 of 7
  • Publication
    Spanish housing markets, 1904-1934: new evidence
    (Universidad Carlos III de Madrid. Instituto Figuerola de Historia y Ciencias Sociales, 2014-03-01) Carmona, Juan; Lampe, Markus; Rosés, Joan R.
    This article makes the first systematic attempt to analyse quantitativelythe evolution of Spanish housing markets from 1904 to 1934, a period ofdramatic changes in housing demand as a consequence of substantialincome and demographic growth. In order to do so, we collect a newdatabase on houses sold and their prices using data from the Registrar'sYearbooks. Furthermore, we construct a new hedonic index of real housingprices for Spain and its provinces. To our surprise, we found that realhousing prices rose slightly over the entire period and, hence, that housingsupply responded effectively to new demand for housing.
  • Publication
    Women and credit in Peru during the Guano era. Was there gender discrimination in the mortgage credit market of Peru?
    (Universidad Carlos III de Madrid. Instituto Figuerola de Historia y Ciencias Sociales, 2014-03) Zegarra, Luis Felipe
    This article analyses the role of women and gender discrimination in the mortgage credit market in Peru between 1860 and 1875. Relying on a large sample of notarised loans, the article shows that women participated in the credit market as lenders and borrowers. However, their participation was lower than that of men. In addition, women received smaller loans and paid higher interest rates than men. The evidence suggests that the lower participation of women as borrowers and their smaller loans were largely a consequence of the distribution of collateral. In addition, much of the difference in interest rates resulted from the differences in loan sizes. As women received smaller loans and there were probably fixed costs involved in granting a loan, making a loan to a woman implied a higher average cost.
  • Publication
    Bolivian public finances, 1882-2010. The challenge to make social spending sustainable
    (Universidad Carlos III de Madrid. Instituto Figuerola de Historia y Ciencias Sociales, 2014-03) Peres-Cajías, José Alejandro
    This paper offers a long-term comparative study of Bolivian public finances using a new detailed database. First, it shows that Bolivian government revenues and expenditures were particularly small and volatile until the 1980s. Second, it stresses that, whereas the relative importance of social expenditure has grown constantly since the late 1930s, public revenues have always had an unbalanced structure. Finally, it confirms that budget deficits have been constant, at times reaching levels that were especially damaging for the overall economy. This suggests that the potential redistributive impact of Bolivian public finances was not necessarily (or not only) hindered by the lack of an explicit commitment towards redistributive expenses, but by an extreme vulnerability in the revenue side.
  • Publication
    Failure to launch: cost of living and living standards in Peru during the 19th century
    (Universidad Carlos III de Madrid. Instituto Figuerola de Historia y Ciencias Sociales, 2014-03) Arroyo Abad, Leticia
    Based on a variety of archival sources, this paper presents estimations for cost of living and living standards for Lima, Peru during the 19th century. During this century Peru experienced deep swings in economic activity marked by the independence wars, the War of the Pacific, and a commodity boom. These new series show that a sizable inflationary period during the guano age had dampening effects on the living standards of the popular class. While living standards peaked by mid 1850s, GDP per capita did not do so until two decades later. These results suggest that the guano bonanza failed to lift working-class living standards above subsistence levels. Even though living standards climbed steadily, almost reaching those of England, all these gains were lost by the end of the century.
  • Publication
    Transport technology and economic expansion: the growth contribution of railways in Latin America before 1914.
    (Universidad Carlos III de Madrid. Instituto Figuerola de Historia y Ciencias Sociales, 2014-03) Herranz Loncán, Alfonso
    This paper measures the direct contribution of railways to economic growth before 1914 in four Latin American economies with large railway systems (Argentina, Brazil, Mexico and Uruguay) using growth accounting techniques. The outcomes of the analysis indicate that the growth contribution of railways in Uruguay was very low. By contrast, in Argentina and Mexico railways provided huge benefits, amounting to 20-25% of income per capita growth before 1914. Finally, in Brazil, the growth contribution of railways was even higher, although this was largely a consequence of the stagnation of the Brazilian economy. These results provide an example of a technology whose growth contribution was much higher in some peripheral economies than in the core countries where it was developed.