Economics - Research Publications
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ItemAustralian squatters, convicts, and capitalists: dividing up a fast-growing frontier pie, 1821-71Panza, L ; Williamson, JG (Wiley, 2019-05)Compared with its competitors, Australian GDP per worker grew exceptionally quickly from the 1820s to the 1870s, at a rate about twice that of the US and three times that of Britain. Did this rapid growth produce rising inequality, following a Kuznets curve? Using a novel dataset, this article offers new evidence that provides unambiguous support for the view that, in sharp contrast with the US experience and with globalization‐inequality views concerning late nineteenth‐century frontiers, Australia underwent a revolutionary levelling in incomes up to the 1870s. This assessment is based on trends in many proxies for inequality, as well as annual estimates of functional income shares in the form of land rents, convict payments, free unskilled labour incomes, free skilled labour and white collar incomes, British imperial transfers, and a capitalist residual.
ItemThe evolution of Ottoman–European market linkages, 1469–1914: Evidence from dynamic factor modelsPanza, L ; Li, Z ; Song, Y (Elsevier, 2019)This paper exploits data on a set of traded goods to undertake the first comprehensive empirical analysis of market integration between the Ottoman Empire and Europe from 1469 to 1914. Computing dynamic factor models via Bayesian inference, we overcome such data constraints as missing observations and a small sample size. The results of this analysis suggest that there were persistent market linkages until the first half of the 19th century, followed by a decline in price convergence. We also find that the intensity of Ottoman–European conflict had a negative effect on integration, especially during the 1844–1914 period.
ItemHidden in Plain Sight: Correspondent Banking in the 1930sPanza, L ; Merrett, D (Taylor & Francis (Routledge), 2019)We present novel quantitative evidence on the number and location of correspondent banking relationships in the 1930s, a neglected area of international banking. Our data, collected from Thomas Skinners’ Bankers’ Almanac, captures over 2000 correspondent banking connections primarily based on London and New York and a smaller cohort of multinational banks. We draw on the new institutional economics and international business literature to explain the relative ubiquity of correspondent banking and the relative scarcity of multinational banks. Our argument that bilateral trade flows drive correspondent banking is tested empirically using an instrumental Poisson pseudo-maximum likelihood estimation.