The price and income elasticities of the top clothing exporters: Evidence from a panel data analysis

This paper studies the main export function features of twelve top clothing exporters (China, Hong Kong, France, Germany, India, Indonesia, Italy, Netherlands, Spain, Turkey, UK and USA) in the period between 1992 and 2011. Price and income elasticities are estimated for each economy using a panel data approach, after controlling for nonstationarity, cointegration and Granger causality. Rolling regressions are also performed, and show the existence of some elasticities instability over time, fundamentally related to the profound economic and institutional changes affecting the clothing trade in the period under consideration. The analysis suggests that most advanced economies, including Hong Kong, changed their position in the global value chain towards an “organizational” role. China confirms its leadership in clothing exports although its rising price elasticity sounds a warning with regard to future prospects.     

The accumulation of property by southern blacks and whites: Individual-level evidence from a South Carolina cotton county, 1910-1919

This paper examines new data on wealth and wealth accumulation by blacks and whites in Calhoun County, South Carolina between 1910 and 1919. Despite focusing on a single county, the data utilized in this paper make it possible to explore property accumulation by southern blacks and whites in new ways. Unlike previous studies, this one provides information on both real quantities and dollar assessments. This breakdown reveals that the rapid accumulation of property by blacks was entirely real and not due in part to an increasingly discriminatory assessment policy. By merging the assessment data with individual-level census records, it is possible to examine how wealth and wealth accumulation were influenced by race, gender, age, occupation, and literacy. In particular, the effect of literacy on the wealth of black men in 1910 was found to be economically strong in high wealth quantiles but weak in low wealth quantiles. By 1919, the impact of literacy on the wealth of black men had become economically important across the board. Furthermore, literacy had a significant influence on the relative size of wealth accumulations but offered little protection against low accumulations.