BIG QUESTIONS IN AUSTRALIAN ECONOMIC HISTORY: FROM THE OUTSIDE LOOKING IN1

The conventional story of Australian economic history is worth challenging. Rather than just assuming a national economy with conventional turning points such as Federation, economic historians would do well to investigate more complex processes like the interplay between regions, races and development, and the changing patterns of interaction with the outside world. The big question for economic historians is whether in the future they can undertake economic research which informs history and so contributes to the national debate.     

Resource Curse or Not: A Question of Appropriability*

Whether natural resources are good or bad for a country's development are shown to depend on the interaction between institutional setting and, crucially, the types of resources possessed by the country. Some natural resources are, for economical and technical reasons, more likely to cause problems such as rent‐seeking and conflicts than others. This potential problem can, however, be countered by good institutional quality. In contrast to the traditional resource curse hypothesis, we show the impact of natural resources on economic growth to be non‐monotonic in institutional quality, and increasingly so for certain types of resources. In particular, countries rich in minerals are cursed only if they have low‐quality institutions, while the curse is reversed if institutions are sufficiently good. Furthermore, if countries are rich in diamonds and precious metals, these effects—both positive and negative—are larger.     

Modelling organizational buying as a sequence of decisions

Organizational buying consists of several stages, each of which yields a decision. These decisions may be linked together in a sequence to form a simple yet powerful model that marketers can use to predict outcomes of proposed marketing programs and to diagnose problems in existing programs. The model may be used with qualitative or quantitative data. The model helps both practitioners and scholars to identify research needs and opportunities.     

Aggregate price shocks and financial stability: the United Kingdom 1796-1999

This paper investigates aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of UK financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of shocks on the index. We find evidence that price level shocks contributed significantly to financial instability during 1820-1931 and that inflation rate shocks contributed to instability during 1931-1999. While affecting the stability of the financial system, both the nature of aggregate price shocks and their impact depend on the existing monetary and financial regime.     

Disclosure Regulation in the Commercial Banking Industry: Lessons from the National Banking Era

I exploit variation in the adoption of disclosure and supervisory regulation across U.S. states to examine their impact on the development and stability of commercial banks. The empirical results suggest that the adoption of state‐level requirements to report financial statements in local newspapers is associated with greater stability and development of commercial banks. I also examine which political constituencies influence the adoption of disclosure and supervisory regulation. I find that powerful landowners and small private banks are associated with late adoption of these regulations. These findings suggest that incumbent groups oppose disclosure rules because the passage of such rules threatens their private interests.     

基于GM（1,N）的零售企业逆向物流量影响因子分析

利用灰色理论建立GM（1,N）模型,分析零售企业逆向物流量影响系统,从而对影响因子之间及各因子与逆向物流量之间的关系作定量分析,并结合案例进行了实际应用,分析当前零售企业逆向物流管理存在的一些问题,给出一些建议。     

Can Interest‐Bearing Money Circulate? A Small‐Denomination Arkansan Experiment, 1861–63

Legal restrictions theory suggests that dominance of non-interest-bearing currency is possible only because legal impediments prevent financial institutions from offering interest-bearing alternatives. A viable interest-bearing medium must be issued in denominations low enough for day-to-day use, however, and without historical examples of small-denomination interest-bearing issues we cannot properly test whether interest-bearing currency will circulate as legal restrictions theory predicts. Civil War Arkansas offers a rare instance where large quantities of small-denomination interest-bearing money were actually issued, mostly below $5. The results of this Arkansan experiment show that small-denomination interest-bearing issues can indeed function as the primary medium of exchange.     

土地利用变化对亚热带土壤有机碳的影响

分析了福建省建瓯市土地利用变化对土壤有机碳的影响,结果表明,林地有机碳含量高于柑橘园、坡耕地有机碳含量,茶园有机碳含量最低。土壤碳氮比值是影响土壤有机碳转化的因素,不同土地利用方式土壤碳氮比值为:木荷林>封育林>杉木林>柑橘园>坡耕地>茶园。土壤有机碳含量与土壤全氮含量之间有极显著的线性相关关系。     

Like Father Like Sons? The Cost of Sovereign Defaults in Reduced Credit to the Private Sector

We investigate the impact of sovereign defaults on the ability of the corporate sector in emerging nations to finance itself abroad. We test the hypothesis that sovereign defaults have a negative spillover onto the private sector through credit rationing. We explore a novel data set covering the majority of corporates in emerging nations that received foreign capital between 1880 and 1913. Results confirm that credit rationing existed, was very large, and persisted long beyond the default settlement. The private sector paid a severe cost for their governments’ debt intolerance, with negative implications for their growth.