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Black Man’s Burden: Measured Philanthropy in the British Empire, 1880-1913

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Author Info
Accominotti, Olivier
Flandreau, Marc
Rezzik, Riad
Zumer, Frédéric

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Abstract

Ferguson and Schularick (2006) recently provided a measure of the effect of Empire subjection on borrowing countries’ interest rates. They find this effect to be large and significant, ranging between 80 to 180 basis points. We argue that their methodology is inadequate and that their estimates are biased. The reason is that Empire subjection did not affect borrowing conditions at the margin, as they assume, but structurally. We also develop a new approach of the incidence of colonial rule on market access. It suggests that the benefits of Empire were unevenly distributed. It shows that the main incidence of colonial rule was to create financial incentives to adopt development policies that encouraged government spending.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6811.

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Date of creation: Apr 2008
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Handle: RePEc:cpr:ceprdp:6811

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Related research
Keywords: bond spreads; credibility; development; empire; institutions; legal frameworks;

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Find related papers by JEL classification:
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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  1. Paolo Mauro & Nathan Sussman & Yishay Yafeh, 2002. "Emerging Market Spreads: Then Versus Now," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 695-733, May. [Downloadable!] (restricted)
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  2. Hansen, Bent, 1983. "Interest Rates and Foreign Capital in Egypt Under British Occupation," The Journal of Economic History, Cambridge University Press, vol. 43(04), pages 867-884, December. [Downloadable!]
  3. Maurice Obstfeld & Alan Taylor, 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," Center for International and Development Economics Research, Working Paper Series 1029, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  4. Easterlin, Richard A., 1981. "Why Isn't the Whole World Developed?," The Journal of Economic History, Cambridge University Press, vol. 41(01), pages 1-17, March. [Downloadable!]
  5. Klovland, Jan Tore, 1994. "Pitfalls in the Estimation of the Yield on British Consols, 1850?1914," The Journal of Economic History, Cambridge University Press, vol. 54(01), pages 164-187, March. [Downloadable!]
  6. Flandreau, Marc & Le Cacheux, Jacques & Zumer, Frédéric, 1998. "Stability Without a Pact? Lessons from the European Gold Standard 1880-1914," CEPR Discussion Papers 1872, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Engerman, Stanley L. & Sokoloff, Kenneth L., 2005. "The Evolution of Suffrage Institutions in the New World," The Journal of Economic History, Cambridge University Press, vol. 65(04), pages 891-921, December. [Downloadable!]
  8. Kris James Mitchener & Marc D. Weidenmier, 2005. "Supersanctions and Sovereign Debt Repayment," NBER Working Papers 11472, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Easterly, William & Levine, Ross, 2003. "Tropics, germs, and crops: how endowments influence economic development," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 3-39, January. [Downloadable!] (restricted)
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  10. Ferguson, Niall & Schularick, Moritz, 2006. "The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880 1913," The Journal of Economic History, Cambridge University Press, vol. 66(02), pages 283-312, June. [Downloadable!]
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  11. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal Of Fortune: Geography And Institutions In The Making Of The Modern World Income Distribution," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1231-1294, November. [Downloadable!] (restricted)
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