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

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  • Accominotti, Olivier
  • Flandreau, Marc
  • Rezzik, Riad
  • Zumer, Frédéric

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

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References

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  1. Marc Flandreau, 2005. "Home Biases, 19th Century Style," Sciences Po publications n°5398, Sciences Po.
  2. Michael D. Bordo, 1995. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc.
  3. Marc Flandreau & Jacques Le Cacheux & Frédéric Zumer, 1998. "Stability without a pact? Lessons from the European gold standard, 1880-1914," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 115-162, 04.
  4. Maurice Obstfeld & Alan M. Taylor & ), 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," International Trade 0303001, EconWPA.
  5. Lindert,Peter H., 2004. "Growing Public," Cambridge Books, Cambridge University Press, number 9780521821742, October.
  6. 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.
  7. Kris James Mitchener & Marc D. Weidenmier, 2007. "The Baring Crisis and the Great Latin American Meltdown of the 1890s," NBER Working Papers 13403, National Bureau of Economic Research, Inc.
  8. Marc Flandreau, 2006. "The logic of compromise : monetary bargaining in Austria-Hungary 1867-1913," Sciences Po publications n°5397, Sciences Po.
  9. Michael A. Clemens & Jeffrey G. Williamson, 2004. "Wealth bias in the first global capital market boom, 1870-1913," Economic Journal, Royal Economic Society, vol. 114(495), pages 304-337, 04.
  10. Juan Braun-Llona & Matías Braun-Llona & Ignacio Briones & José Díaz & Rolf Lüders & Gert Wagner, . "Economía Chilena 1810-1995. Estadísticas Históricas," Documentos de Trabajo 187, Instituto de Economia. Pontificia Universidad Católica de Chile..
  11. Paolo Mauro & Yishay Yafeh & Nathan Sussman, 2001. "Emerging Market Spreads: Then Versus Now," OFRC Working Papers Series 2001fe03, Oxford Financial Research Centre.
  12. Andrew Porter, 1981. "Britain, the Cape Colony, and Natal, 1870–1914: Capital, Shipping, and the Imperial Connexion," Economic History Review, Economic History Society, vol. 34(4), pages 554-577, November.
  13. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
  14. Kris James Mitchener & Marc D. Weidenmier, 2005. "Supersanctions and Sovereign Debt Repayment," NBER Working Papers 11472, National Bureau of Economic Research, Inc.
  15. repec:cup:cbooks:9780521821759 is not listed on IDEAS
  16. 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.
  17. Flandreau, Marc & Flores Zendejas, Juan Huitzilihuitl, 2007. "Bonds and Brands: Lessons from the 1820s," CEPR Discussion Papers 6420, C.E.P.R. Discussion Papers.
  18. 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.
  19. Stanley L. Engerman & Kenneth L. Sokoloff, 2001. "The Evolution of Suffrage Institutions in the New World," NBER Working Papers 8512, National Bureau of Economic Research, Inc.
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Cited by:
  1. Marc Flandreau & Juan H. Flores & Norbert Gaillard & Sebastián Nieto-Parra, 2009. "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007," NBER Working Papers 15128, National Bureau of Economic Research, Inc.
  2. Ali Coskun Tuncer, 2009. "„What did guide investors decisions” during the classical gold standard era? The case of Ottoman Empire, 1880-1914," SEEMHN papers 2, National Bank of Serbia.

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