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Comparative European institutions and the Little Divergence, 1385-1800

Author

Listed:
  • Henriques, Antonio

    (Universidade do Porto)

  • Palma, Nuno

    (University of Manchester; Instituto de Ciencias Sociais, Universidade de Lisboa; CEPR)

Abstract

Why did the countries that first benefited from access to the New World – Castile and Portugal – decline relative to their followers, especially England and the Netherlands? The dominant narrative is that worse initial institutions at the time of the opening of the Atlantic trade explain the Iberian divergence. In this paper, we build a new dataset which allows for a comparison of institutional quality over time. We consider the frequency and nature of parliamentary meetings, the frequency and intensity of extraordinary taxation and coin debasement, and real interest rates and spreads for public debt. We find no evidence that the political institutions of Portugal and Spain were worse until the English Civil War.

Suggested Citation

  • Henriques, Antonio & Palma, Nuno, 2021. "Comparative European institutions and the Little Divergence, 1385-1800," CAGE Online Working Paper Series 583, Competitive Advantage in the Global Economy (CAGE).
    • Handle: RePEc:cge:wacage:583
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    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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