Calendrier du 27 janvier 2021
Paris Migration Seminar
Du 27/01/2021 de 17:30 à 18:30
Via Zoom
TOEWS Gerhard(New Economic School)
VEZINA Pierre-Louis (Kings College London)
Enemies of the people
Enemies of the people were the millions of artists, engineers, professors, and affluent peasants that were thought a threat to the Soviet regime for being the educated elite, and were forcedly resettled to the Gulag, i.e. the system of forced labor camps across the Soviet Union. In this paper we look at the long-run consequences of this dark re-location episode. We show that areas around camps with a larger share of enemies among camp prisoners are more prosperous today, as captured by firms' wages and profits, as well as night lights per capita. We also show that the descendants of enemies are more likely to be tertiary educated today. Our results point in the direction of a long-run persistence of education and a resulting positive effect on local economic outcomes. A 28 percentage point increase in the share of enemies increases night lights per capita by 58%, profits per employee by 65%, and average wages by 22%.
Histoire des entreprises et de la finance
Du 27/01/2021 de 17:00 à 18:30
via Zoom
AVARO Maylis (Graduate Institute, Genève)
Zombie International Currency, the pound sterling, 1945-1971
This paper provides new evidence on the decline of sterling as an international currency, focusing on its role as foreign exchange reserve asset under the Bretton Woods era. Using a unique new dataset on the composition of foreign exchange reserves of central banks, I show that the shift away from the sterling occurred earlier than conventionally supposed for the countries not belonging to the sterling area. The use of sterling has been described as freely chosen, imposed by the Bank of England or negotiated. I argue that the sterling area was a captive market as the Bank of England used capital controls, commercial threats and economic sanctions against sterling area countries to limit the divestments of their sterling assets. This management of the decline of sterling benefited mostly Britain and the City of London but represented a cost for sterling area countries and the international monetary system.
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