QUCEH Working Paper Series
Working papers by QUCEH Research Associates, Research Affiliates and Research Students are distributed from this page. They are also available through Econstor, a RePEc-compatible Open Access server which provides a platform for the free distribution of academic literature in economics. Please contact Chris Colvin (chris.colvin@qub.ac.uk) for more information about the series. Note that working papers should be treated as pre-prints, versions of scientific papers that precede formal peer review and publication.
Full Archive of the QUCEH Working Paper Series:
Abstracts of Recent QUCEH Working Papers:
No. 21-01:
Áine Doran
'A Poor Inquiry: Poverty and Living Standards in Pre-Famine Ireland'
February 2021
This paper studies the relationship between pre-famine living conditions and famine severity. I digitise the parish-level returns of the Irish Poor Inquiry and use these to explain the co-variates of increasing poverty in the early nineteenth century and examine how they impacted the severity of The Great Famine. I find that income acted as a key co-variate of increasing poverty, with the poor becoming poorer. However, it is levels, not changes, of poverty which are found to be a key determinant of famine severity, alongside the structural features of parishes, such as their distance from the nearest navigable waterway. The paper also fails to find evidence of increasing poverty or famine severity being a result of overpopulation.
Áine Doran
'A Poor Inquiry: Poverty and Living Standards in Pre-Famine Ireland'
February 2021
This paper studies the relationship between pre-famine living conditions and famine severity. I digitise the parish-level returns of the Irish Poor Inquiry and use these to explain the co-variates of increasing poverty in the early nineteenth century and examine how they impacted the severity of The Great Famine. I find that income acted as a key co-variate of increasing poverty, with the poor becoming poorer. However, it is levels, not changes, of poverty which are found to be a key determinant of famine severity, alongside the structural features of parishes, such as their distance from the nearest navigable waterway. The paper also fails to find evidence of increasing poverty or famine severity being a result of overpopulation.
No. 20-10:
Michael Aldous and Christopher Coyle
'The Liverpool Cotton Brokers Association and the Crowning of King Cotton, 1811-1900: Examining the Role of a Private Order Institution in Global Trade'
December 2020
In the 19th century, the Liverpool Cotton Brokers Association (CBA) coordinated the dramatic growth of Liverpool’s raw cotton market. This article shows how the CBA achieved this through the development of a private order institutional framework that improved information flows, introduced standardization and contracting regimes, and regulated market exchange platforms. These developments corresponded with significantly improved market coordination, which facilitated the growth of the largest raw cotton market in the world. The article’s findings demonstrate and quantify the importance of non-state actors, in creating institutions of global exchange central to the first wave of globalization.
Michael Aldous and Christopher Coyle
'The Liverpool Cotton Brokers Association and the Crowning of King Cotton, 1811-1900: Examining the Role of a Private Order Institution in Global Trade'
December 2020
In the 19th century, the Liverpool Cotton Brokers Association (CBA) coordinated the dramatic growth of Liverpool’s raw cotton market. This article shows how the CBA achieved this through the development of a private order institutional framework that improved information flows, introduced standardization and contracting regimes, and regulated market exchange platforms. These developments corresponded with significantly improved market coordination, which facilitated the growth of the largest raw cotton market in the world. The article’s findings demonstrate and quantify the importance of non-state actors, in creating institutions of global exchange central to the first wave of globalization.
No. 20-09:
David A. Bogle, Christopher Coyle and John D. Turner
'Capital Market Development over the Long Run: The Portfolios of UK Life Assurers over Two Centuries'
November 2020
What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemony-secured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.
David A. Bogle, Christopher Coyle and John D. Turner
'Capital Market Development over the Long Run: The Portfolios of UK Life Assurers over Two Centuries'
November 2020
What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemony-secured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.
No. 20-08:
Eoin McLaughlin and Rowena Pecchenino
'Financial Inclusion with Hybrid Organisational Forms: Microfinance, Philanthropy, and the Poor Law in Ireland, c. 1836-1845'
September 2020
The turbulent 1830s saw a sequence of great political and social reforms in the UK. One such reform was the introduction of a locally funded poor law in Ireland. The development of a nascent welfare system in 1838 coincided with a boom in the formation of microfinance institutions in Ireland. The focus of this study is the expansion of a hybrid organisational form, Loan Fund Societies (LFSs), in the ten years prior to the Great Irish Famine of 1845-49. LFSs were legally established with a conflictual structure: balancing acting as commercially viable charitable institutions that were required to provide credit to the deserving poor to enable them to be self-sufficient, while dedicating their “profits” to supporting the indigent poor. This study uses an analytical framework drawing inspiration from institutional logics to explore and better understand Irish microfinance in the early nineteenth century, a period of profound socio-economic and socio-religious change. It seeks to explain the factors that motivated the establishment and de-establishment of microfinance institutions amidst this tumult. Legislative changes in LFS business parameters in 1843 made the tensions between being charitable and commercial sustainability salient and, for some, continued existence untenable.
Eoin McLaughlin and Rowena Pecchenino
'Financial Inclusion with Hybrid Organisational Forms: Microfinance, Philanthropy, and the Poor Law in Ireland, c. 1836-1845'
September 2020
The turbulent 1830s saw a sequence of great political and social reforms in the UK. One such reform was the introduction of a locally funded poor law in Ireland. The development of a nascent welfare system in 1838 coincided with a boom in the formation of microfinance institutions in Ireland. The focus of this study is the expansion of a hybrid organisational form, Loan Fund Societies (LFSs), in the ten years prior to the Great Irish Famine of 1845-49. LFSs were legally established with a conflictual structure: balancing acting as commercially viable charitable institutions that were required to provide credit to the deserving poor to enable them to be self-sufficient, while dedicating their “profits” to supporting the indigent poor. This study uses an analytical framework drawing inspiration from institutional logics to explore and better understand Irish microfinance in the early nineteenth century, a period of profound socio-economic and socio-religious change. It seeks to explain the factors that motivated the establishment and de-establishment of microfinance institutions amidst this tumult. Legislative changes in LFS business parameters in 1843 made the tensions between being charitable and commercial sustainability salient and, for some, continued existence untenable.
No. 20-07:
William Quinn and John D. Turner
'Bubbles in History'
September 2020
Bubbles have become ubiquitous. This ubiquity has stimulated research over the past three decades into bubbles in history. In this article, we provide a systematic overview of research into historical bubbles. Our analysis reveals that there is no coherent approach to the study of bubbles and much of the debate has unhelpfully focussed on the rationality/irrationality dichotomy. We then suggest a new framework for the study of historical bubbles, which helps us understand the causes of bubbles and their economic consequences. We conclude by suggesting ways in which business history can contribute to the study of historical bubbles.
William Quinn and John D. Turner
'Bubbles in History'
September 2020
Bubbles have become ubiquitous. This ubiquity has stimulated research over the past three decades into bubbles in history. In this article, we provide a systematic overview of research into historical bubbles. Our analysis reveals that there is no coherent approach to the study of bubbles and much of the debate has unhelpfully focussed on the rationality/irrationality dichotomy. We then suggest a new framework for the study of historical bubbles, which helps us understand the causes of bubbles and their economic consequences. We conclude by suggesting ways in which business history can contribute to the study of historical bubbles.
No. 20-06:
Graziella Bertocchi and Arcangelo Dimico
'COVID-19, Race and Redlining'
July 2020
Discussion on the disproportionate impact of COVID-19 on African Americans has been at center stage since the outbreak of the epidemic in the United States. To present day, however, lack of race-disaggregated individual data has prevented a rigorous assessment of the extent of this phenomenon and the reasons why blacks may be particularly vulnerable to the disease. Using individual and georeferenced death data collected daily by the Cook County Medical Examiner, we provide first evidence that race does affect COVID-19 outcomes. The data confirm that in Cook County blacks are over-represented in terms of COVID-19 related deaths since -- as of June 16, 2020--they constitute 35 percent of the dead, so that they are dying at a rate 1.3 times higher that their population share. Furthermore, by combining the spatial distribution of mortality with the 1930s redlining maps for the Chicago area, we obtain a block group level panel dataset of weekly deaths over the period January 1, 2020-June 16, 2020, over which we establish that, after the outbreak of the epidemic, historically lower-graded neighborhoods display a sharper increase in mortality, driven by blacks, while no pre-treatment differences are detected. Thus, we uncover a persistence influence of the racial segregation induced by the discriminatory lending practices of the 1930s, by way of a diminished resilience of the black population to the shock represented by the COVID-19 outbreak. A heterogeneity analysis reveals that the main channels of transmission are socioeconomic status and household composition, whose influence is magnified in combination with a higher black share.
Graziella Bertocchi and Arcangelo Dimico
'COVID-19, Race and Redlining'
July 2020
Discussion on the disproportionate impact of COVID-19 on African Americans has been at center stage since the outbreak of the epidemic in the United States. To present day, however, lack of race-disaggregated individual data has prevented a rigorous assessment of the extent of this phenomenon and the reasons why blacks may be particularly vulnerable to the disease. Using individual and georeferenced death data collected daily by the Cook County Medical Examiner, we provide first evidence that race does affect COVID-19 outcomes. The data confirm that in Cook County blacks are over-represented in terms of COVID-19 related deaths since -- as of June 16, 2020--they constitute 35 percent of the dead, so that they are dying at a rate 1.3 times higher that their population share. Furthermore, by combining the spatial distribution of mortality with the 1930s redlining maps for the Chicago area, we obtain a block group level panel dataset of weekly deaths over the period January 1, 2020-June 16, 2020, over which we establish that, after the outbreak of the epidemic, historically lower-graded neighborhoods display a sharper increase in mortality, driven by blacks, while no pre-treatment differences are detected. Thus, we uncover a persistence influence of the racial segregation induced by the discriminatory lending practices of the 1930s, by way of a diminished resilience of the black population to the shock represented by the COVID-19 outbreak. A heterogeneity analysis reveals that the main channels of transmission are socioeconomic status and household composition, whose influence is magnified in combination with a higher black share.