139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the &... more 139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the "Crowding-out" effect of the Napoleonic wars on the British economy calls forth more research on the issue of international capital movements of the time. Britain experienced a series of regime shifts, most importantly from a peace to a war (1793), from the gold standard to the paper pound by the suspension of cash payments (1797), from the war to a peace (1815) and from the paper pound to the gold standard (1821). These regime shifts had a great impact on the international financial markets and, consequently, on the British economy. We uncovered the data for the price side of the international financial markets and and analyzed them to draw some conclusions on the international capital movements. Among the major findings are: (1) The Napoleonic wars increased the risk of investing in the continental assets, and when we took these risk premia associated with the war into account as the wartime risk premia, the actual rate of return in Britain was higher than in the continental states; (2) The British pound was depreciated during the war. Because an appreciation of the pound was expected with the end of the war, the depreciation of the pound meant an increase in the rate of return on the pound denominated assets; (3) When the war ended in 1815, not only the war-associated risk on the continental side disappeared, but also most of the advantages from the depreciation of the pound were gone as the exchange rate returned to the par rate. As a result, the rate of return of the continental assets was higher during the post war period. From these findings of the price side analysis, we conclude that during the war capital flowed into Britain as the other side of story of heavy war-financing and government debts, and helped the Industrial Revolution keep going despite it, and after the war the repatriation of foreign capital, coupled with the foreign investment boom among Britons, aggravated the post-war depression in Britain.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD
139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the &... more 139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the "Crowding-out" effect of the Napoleonic wars on the British economy calls forth more research on the issue of international capital movements of the time. Britain experienced a series of regime shifts, most importantly from a peace to a war (1793), from the gold standard to the paper pound by the suspension of cash payments (1797), from the war to a peace (1815) and from the paper pound to the gold standard (1821). These regime shifts had a great impact on the international financial markets and, consequently, on the British economy. We uncovered the data for the price side of the international financial markets and and analyzed them to draw some conclusions on the international capital movements. Among the major findings are: (1) The Napoleonic wars increased the risk of investing in the continental assets, and when we took these risk premia associated with the war into account as the wartime risk premia, the actual rate of return in Britain was higher than in the continental states; (2) The British pound was depreciated during the war. Because an appreciation of the pound was expected with the end of the war, the depreciation of the pound meant an increase in the rate of return on the pound denominated assets; (3) When the war ended in 1815, not only the war-associated risk on the continental side disappeared, but also most of the advantages from the depreciation of the pound were gone as the exchange rate returned to the par rate. As a result, the rate of return of the continental assets was higher during the post war period. From these findings of the price side analysis, we conclude that during the war capital flowed into Britain as the other side of story of heavy war-financing and government debts, and helped the Industrial Revolution keep going despite it, and after the war the repatriation of foreign capital, coupled with the foreign investment boom among Britons, aggravated the post-war depression in Britain.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD
The Temin debate on the cause of the Great Depression (1929-1933) has focused on the economic pro... more The Temin debate on the cause of the Great Depression (1929-1933) has focused on the economic process in the United States. But, recently many economic historians tries to broaden their research on the Great Depression to international aspects, especially the international monetary system. In this respect, Britain`s resumption of gold convertibility in 1925 was at the center of the discussion. Britain restored pre-war gold parity when she resumed gold standard, which is asserted as overvaluation about 10%. It has been argued that overvaluation of the Pound Sterling caused a stagnation in Britain, dwarfing the exports of the United States. In this Paper, this line of arguments has been examined econometrically by the Granger causality test.
ABSTRACT This study examines (1) whether leisure tourism can contribute to economic growth and (2... more ABSTRACT This study examines (1) whether leisure tourism can contribute to economic growth and (2) if it does, whether its growth effects are constant across levels of economic development. Leisure tourism differs from business tourism in the causal relation with economic growth. In addition, the natural and heritage-related resources for leisure tourism are limited and not reproducible. This notion has a significant implication for the relationship between the growth effects of leisure tourism and the level of economic development. Thus, the current study focuses on leisure tourism and controls for the effects of business tourism. As an economy grows, the growth effects of leisure tourism are expected to diminish due to a lack of continued productivity improvement in the tourism industry. The empirical findings in this research reveal that leisure tourism contributes to economic growth at an early stage of economic development, but its contribution becomes weaker as the economy develops.
139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the &... more 139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the "Crowding-out" effect of the Napoleonic wars on the British economy calls forth more research on the issue of international capital movements of the time. Britain experienced a series of regime shifts, most importantly from a peace to a war (1793), from the gold standard to the paper pound by the suspension of cash payments (1797), from the war to a peace (1815) and from the paper pound to the gold standard (1821). These regime shifts had a great impact on the international financial markets and, consequently, on the British economy. We uncovered the data for the price side of the international financial markets and and analyzed them to draw some conclusions on the international capital movements. Among the major findings are: (1) The Napoleonic wars increased the risk of investing in the continental assets, and when we took these risk premia associated with the war into account as the wartime risk premia, the actual rate of return in Britain was higher than in the continental states; (2) The British pound was depreciated during the war. Because an appreciation of the pound was expected with the end of the war, the depreciation of the pound meant an increase in the rate of return on the pound denominated assets; (3) When the war ended in 1815, not only the war-associated risk on the continental side disappeared, but also most of the advantages from the depreciation of the pound were gone as the exchange rate returned to the par rate. As a result, the rate of return of the continental assets was higher during the post war period. From these findings of the price side analysis, we conclude that during the war capital flowed into Britain as the other side of story of heavy war-financing and government debts, and helped the Industrial Revolution keep going despite it, and after the war the repatriation of foreign capital, coupled with the foreign investment boom among Britons, aggravated the post-war depression in Britain.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD
139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the &... more 139 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993.The recent debate on the "Crowding-out" effect of the Napoleonic wars on the British economy calls forth more research on the issue of international capital movements of the time. Britain experienced a series of regime shifts, most importantly from a peace to a war (1793), from the gold standard to the paper pound by the suspension of cash payments (1797), from the war to a peace (1815) and from the paper pound to the gold standard (1821). These regime shifts had a great impact on the international financial markets and, consequently, on the British economy. We uncovered the data for the price side of the international financial markets and and analyzed them to draw some conclusions on the international capital movements. Among the major findings are: (1) The Napoleonic wars increased the risk of investing in the continental assets, and when we took these risk premia associated with the war into account as the wartime risk premia, the actual rate of return in Britain was higher than in the continental states; (2) The British pound was depreciated during the war. Because an appreciation of the pound was expected with the end of the war, the depreciation of the pound meant an increase in the rate of return on the pound denominated assets; (3) When the war ended in 1815, not only the war-associated risk on the continental side disappeared, but also most of the advantages from the depreciation of the pound were gone as the exchange rate returned to the par rate. As a result, the rate of return of the continental assets was higher during the post war period. From these findings of the price side analysis, we conclude that during the war capital flowed into Britain as the other side of story of heavy war-financing and government debts, and helped the Industrial Revolution keep going despite it, and after the war the repatriation of foreign capital, coupled with the foreign investment boom among Britons, aggravated the post-war depression in Britain.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD
The Temin debate on the cause of the Great Depression (1929-1933) has focused on the economic pro... more The Temin debate on the cause of the Great Depression (1929-1933) has focused on the economic process in the United States. But, recently many economic historians tries to broaden their research on the Great Depression to international aspects, especially the international monetary system. In this respect, Britain`s resumption of gold convertibility in 1925 was at the center of the discussion. Britain restored pre-war gold parity when she resumed gold standard, which is asserted as overvaluation about 10%. It has been argued that overvaluation of the Pound Sterling caused a stagnation in Britain, dwarfing the exports of the United States. In this Paper, this line of arguments has been examined econometrically by the Granger causality test.
ABSTRACT This study examines (1) whether leisure tourism can contribute to economic growth and (2... more ABSTRACT This study examines (1) whether leisure tourism can contribute to economic growth and (2) if it does, whether its growth effects are constant across levels of economic development. Leisure tourism differs from business tourism in the causal relation with economic growth. In addition, the natural and heritage-related resources for leisure tourism are limited and not reproducible. This notion has a significant implication for the relationship between the growth effects of leisure tourism and the level of economic development. Thus, the current study focuses on leisure tourism and controls for the effects of business tourism. As an economy grows, the growth effects of leisure tourism are expected to diminish due to a lack of continued productivity improvement in the tourism industry. The empirical findings in this research reveal that leisure tourism contributes to economic growth at an early stage of economic development, but its contribution becomes weaker as the economy develops.
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