Replication package for: Spending a Windfall
Principal Investigator(s): View help for Principal Investigator(s) Nuno Palma, University of Manchester; Instituto de Ciências Sociais, Universidade de Lisboa; CEPR; André C. Silva, Nova SBE
Version: View help for Version V3
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application/zip | 3.4 MB | 07/25/2023 07:40:AM |
Project Citation:
Palma, Nuno , and Silva, André C. . Replication package for: Spending a Windfall. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-07-25. https://doi.org/10.3886/E192963V3
Project Description
Summary:
View help for Summary
Replication package for: Palma, N. and Silva, A. C., “Spending a Windfall.” International Economic Review, forthcoming
Abstract:
We study the effect of the discovery of precious metals in America from 1500 to 1810 on international trade. Around 1500, there was a simultaneous discovery of precious metals and new trading routes. We construct a counterfactual of new routes but no precious metals. The discovery of precious metals increased the stock of precious metals more than tenfold. We show that Euro-Asian trade at its peak increased up to 20 times compared with the counterfactual. Our simulations match the observed price dynamics. We find that precious metals were at least as important as the new routes.
Abstract:
We study the effect of the discovery of precious metals in America from 1500 to 1810 on international trade. Around 1500, there was a simultaneous discovery of precious metals and new trading routes. We construct a counterfactual of new routes but no precious metals. The discovery of precious metals increased the stock of precious metals more than tenfold. We show that Euro-Asian trade at its peak increased up to 20 times compared with the counterfactual. Our simulations match the observed price dynamics. We find that precious metals were at least as important as the new routes.
Funding Sources:
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Fundação para a Ciência e a Tecnologia (CEECIND/04197/2017);
Fundação para a Ciência e a Tecnologia (UIDB/00124/2020);
Fundação para a Ciência e a Tecnologia (UIDP/00124/2020);
Social Sciences DataLab (PINFRA/22209/2016);
POR Lisboa and POR Norte (Social Sciences DataLab, PINFRA/22209/2016)
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