Christopher L. Colvin

Women of an uncertain age: quantifying human capital accumulation in rural Ireland in the nineteenth century

Geary and Stark find that Ireland’s Post-Famine per capita GDP converged with British levels, and that this convergence was due to TFP growth rather than mass emigration. We devise new long-run measurements of human capital accumulation in Ireland in order to facilitate an assessment of sources of this TFP growth, including the relative contribution of men and women. We do so by exploiting the frequency at which age data heap at round ages, a measure that has been widely interpreted as an indicator of a population’s basic numeracy skills. Because Foldvari, Van Leeuwen and Van Leeuwen-Li find that gender-specific trends in this measure derived from census returns are biased by who is reporting and recording the age information, we correct any computed numeracy trends using data from prison and workhouse registers, sources in which women self-reported their age. We find that rural Irish women born early in the nineteenth century had substantially lower levels of human capital than uncorrected census data would otherwise suggest. Our results are large in magnitude and economically significant. The speed at which women converged is consistent with Geary and Stark’s interpretation of Irish economic history; Ireland likely graduated to Europe’s club of advanced economies thanks in part to rapid advances in female human capital

Interlocking directorates and conflicts of interest: the Rotterdamsche Bankvereeniging, Müller & Co. and the Dutch financial crisis of the 1920s

How can interlocking directorates cause financial instability for universal banks? A detailed history of the Rotterdamsche Bankvereeninging in the 1920s answers this question in a case study. This large commercial bank adopted a new German-style universal banking business model from the early 1910s, sharing directors with the firms it financed as a means of controlling its interests. Then, in 1924, it required assistance from the Dutch state in order to survive a bank run brought on by public concerns over its close ties with Müller & Co., a trading conglomerate that suffered badly in the economic downturn of the early 1920s. Using a new narrative history combined with an interpretive model, this article shows how the interlocking directorates between the bank and this major client, and in particular the direction of influence of these interlocks, resulted in a conflict of interest that could not be easily overcome.

Banking on a Religious Divide: Accounting for the Success of the Netherlands' Raiffeisen Cooperatives in the Crisis of the 1920s

This article investigates the impact of the socioreligious segregation of Dutch society on the asset allocation choices of rural bankers and the withdrawal behavior of their depositors during the early 1920s. Results suggest that cooperatively-owned Raiffeisen banks for both Catholic and Protestant minority groups could limit their exposure to a debt-deflation crisis, despite operating more precarious balance sheets than banks for majorities. Business histories demonstrate how strict membership criteria and personal guarantors acted as screening and monitoring devices. Banks serving minorities functioned as club goods, managing their exposure to the crisis by exploiting the confessionalized nature of Dutch society.