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Comparative European Institutions and the Great Divergence

Author

Listed:
  • Henriques, Antonio

    (FEP)

  • Palma, Nuno

    (Manchester University)

Abstract

Why did the countries which first benefited from access to the New World – Castile and Portugal – decline relative to their followers, especially England and the Netherlands? The dominant narrative is that worse initial institutions at the time of the opening of Atlantic trade explain Iberian divergence. In this paper, we build a new dataset which allows for a comparison of institutional quality over time. We consider the frequency and nature of parliamentary meetings, the frequency and intensity of extraordinary taxation and coin debasement, and real interest spreads for public debt. We find no evidence that the political institutions of Iberia were worse until at least the English Civil War.

Suggested Citation

  • Henriques, Antonio & Palma, Nuno, 2019. "Comparative European Institutions and the Great Divergence," FEP Working Papers 614, Universidade do Porto, Faculdade de Economia do Porto.
    • Handle: RePEc:por:fepwps:614
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    File URL: http://www.fep.up.pt/investigacao/workingpapers/wp614.pdf
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    Citations

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    Cited by:

    1. Palma, Nuno & Reis, Jaime & Rodrigues, Lisbeth, 2023. "Historical gender discrimination does not explain comparative Western European development: evidence from Portugal, 1300-1900," Explorations in Economic History, Elsevier, vol. 88(C).
    2. Geloso, Vincent J. & Salter, Alexander W., 2020. "State capacity and economic development: Causal mechanism or correlative filter?," Journal of Economic Behavior & Organization, Elsevier, vol. 170(C), pages 372-385.

    More about this item

    Keywords

    Economic Growth; Political Institutions; Political Economy; Parliaments; Little Divergence;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights

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