Essays on monetary trade, international trade, and slave trade
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This dissertation consists of three major topics: (1) monetary trade, (2) international trade, and (3) slave trade. There are total of five essays. In the monetary trade part (Chapter 1), I consider the relationship between urbanization and circulation speed of money. Then, we will find that the urbanization and the circulation speed are positively correlated. In the urbanization process, we also find that the interest rate increases as the urbanization proceeds. In addition, we will confirm that the economic development reduces the circulation speed, and the urbanization stimulates the economic growth. As a result, we will find that the urbanization provokes a shortage of money, whereas it stimulates economic development. In the international trade part (Chapters 2 and 3), I consider the formation of trading blocs in a symmetric world and the attitude of countries against a violation of trade agreement. Then, in the first paper, we will find that the formation of trading blocs unambiguously reduces the optimal tariff rate. In the second paper, introducing a notion of the economics of crime, from the trade dispute data filed in the World Trade Organization between 1995 and 2009 (more than four hundred cases), we will find that the importance of trade in one country increases the tendency of protecting themselves from the (potential) violations of trade agreements; hence, such a country tends to raise dispute cases against larger violators (e.g., smaller demand for violations). In the slave trade part (Chapters 4 and 5), I examine how the slave prices are determined in the New Orleans market. In the analysis, from the econometric analysis, I deny the two major explanations using the market for lemons (Akerlof's adverse selection) and the Alchian-Allen theorem. Then, I propose a new exposition using the adverse selection mechanism (not completely same as the Akerlof's adverse selection). The adverse selection mechanism is used in order to justify a downward-sloping net revenue function of a slave trader. Then, we can explain the observed average price trend and average price differentials with respect to the origins of slaves sold in the market. In this argument, the key factor is the evolutions of water transportation systems (on the river and ocean). The improvement in the river transportation system due to the improvements in the steamboat and ancillary infrastructures is well studied. However, that of maritime transportation is unknown. In my dissertation, I provide an analysis using an unexploited sailing data of slave ships between Baltimore and New Orleans to show the evolutions in the speed and tonnage. That supports the argument about the role of transportation system in the determination of slave prices.
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