Reversal of fortune in a small, open economy: regional GDP in Belgium, 1896-2000.

In this paper we present estimates of regional GDP per capita for certain benchmark years during the first half of the 20th century using the method proposed by Geary and Stark (2002). After testing the robustness of the Geary and Stark methodology for the Belgian situation, these estimates are linked to the official regional GDP figures, available since 1955, so that we can cover the whole 20th century. Next we test the contrast put forward by many historians between a ‘poor Flanders’ and a relatively ‘prosperous Wallonia’ around 1900. For the remainder of the analysis Belgium’s nine provinces are used as a geographical unit to take a broader view than just the Flanders/Wallonia controversy. It shows a dramatic reversal of fortune between the northern and southern provinces. Finally, it is investigated whether the 20th century witnessed a process of convergence.

The Regulation and Supervision of the Belgian Financial System (1830 - 2005)

This paper provides an overview of the regulation and supervision of the Belgian financial system from the creation of Belgium in 1830 to the early 21st century. After severe crises, the National Bank of Belgium was created in 1850. The Great Depression led to further reforms, increasing the role of the government, especially through the establishment of the Banking Commission. In the post-war period, reforms were driven by changes in the financial landscape, especially an increasing role for market forces. In line with the despecialisation process, the responsibilities of the Banking Commission were gradually extended, becoming, in 2004, the Banking, Finance and Insurance Commission. Moreover, at the turn of the millennium, the role of the NBB in financial stability matters was enhanced.Financial regulation; Financial supervision; Belgium

State of Utah v. Charles David Wright : Brief of Appellee

DEFENDANT\u27S APPEAL OF SENTENCE FOR ATTEMPTED POSSESSION OF AN INCENDIARY DEVICE, A THIRD DEGREE FELONY IN VIOLATION OF UTAH CODE ANN. §§ 76-4-102(3), 76-10-306(3) (1995), ENTERED BY THE THIRD JUDICIAL DISTRICT COURT, SALT LAKE COUNTY, UTAH, THE HONORABLE MICHAEL R. MURPHY, PRESIDING

Road expansion and market integration in the Austrian low countries during the second half of the 18th century.

We analyse the integration of wheat markets across 18 towns in the Austrian Low Countries during the second half of the 18th century and the relationship with the rapidly expanding paved road network in this period. We use a switching regression approach (threshold cointegration) to study long-run and short-run integration of these markets, using monthly wheat prices. We find that throughout this period, markets were spatially interconnected. However, price margins adjust only slowly to long-term levels in response to local shocks. We also find that transaction costs are relatively high. The results suggest a complex market with regular trade flow reversals and periods of unprofitable trade between key markets. It is widely accepted in Belgian historiography that the construction of a paved road network caused a substantial reduction in transaction costs. Our research, however, indicates that distance, fixed costs or links by rivers and canals mainly influenced transaction costs, not the expansion of a paved road network. Two factors can account for this. First, the toll structure on paved roads discouraged bulk trade. Secondly, new private investment in inter-city grain trade that may have led to cuts in the trading costs, typically appeared to be absent in this period. However, adjustment speeds in markets are significantly affected by the existence of paved roads. Better communication and faster transport due to the road network resulted in faster arbitrage.

Road expansion and market integration in the Austrian low countries during the second half of the 18th century.

We analyse the integration of wheat markets across 18 towns in the Austrian Low Countries during the second half of the 18th century and the relationship with the rapidly expanding paved road network in this period. We use a switching regression approach (threshold cointegration) to study long-run and short-run integration of these markets, using monthly wheat prices. We find that throughout this period, markets were spatially interconnected. However, price margins adjust only slowly to long-term levels in response to local shocks. We also find that transaction costs are relatively high. The results suggest a complex market with regular trade flow reversals and periods of unprofitable trade between key markets. It is widely accepted in Belgian historiography that the construction of a paved road network caused a substantial reduction in transaction costs. Our research, however, indicates that distance, fixed costs or links by rivers and canals mainly influenced transaction costs, not the expansion of a paved road network. Two factors can account for this. First, the toll structure on paved roads discouraged bulk trade. Secondly, new private investment in inter-city grain trade that may have led to cuts in the trading costs, typically appeared to be absent in this period. However, adjustment speeds in markets are significantly affected by the existence of paved roads. Better communication and faster transport due to the road network resulted in faster arbitrageCountry; Integration; Market; Market integration;

Uitgebreide regionale rekeningen volgens ESR95 en een regionale input-outputtabel voor Vlaanderen.

We onderzoeken de haalbaarheid van een uitbreiding van de regionale rekeningen voor Vlaanderen met een input-outputtabel, overeenkomstig het nieuw ingevoerde ESR95 nationale rekeningensysteem. Dit is bijzonder nuttig ter ondersteuning van het beleid via impactanalyses. We belichten onder meer de belangrijkste kenmerken van het ESR95 systeem en de methoden voor het opstellen van regionale input-outputtabellen. Voor het berekenen van de input-outputtabel gebruiken we een top-down benadering vertrekkende van een bestaande nationale input-outputtabel. Het onderzoek wordt afgesloten met een sensitiviteitsanalyse. De uitbreiding van de regionale rekeningen met een regionale input-outputtabel kan in twee tot drie jaar gerealiseerd worden indien twee fundamentele problemen opgelost raken: de regionale allocatie van de output van multi-regionale ondernemingen en de beschikbaarheid van data over interregionale handelsstromen. Beide kunnen via een goed voorbereide enquête bij ondernemingen in kaart worden gebracht. Daarenboven is het hoopgevend dat, wat betreft de beschikbaarheid van data over interregionale handelsstromen nieuwe onderzoekstechnieken zich aanbieden.

Uitgebreide regionale rekeningen volgens ESR95 en een regionale input-outputtabel voor Vlaanderen.

We onderzoeken de haalbaarheid van een uitbreiding van de regionale rekeningen voor Vlaanderen met een input-outputtabel, overeenkomstig het nieuw ingevoerde ESR95 nationale rekeningensysteem. Dit is bijzonder nuttig ter ondersteuning van het beleid via impactanalyses. We belichten onder meer de belangrijkste kenmerken van het ESR95 systeem en de methoden voor het opstellen van regionale input-outputtabellen. Voor het berekenen van de input-outputtabel gebruiken we een top-down benadering vertrekkende van een bestaande nationale input-outputtabel. Het onderzoek wordt afgesloten met een sensitiviteitsanalyse. De uitbreiding van de regionale rekeningen met een regionale input-outputtabel kan in twee tot drie jaar gerealiseerd worden indien twee fundamentele problemen opgelost raken: de regionale allocatie van de output van multi-regionale ondernemingen en de beschikbaarheid van data over interregionale handelsstromen. Beide kunnen via een goed voorbereide enquête bij ondernemingen in kaart worden gebracht. Daarenboven is het hoopgevend dat, wat betreft de beschikbaarheid van data over interregionale handelsstromen nieuwe onderzoekstechnieken zich aanbieden.Vlaanderen;

Rent Control and Virtual Prices: A Case Study for Interwar Belgium

After World War I rent control became a cornerstone of housing policy in many European countries, resulting in quantity constraints on the demand for housing. The theory on complete demand systems provides a framework for analyzing the effects of these policies on consumption. As a test case, a demand model is estimated to calculate virtual rent prices for interwar Belgium. The results are well in line with historical evidence, providing insight into the extent of rationing. Simulations with the demand model show that the severe rent restrictions especially favored expenditures on food