In the Early Modern period, there was a systematic flow of precious metals from the American colonies to Spain and Portugal and, from there, throughout the world. In this paper, I use newly discovered data on the black market for silver in Cadiz to reconstruct a picture of Castilian smuggling and international silver flows in the Age of Bullionism (1729-1741). The arbitrage equation shows persistent violations of the silver-point that made arbitrage systematically profitable until devaluation pegged the exchange rate to the arbitrated parity. Market structure explains the persistent violations. The Cadiz shadow price was lower than the international market price because bullionist regulations configured an oligopsonistic structure. The price gap was the reason for the Castilian silver outflows to Europe
The Philippine economic update provides
an update on key economic and social developments, and
policies over the past 6 to 12 months. It also presents
findings from recent World Bank studies on the Philippines.
The Philippine economy expanded by 6.6 percent in 2012,
exceeding most expectations, including the government's
own target of 5 to 6 percent. The pace and efficiency of
national government spending improved remarkably in 2012.
Higher government spending was matched by a significant
increase in revenue collection, with a strong contribution
from improved tax administration. Total tax revenues grew by
13.2 percent and tax effort increased from 12.3 to 12.9
percent of Gross Domestic Product (GDP)-the highest increase
in decades attributable to improved tax administration. The
medium-term growth prospects for the Philippines are good.
GDP growth is projected at 6.2 percent in 2013, driven by
domestic demand. There is no silver bullet for creating more
and better jobs, as it is linked to resolving deep-seated,
structural issues in the economy. Only a comprehensive
reform agenda implemented across sectors can foster a
business environment conducive to private sector job
creation by firms of all sizes. A unique window of
opportunity exists today to accelerate reforms that will
help create more and better jobs.