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This article accounts for how luxury clusters potentially enable positive value flows for their regions, local handcraft small and medium enterprises (SMEs), and global customers. Based on this framework, luxury clusters are viewed as a distinct type of growth pole, with respect to the value flows taking place between their distinct offer, their operational systems, their economic model, the stakeholders' capital exchanges, and their potential fundamental social and environmental values. A comparative case study of two French luxury clusters, for brandies in Cognac and for leather in Périgord-Limousin, Nouvelle-Aquitaine, is used to examine differing value flows in each luxury cluster. This study also proposes an overall framework, based on the local handcraft SMEs' and institutional actors' perceptions, for observing how value flows ideally interact in a French luxury context. It could ultimately contribute to the monitoring of further luxury clusters. [ABSTRACT FROM AUTHOR]

The Cobden-Chevalier treaty of 1860 eliminated French import prohibitions and lowered tariffs between France and Great Britain. The policy change was largely unexpected and unusually free from direct lobbying. A series of commercial treaties with other nations followed. Post-1860, we find a significant rise in French intra-industry trade. Sectors that liberalized more experienced higher two-way trade. Our findings are consistent with the idea that trade liberalization led to "smooth adjustment" that avoided costly inter-sectoral re-allocations of factors. [ABSTRACT FROM AUTHOR]

This paper analyses the theoretical and empirical specificities of clusters in luxury industries. These clusters are rooted in rich traditional regions and differ from classic clusters through unique projects based on excellence and 'artification'. We use a comparative case study of two French luxury clusters: spirits in Cognac and leather in Périgord-Limousin, Nouvelle-Aquitaine, to examine the attributes that are unique to a particular luxury cluster. Interviews with actors for their perceptions of the effects of agglomeration show that quality guarantee is perceived as the most important effect of agglomeration in luxury clusters. [ABSTRACT FROM AUTHOR]

This article concerns textile industry dynamics. Using a new database covering French international trade between 1836 and 1938, it focuses on France's specialisation in various textiles. It demonstrates, for the first time, the major influence of trade policy on the French textile trade during the first globalisation. Tariffs appear to be key factors in specialisation, measured by the Lafay Index and intra-industry trade in textiles. By analysing changes in tariffs between textile raw materials and finished textiles and decorrelation between tariffs, we show that an effective trade protection approach was applied by successive French governments in order to sustain the industrial competitiveness of textile firms. Such trade policy slowed down textile de-specialisation in silk and wool fabrics until World War One. [ABSTRACT FROM AUTHOR]

This paper examines the dynamic effect of globalization at the disaggregated level of sectoral export diversification and manufacturing specialization on income inequality using a panel data set of 52 Asian and Western countries from 1988 to 2014. The paper uses dynamic panel data models applying the System Generalized Method of Moments (GMM) estimations that provide more accurate and better results than those obtained with static panel data models. The results suggest that there is no statistically significant relationship between manufacturing specialization and inequality while sectoral export diversification has been the driving force of inequality. For sub-groups of countries, higher sectoral export diversification increases inequality and higher manufacturing specialization decreases inequality in high-income Asian countries and European Union (EU) member states. Moreover, the study finds insignificant effects in low-income Asian countries and Anglo-Saxon countries. [ABSTRACT FROM AUTHOR]

This article tests the influence of distance on French international trade during the first globalization by using Germany as a mirror. Unlike Germany, the impact of distance on French exports to distant markets contradicts the literature in a context of fall in transaction costs. France did not take advantage of the globalization that was occurring at the end of the period insofar as it did not intensify its exports to emerging countries that were enjoying rapid economic growth. To understand the difficulties encountered by France in exporting, we discuss the role of commercial policy and of price competitiveness. [ABSTRACT FROM AUTHOR]

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This article analyses the success of the Bordeaux Mont-de-Piété between 1801 and 1913. This success was related to several factors. While the legislative environment was already advantageous (monopoly status for pawnbroking), the establishment prospered courtesy of the social and economic environment. There was indeed high social demand for financial aid linked to the individual needs of a population that found itself in a situation of virtual exclusion. The establishment also benefited from high repayment rates, which limited additional costs, regularly found ways to refinance its operations and took advantage of there being no people's banking system. [ABSTRACT FROM PUBLISHER]

This article highlights the improvisations in financial management during World War I. The option of a moratorium on bank deposits to the detriment of rediscount reflected a refusal to allow the Banque de France to fulfil its role of lender of last resort. The subsequent choice of a preference for a floating debt laid the foundation for a loss of control over the money market by the French monetary authorities. The article questions the relationship of WWI contemporaries with liquidity. [ABSTRACT FROM AUTHOR]

The French stock market crisis of 1961–67 was the biggest of the twentieth century after that of the 1930s. Using the new stock index (historical CAC 40), it is possible to get a fair idea of its amplitude and detail its chronology. The possibility is considered that the crisis of the 1960s was more of a market correction after the bull run of the 1950s. The fall of the stock prices is an adjustment to the abrupt halt of the growth of dividends, the potential impacts of internal political choices and of the structural characteristics of the French stock market during this period are also investigated. [ABSTRACT FROM PUBLISHER]

The article aims to show that France's sugar-producing colonies, including the Réunion, Martinique, and Guadeloupe, suffered as a result of France's free trade policy during the 1860. France's commercial policy influenced by a free trade ideology and its impact on colonies and its protectionist intentions are considered. It highlights the importance of taxing tropical products including sugar during the first globalization phase from 1850 to 1913. Topics of discussion include French colonial sugar competing with beet sugar produced in France, tariff on sugar, and the evolution of the duty-free importation of raw sugar from 1850 to 1869.

The principle of tariffs dispersion, or differential tariffs depending on country of origin, is well known. For instance, Canada adapted a double column of tariffs after 1846, Spain in 1877, and Switzerland in the 1880-1890s. But there has never before been a comprehensive measure for any national economy, to our knowledge. This contribution proposes an original and exhaustive measure of customs tariffs dispersion depending on the origin of imported products for France between 1850 and 1913. Part of this dispersion arises indirectly as the result of compiling the nomenclature - or the schedule of categories - for France's general trade chart. Our study nevertheless reveals the existence of direct discriminatory practices applied to certain countries for certain products. The creation of this measure yields important insights. First, tariff dispersion's evolution completes the analysis of the chronology of trade policy. Second, it is possible to link tariff discrimination, imports in particular sectors, and national production. In our opinion, the paper should pave the way to work that reintroduces a country-specific dimension into the study of late 19th century commercial policy. [ABSTRACT FROM AUTHOR]

ABSTRACT The financial crisis has produced a generalized rise of the liquidity risk on the money markets. The purpose of this article is to highlight the mechanisms of contagion between the money markets of the United States, the United Kingdom and the Euro Zone. To give an account of these mechanisms, a BEKK model, in which we introduce a structural break, is adopted. Thus, this model explicitly tests the spillover effects of the liquidity risk premium on money markets. The results show that before the financial crisis (i.e. the reference period), there is a recursive propagation process between the Euro€ and the BP£ zones, a propagation process between the BP£ and the US$ areas and an obvious spread of volatilities from the EU€ zone towards the US$ zone;. During the crisis period, the liquidity problems start from the US money market to the UK£ and EU€ money markets. Copyright © 2011 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Copyright of Financial History Review is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)