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An Imperfect Financial Union With Heterogeneous Regions
We analyze a union of financially-integrated yet politically-sovereign countries, where households in the Northern core of the union lend to those in the Southern periphery in a unified debt market subject to a borrowing constraint. This constraint generates sudden stops throughout the South, depresses the intra-union interest rate, and reduces Northern welfare below its unconstrained level, while having ambiguous effects on Southern welfare. During sudden stops, Pareto improvements can be achieved using North-to-South governmental loans if Southern governments have the capacity to commit to repay, or using a combination of Southern debt relief and budget-neutral taxes and subsidies if they do not. From the pre-crisis perspective, it is Pareto-improving to allow loans and debt relief to be negotiated in later sudden-stop periods as long as the regions in the union are sufficiently heterogeneous to begin with. We show that our results are robust to production and to limited financial openness of the union.
Monitor ecclesiasticus
Il Monitore ecclesiastico
Italians to America: March 1904-May 1904
Italians to America is the first indexed reference work devoted to Italian immigrants to the United States. This series contains passenger list information in chronological order on the first major wave of Italian migration during the last two decades of the nineteenth century, as well as the beginning of the twentieth century. As with the highly regarded companion series on German immigrants, Italians to America presents the passenger lists in chronological order, including information on each person's age, sex, occupation, village of origin, and destination, plus the name of the ship, the port of embarkation, and the date of arrival. Each volume also contains an introduction on the history of Italian migration to the U.S. and a full name index, greatly simplifying the researcher's job.
