It is better to be cautious about characterizing one historcal event with statistical tests. We set null and alternative hypotheses in limited views. There have been two traditional views on banking panics One is the sunspot-based view (Di…

Some argue that prewar Japanese colonial policy was developmental in Taiwan and the Republic Korea and Taiwan. For example, Landes (1998) has assumed that the stellar performance of these two economies since 1960 must be due to the Japanes…