Letters from John Hubbard Church to William Jenks, 1795-1798

John Hubbard Church wrote these twelve letters to his friend and classmate William Jenks between 1795 and 1798. Church wrote the letters from Boston, Rutland, Cambridge, and Chatham in Massachusetts and from Somers, Connecticut; they were sent to Jenks in Cambridge and Boston, where for a time he worked as an usher in Mr. Vinall's school and Mr. Webb's school. Church's letters touch on various subjects, ranging from his increased interest in theology and his theological studies under Charles Backus to his seasickness during a sailing voyage to Cape Cod. Church also informs Jenks of what he is reading, including works by John Locke, P. Brydone, James Beattie, John Gillies, Plutarch, and Alexander Pope. He describes his work teaching that children of the Sears family in Chatham, Massachusetts, where he appears to have spent a significant amount of time between 1795 and 1797. Church's letters are at times very personal, and he often expresses great affection for Jenks and their friendship.

Fashions and fads in finance: contingent emulation and the political economy of sovereign wealth fund creation. IHS Political Science Series No. 131, July 2012

Sovereign wealth funds (SWFs), government-owned or managed investment vehicles, have proliferated at a remarkable rate over the past decade, even as political controversy has surrounded them. Why? The extant literature depicts the process of SWF creation as driven by functional imperatives associated with “excess” revenue and reserves accumulated from commodity booms and large current account surpluses. I argue that SWF creation also reflects in large part a process of contingent emulation in which first this policy has been constructed as appropriate for countries with given characteristics, and then when countries took on these characteristics, they followed their peers. Put simply, fashions and fads in finance matter for policy diffusion. I assess this argument using a new dataset on SWF creation that covers nearly 80 countries from 1984 to 2007. The results suggest peer-based contingent emulation has been a crucial factor shaping the decision of many countries to create a SWF, especially among fuel exporters. An earlier version of this paper was presented at the annual meeting of the American Political Science Association, Washington, DC, 2 – 5 September 2010. The author would like to thank Eric Neumayer for his many suggestions and comments on previous versions of the manuscript. The author would also like to thank Zachary Elkins for sharing data. Finally, the author would like to acknowledge the research assistance of Natali Bulamacioglu and Christopher Gandrud.