Global Capital Markets Integration, Crisis, and Growth
This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capit...
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| Format: | eBook Book |
| Language: | English |
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Cambridge ; New York
Cambridge University Press
19.02.2004
Cambridge Univ. Press |
| Edition: | 1 |
| Series: | Japan-US Center UFJ Bank (formerly Sanwa) monographs on international financial markets |
| Subjects: | |
| ISBN: | 9780521671798, 9780521633178, 0521633176, 0521671795 |
| Online Access: | Get full text |
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| Abstract | This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone. |
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| AbstractList | This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone. This 2004 book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone. This book shows that globalization can be seen, in part, as the resumption of a liberal world order that had previously been established in the years 1880-1914, but also points out that much is different in terms of its causes and consequences. |
| Author | Obstfeld, Maurice Taylor, Alan M. |
| Author_xml | – sequence: 1 givenname: Maurice surname: Obstfeld fullname: Obstfeld, Maurice organization: University of California, Berkeley – sequence: 2 givenname: Alan M. surname: Taylor fullname: Taylor, Alan M. organization: University of California, Davis |
| BackLink | https://cir.nii.ac.jp/crid/1130000797332314112$$DView record in CiNii http://www.econis.eu/PPNSET?PPN=372442609$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften |
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| Copyright | Maurice Obstfeld and Alan M. Taylor 2004 |
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| DOI | 10.1017/CBO9780511616525 |
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| Edition | 1 1. publ. |
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| Notes | Includes bibliographical references (p. 315-348) and index pbk. |
| OCLC | 70001923 |
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| PageCount | 374 |
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| PublicationSeriesTitle | Japan-US Center UFJ Bank (formerly Sanwa) monographs on international financial markets |
| PublicationYear | 2004 2010 |
| Publisher | Cambridge University Press Cambridge Univ. Press |
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| Snippet | This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and... This book shows that globalization can be seen, in part, as the resumption of a liberal world order that had previously been established in the years... This 2004 book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory... |
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| SubjectTerms | 1825-2000 Capital market Capital market -- History Finanzkrise History International economic relations International economic relations -- History International finance International finance -- History Internationaler Finanzmarkt Kapitalmobilität Marktintegration Wechselkurssystem Welt |
| Subtitle | Integration, Crisis, and Growth |
| TableOfContents | Cover -- Half-title -- Series-title -- Title -- Copyright -- Dedication -- Contents -- List of Tables -- List of Figures -- Acknowledgments -- Part one Preamble -- 1 Global Capital Markets: Overview and Origins -- 1.1 Theoretical benefits -- 1.1.1 International risk sharing -- 1.1.2 Intertemporal trade -- 1.1.3 Discipline -- 1.2 Problems of supranational capital markets in practice -- 1.2.1 Enforcement of contracts and informational problems -- 1.2.2 Loss of policy autonomy -- 1.2.3 International aspects of capital-market crises -- 1.3 The emergence of world capital markets -- 1.3.1 Early modern financial development -- 1.3.2 Technological and institutional changes -- 1.3.3 The rise of global finance -- 1.3.4 Stylized facts for the nineteenth and twentieth centuries -- 1.4 Trilemma: Capital mobility, the exchange rate, and monetary policy -- 1.4.1 A brief narrative -- Part two Global Capital in Modern Historical Perspective -- 2 Globalization in Capital Markets: Quantity Evidence -- 2.1 The stocks of foreign capital -- 2.1.1 The recovery of gross stocks -- 2.1.2 The equity home bias -- 2.2 The size of net international flows -- 2.3 The saving-investment relationship -- 2.3.1 The Feldstein-Horioka puzzle over time -- 2.3.2 Intertemporal budget balance and current-account dynamics -- Capital flows and the LRBC in two centuries -- Current account dynamics and capital mobility -- Cross-country variation and the stylized facts -- A vector error-correction model of saving and investment -- Dynamic model parameters and FH regression implications -- 2.4 Variations in the types of capital flows -- 2.5 Caveats: Quantity criteria -- 3 Globalization in Capital Markets: Price Evidence -- 3.1 Exchange-risk-free nominal interest parity -- 3.2 Real interest-rate convergence -- 3.3 Purchasing power parity -- 3.3.1 Data and preliminary analysis 3.3.2 An overview of PPP in the twentieth century -- 3.4 Caveats: Price criteria -- 3.5 Summary -- Part three The Political Economy of Capital Mobility -- 4 Globalization in Capital Markets: A Long-Run Narrative -- 4.1 Capital without constraints: The gold standard, 1870-1931 -- 4.1.1 The classical gold standard era -- 4.1.2 Rebuilding the gold standard -- World War One and the return to gold -- Interwar exchange control -- 4.2 Crisis and compromise: Depression and war, 1931-1945 -- 4.2.1 Capital markets and the Great Depression -- 4.2.2 Policy responses and the trilemma -- 4.2.3 World War Two and its aftermath -- Wartime intensification of exchange control -- Capital mobility in the Bretton Woods blueprint -- 4.3 Containment then collapse: BrettonWoods, 1946-1972 -- 4.3.1 Stability without integration -- 4.3.2 Leakage, then deluge -- 4.4 Crisis and compromise II: Floating rates since 1973 -- 4.4.1 Integration without stability? -- 4.4.2 The new global capital market -- 4.5 Measuring integration using data on legal restrictions -- 4.6 Summary -- 5 Monetary Policy Interdependence and Exchange-Rate Regimes: Is the Trilemma Borne out by History? -- 5.1 Measuring interest-rate interdependence -- 5.2 Data sources -- 5.3 Persistence of nominal interest rates -- 5.4 Empirical findings: Pooled annual differences -- 5.5 Empirical findings: Individual-country dynamics -- 5.6 Summary -- 6 The Changing Nature of Government Credibility: A Tale of Two Gold Standards -- 6.1 Five suggestive cases -- 6.2 Econometric analysis -- 6.2.1 Prewar findings, 1870-1913 -- 6.2.2 Interwar findings, 1925-1931 -- 6.3 Summary -- Part four Lessons for Today -- 7 Uneven Integration -- 7.1 Foreign capital stocks: Net versus gross -- 7.2 Foreign capital: Rich versus poor -- 7.3 Has foreign capital always been biased toward the rich? 7.4 How much have poor countries liberalized their markets? -- 7.5 Summary -- 8 Uneven Rewards and Risks -- 8.1 Borrowing to finance capital accumulation -- 8.2 The role of cost distortions -- 8.3 Financial opening and economic performance -- 8.4 The role of institutions -- 8.5 Capital controls and growth -- 8.6 Open markets, volatility, and crises -- 8.7 Summary -- Data Appendix -- Saving, investment and the current account -- Exchange-risk-free nominal interest parity -- Exchange rates United States-United Kingdom -- Exchange rates United Kingdom-Germany -- Interest rates United States-United Kingdom -- Interest rates United Kingdom-Germany -- Purchasing power parity -- Sovereign risk, credibility, and the gold standard -- Exchange rate -- Gold standard -- Yield -- Exports -- Public debt -- Nominal GDP -- Real GDP per capita -- Government deficit as a fraction of GDP -- Inflation -- Terms of trade -- Default -- War -- Bibliography -- Index |
| Title | Global Capital Markets |
| URI | http://dx.doi.org/10.1017/CBO9780511616525 https://doi.org/10.1017/CBO9780511616525?locatt=mode:legacy https://cir.nii.ac.jp/crid/1130000797332314112 https://ebookcentral.proquest.com/lib/[SITE_ID]/detail.action?docID=256636 http://www.econis.eu/PPNSET?PPN=372442609 https://www.vlebooks.com/vleweb/product/openreader?id=none&isbn=9780511616525 https://www.vlebooks.com/vleweb/product/openreader?id=none&isbn=9781107142503&uid=none |
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