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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| Main Authors: | , |
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| Format: | eBook Book |
| Language: | English |
| Published: |
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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| Summary: | 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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| Bibliography: | Includes bibliographical references (p. 315-348) and index pbk. |
| ISBN: | 9780521671798 9780521633178 0521633176 0521671795 |
| DOI: | 10.1017/CBO9780511616525 |