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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…mehr
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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Autorenporträt
Maurice Obstfeld is the Class of 1958 Professor of Economics at the University of California, Berkeley. His interests are in international finance and macroeconomics, areas in which he has published numerous research articles. Professor Obstfeld received his Ph.D. from MIT and later taught at Columbia, the University of Pennsylvania, and Harvard before moving to Berkeley. He has served as a consultant for the IMF, World Bank, European Commission, and several central banks. With Kenneth Rogoff, he is the author of Foundations of International Macroeconomics (1996). He is also the author, together with Paul Krugman, of International Economics: Theory and Policy, which has been translated into several foreign languages. He is a Research Associate of the National Bureau of Economic Research, a Research Fellow of the Centre for Economic Policy Research (London), and a Fellow of the Econometric Society.
Inhaltsangabe
Part I. Preamble Section 1. Global Capital Markets: Overview and Origins: 1. Theoretical benefits 2. Problems of supernational capital markets in practice 3. The emergence of world capital markets 4. The trilemma: capital mobility, the exchange rate, and monetary policy Part II. Global Capital in Modern Historical Perspective Section 2. Globalization in Capital Markets: Quantity Evidence: 5. The stocks of foreign capital 6 The size of international flows 7. The saving-investment relationship 8. Caveats: quantity criteria Section 3. Globalization in Capital Markets: Price Evidence: 9. Real interest rate convergence 10. Exchange-risk free nominal interest parity 11. Purchasing power parity 12. Caveats: price criteria 13. Summary Part III. The Political Economy of Capital Mobility Section 4. Globalization in Capital Markets: A Long-Run Narrative: 14. Capital without constraints: the gold standard, 1870-1931 15. Crisis and compromise: depression and war, 1931-46 16. Containment then collapse: Bretton Woods, 1946-71 17. Crisis and compromise II: the floating era, 1971-99 18. Measuring financial integration using data on legal restrictions Section 5. The Trilemma in History: 19. Methodology 20. Data sources 21. Stationarity of nominal interest rates 22. Empirical findings: pooled annual differences 23. Empirical findings: individual-country dynamics 24. Conclusion Section 6. Sovereign Risk, Credibility and the Gold Standard: 25. Five suggestive cases 26. Econometric analysis 27. Conclusion Part IV. Lessons for Today Section 7. Uneven Rewards: 28. Foreign capital stocks: net versus gross 29. Foreign capital flows: rich versus poor 30. Foreign capital stocks: rich versus poor 31. Then: has foreign capital always been biased to the rich? 32. Now: have poor countries really liberalized their markets? 33. Variations in the types of capital flows 34. Summary Section 8. Uneven Risks: 35. Open markets, crises and volatility 36. Crises, controls and economic performance 37. Contagion and self-fulfilling crises 38. Market failure, government failure and policy choices.
Part I. Preamble Section 1. Global Capital Markets: Overview and Origins: 1. Theoretical benefits 2. Problems of supernational capital markets in practice 3. The emergence of world capital markets 4. The trilemma: capital mobility, the exchange rate, and monetary policy Part II. Global Capital in Modern Historical Perspective Section 2. Globalization in Capital Markets: Quantity Evidence: 5. The stocks of foreign capital 6 The size of international flows 7. The saving-investment relationship 8. Caveats: quantity criteria Section 3. Globalization in Capital Markets: Price Evidence: 9. Real interest rate convergence 10. Exchange-risk free nominal interest parity 11. Purchasing power parity 12. Caveats: price criteria 13. Summary Part III. The Political Economy of Capital Mobility Section 4. Globalization in Capital Markets: A Long-Run Narrative: 14. Capital without constraints: the gold standard, 1870-1931 15. Crisis and compromise: depression and war, 1931-46 16. Containment then collapse: Bretton Woods, 1946-71 17. Crisis and compromise II: the floating era, 1971-99 18. Measuring financial integration using data on legal restrictions Section 5. The Trilemma in History: 19. Methodology 20. Data sources 21. Stationarity of nominal interest rates 22. Empirical findings: pooled annual differences 23. Empirical findings: individual-country dynamics 24. Conclusion Section 6. Sovereign Risk, Credibility and the Gold Standard: 25. Five suggestive cases 26. Econometric analysis 27. Conclusion Part IV. Lessons for Today Section 7. Uneven Rewards: 28. Foreign capital stocks: net versus gross 29. Foreign capital flows: rich versus poor 30. Foreign capital stocks: rich versus poor 31. Then: has foreign capital always been biased to the rich? 32. Now: have poor countries really liberalized their markets? 33. Variations in the types of capital flows 34. Summary Section 8. Uneven Risks: 35. Open markets, crises and volatility 36. Crises, controls and economic performance 37. Contagion and self-fulfilling crises 38. Market failure, government failure and policy choices.
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