Global Capital Markets: Integration, Crisis, and GrowthThis book is an economic survey of international capital mobility from the late nineteenth century to the present. |
Contents
Global Capital Markets Overview and Origins | 4 |
11 Theoretical benefits | 5 |
12 Problems of supranational capital markets in practice | 10 |
13 The emergence of world capital markets | 15 |
Capital mobility the exchange rate and monetary policy | 29 |
Global Capital in Modern Historical Perspective | 43 |
Globalization in Capital Markets Quantity Evidence | 46 |
21 The stocks of foreign capital | 49 |
53 Persistence of nominal interest rates | 180 |
Pooled annual differences | 183 |
Individualcountry dynamics | 187 |
56 Summary | 193 |
The Changing Nature of Government Credibility | 195 |
61 Five suggestive cases | 200 |
62 Econometric analysis | 204 |
63 Summary | 224 |
22 The size of net international flows | 57 |
23 The savinginvestment relationship | 61 |
24 Variations in the types of capital flows | 80 |
Quantity criteria | 83 |
Globalization in Capital Markets Price Evidence | 87 |
32 Real interestrate convergence | 96 |
33 Purchasing power parity | 103 |
Price criteria | 121 |
35 Summary | 122 |
The Political Economy of Capital Mobility | 123 |
Globalization in Capital Markets A LongRun Narrative | 126 |
Depression and war 19311945 | 136 |
Bretton Woods 19461972 | 151 |
Floating rates since 1973 | 160 |
45 Measuring integration using data on legal restrictions | 164 |
46 Summary | 168 |
Monetary Policy Interdependence and ExchangeRate Regimes | 172 |
51 Measuring interestrate interdependence | 174 |
52 Data sources | 177 |
Lessons for Today | 227 |
Uneven Integration | 230 |
Net versus gross | 231 |
Rich versus poor | 232 |
73 Has foreign capital always been biased toward the rich? | 243 |
74 How much have poor countries liberalized their markets? | 250 |
75 Summary | 257 |
Uneven Rewards and Risks | 259 |
81 Borrowing to finance capital accumulation | 260 |
82 The role of cost distortions | 265 |
83 Financial opening and economic performance | 271 |
84 The role of institutions | 279 |
85 Capital controls and growth | 285 |
86 Open markets volatility and crises | 288 |
87 Summary | 297 |
Data Appendix | 301 |
315 | |
349 | |
Other editions - View all
Global Capital Markets: Integration, Crisis, and Growth Maurice Obstfeld,Alan M. Taylor Limited preview - 2004 |
Global Capital Markets: Integration, Crisis, and Growth Maurice Obstfeld,Alan M. Taylor No preview available - 2004 |
Global Capital Markets: Integration, Crisis, and Growth Maurice Obstfeld,Alan M. Taylor No preview available - 2004 |
Common terms and phrases
arbitrage Argentina Australia autarky average Bank basis points bonds quoted Bordo and Rockoff Bretton Woods capital controls capital flows capital mobility capital movements capital-account century changes coefficient convertibility crises crisis currency current account default devaluation developing countries domestic dynamics economic Eichengreen 1992 empire estimates exchange controls exchange-rate exchange-rate regime factors Figure financial integration financial liberalization financial markets financial opening fixed exchange rates floating foreign capital foreign investment France Germany global capital market gold standard growth half-life inflation inflows institutional interest rates interest-rate international capital international financial interwar period London long-run macroeconomic market integration measures monetary policy nominal Notes and Sources Obstfeld output parity pegs percent policymakers postwar prewar ratio real exchange rates regression relative restrictions risk sample shocks statistically sterling Table Taylor trade trend trilemma U.S. dollar unit root United Kingdom Uruguay variable volatility