Global Capital Markets
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패키지
북카드
This volume presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empiricle evidence surrounding the fall and rise of integration in the world market.
Shows that the recent 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.
This book presents an economic history of international capital mobility in the modern era. The book blends narrative and quantitative methods and connects economic outcomes to the underlying political economy of international macroeconomics. The book shows that the recent 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.
This book presents an economic history of international capital mobility in the modern era. It blends narrative and quantitative methods and connects economic outcomes to the underlying political economy of international macroeconomics. The volume demonstrates that the recent 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.
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 today's 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 presents an economic survey of international capital mobility since the late nineteenth century. Governments face a fundamental macroeconomic policy trilemma which forces them to trade off among their conflicting goals, with natural implications for capital mobility. The present era of globalization can be seen, in part, as the resumption of a liberal world order established in the years from 1880-1914. The Great Depression emerges as the key turning point in the recent history of international capital markets and offers important insights for contemporary policy debates. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet the burden of financial crises falls most harshly on developing countries, with costs for everyone. Book jacket.
"Maurice Obstfeld and Alan Taylor have written a wonderful book that raises the academic bar...it is a coherent and comprehensive assessment covering all the issues...In short, there is no book out there to challenge the GCM and it should remain the market leader for some time to come." Jeffrey G. Williamson, Journal of Economic Literature
Overall, Global Capital Markets is an excellent study of the evolution of international capital markets since the classical gold standard period. This book is a must read for economists and economic historians with an interest in international economics. EH.NET
An economic survey of international capital mobility from the late nineteenth century to the present.
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.
작가정보
목차
List of Tables p. xi List of Figures p. xiii Acknowledgments p. xv Preamble p. 1 Global Capital Markets: Overview and Origins p. 4 Theoretical benefits p. 5 Problems of supranational capital markets in practice p. 10 The emergence of world capital markets p. 15 Trilemma: Capital mobility, the exchange rate, and monetary policy p. 29 Global Capital in Modern Historical Perspective p. 43 Globalization in Capital Markets: Quantity Evidence p. 46 The stocks of foreign capital p. 49 The size of net international flows p. 57 The saving-investment relationship p. 61 Variations in the types of capital flows p. 80 Caveats: Quantity criteria p. 83 Globalization in Capital Markets: Price Evidence p. 87 Exchange-risk-free nominal interest parity p. 87 Real interest-rate convergence p. 96 Purchasing power parity p. 103 Caveats: Price criteria p. 121 Summary p. 122 The Political Economy of Capital Mobility p. 123 Globalization in Capital Markets: A Long-Run Narrative p. 126 Capital without constraints: The gold standard, 1870-1931 p. 126 Crisis and compromise: Depression and war, 1931-1945 p. 136 Containment then collapse: Bretton Woods, 1946-1972 p. 151 Crisis and compromise II: Floating rates since 1973 p. 160 Measuring integration using data on legal restrictions p. 164 Summary p. 168 Monetary Policy Interdependence and Exchange-Rate Regimes p. 172 Measuring interest-rate interdependence p. 174 Data sources p. 177 Persistence of nominal interest rates p. 180 Empirical findings: Pooled annual differences p. 183 Empirical findings: Individual-country dynamics p. 187 Summary p. 193 The Changing Nature of Government Credibility p. 195 Five suggestive cases p. 200 Econometric analysis p. 204 Summary p. 224 Lessons for Today p. 227 Uneven Integration p. 230 Foreign capital stocks: Net versus gross p. 231 Foreign capital: Rich versus poor p. 232 Has foreign capital always been biased toward the rich? p. 243 How much have poor countries liberalized their markets? p. 250 Summary p. 257 Uneven Rewards and Risks p. 259 Borrowing to finance capital accumulation p. 260 The role of cost distortions p. 265 Financial opening and economic performance p. 271 The role of institutions p. 279 Capital controls and growth p. 285 Open markets, volatility, and crises p. 288 Summary p. 297 Data Appendix p. 301 Bibliography p. 315 Table of Contents provided by Ingram. All Rights Reserved.
기본정보
ISBN | 9780521671798 ( 0521671795 ) |
---|---|
발행(출시)일자 | 2005년 09월 05일 |
쪽수 | 374쪽 |
크기 |
155 * 227
* 18
mm
/ 499 g
|
총권수 | 1권 |
언어 | 영어 |
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