NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

International Capital Mobility in History: The Saving-Investment Relationship

Alan M. Taylor

NBER Working Paper No. 5743
Issued in September 1996
NBER Program(s):   IFM   DAE

Economic historians have been concerned with the evolution of international capital markets over the long run, but empirical testing of market integration has been limited. This paper augments the literature by investigating long- and short-run criteria for capital mobility using time-series and cross-section analysis of saving-investment correlation for twelve countries since 1850. The results present a nuanced picture of capital market evolution. The sample shows considerable cross-country heterogeneity. Broadly speaking, the inter-war period, and especially the Great Depression, emerge as an era of diminishing capital mobility, and only recently can we observe a tentative return to the degree of capital mobility witnessed during the late nineteenth century.

download in pdf format
   (2485 K)

email paper

An NBER digest for this paper is available.

A non-technical summary of this paper is available in the NBER Bulletin on Aging and Health. You can sign up to receive the NBER Bulletin on Aging and Health by email.

This paper is available as PDF (2485 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w5743

Published: Published as "Argentina and the World Capital Market: Saving, Investment,and International Capital Mobility in the Twentieth Century", Journal of Development Economics, Vol. 57, no. 1 (October 1998): 147-184.

Users who downloaded this paper also downloaded these:
Obstfeld and Taylor w5960 The Great Depression as a Watershed: International Capital Mobility over the Long Run
Edwards w8076 Capital Mobility and Economic Performance: Are Emerging Economies Different?
Obstfeld w4534 International Capital Mobility in the 1990s
Feldstein and Horioka w0310 Domestic Savings and International Capital Flows
Taylor w5742 International Capital Mobility in History: Purchasing-Power Parity in the Long Run
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us