Globalization and Capital Markets
NBER Working Paper No. 8846
Issued in March 2002
NBER Program(s): DAE IFM
The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from which policymakers have tried to confront them. This paper is devoted to documenting these vicissitudes quantitatively and explaining them. Economic theory and economic history together can provide useful insights into events of the past and deliver relevant lessons for today. We argue that theories of how international capital mobility has evolved must be understood within the framework of the basic policy trilemma constraining an open economy's choice of monetary regime.
This paper is available as PDF (641 K) or via email.
Machine-readable bibliographic record -
Document Object Identifier (DOI): 10.3386/w8846
Published: Globalization and Capital Markets , Maurice Obstfeld, Alan M. Taylor. in Globalization in Historical Perspective, Bordo, Taylor, and Williamson. 2003
Users who downloaded this paper also downloaded these:
|Bordo, Eichengreen, and Kim
||w6738 Was There Really an Earlier Period of International Financial Integration Comparable to Today?
|Clark, O'Rourke, and Taylor
||w14077 Made in America? The New World, the Old, and the Industrial Revolution
|Obstfeld, Shambaugh, and Taylor
||w10396 The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility
|Baldwin and Martin
||w6904 Two Waves of Globalisation: Superficial Similarities, Fundamental Differences
|Chiswick and Hatton
||International Migration and the Integration of Labor Markets