TY  - JOUR
AU  - Obstfeld,Maurice
AU  - Taylor,Alan M.
TI  - Globalization and Capital Markets
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8846
PY  - 2002
Y2  - March 2002
UR  - http://www.nber.org/papers/w8846
L1  - http://www.nber.org/papers/w8846.pdf
N1  - Author contact info:
Maurice Obstfeld
Department of Economics
University of California, Berkeley
530 Evans Hall #3880
Berkeley, CA 94720-3880
Tel: 510/643-9646
Fax: 510/642-6615
E-Mail: obstfeld@econ.berkeley.edu

Alan M. Taylor
Department of Economics
University of Virginia
Monroe Hall
Charlottesville, VA 22903
Fax: (434) 982-2904
E-Mail: alan.m.taylor@virginia.edu
M1  - published as Maurice Obstfeld, Alan M. Taylor. "Globalization and Capital Markets  ," in Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson, editors, "Globalization in Historical Perspective" University of Chicago Press (2003)

AB  - 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.
ER  -