NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Century of Current Account Dynamics

Alan M. Taylor

NBER Working Paper No. 8927
Issued in May 2002
NBER Program(s):   DAE   IFM

Recent globalization trends have refocused attention on the historical evolution of international capital mobility over the long run. The issue is examined here using time-series analysis of current-account dynamics for fifteen countries since circa 1850. The inter-war period emerges as an era of low capital mobility and only recently can we observe a tentative return to the degree of capital mobility witnessed during the late nineteenth century. The analysis of saving and investment dynamics also helps make sense of the frequently observed high correlation of saving and investment rates in historical data.

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Document Object Identifier (DOI): 10.3386/w8927

Published: Taylor, Alan M. "A Century Of Current Account Dynamics," Journal of International Money and Finance, 2002, v21(6,Nov), 725-748.

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