TY  - JOUR
AU  - Taylor,Alan M.
TI  - A Century of Current Account Dynamics
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8927
PY  - 2002
Y2  - May 2002
UR  - http://www.nber.org/papers/w8927
L1  - http://www.nber.org/papers/w8927.pdf
N1  - Author contact info:
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
AB  - 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.
ER  -