Global capital markets : integration, crisis, and growth / Maurice Obstfeld, Alan M. Taylor.

Format:

Book

Author/Creator:

Obstfeld, Maurice, author.

Taylor, Alan M., 1964- author.

Series:

Japan-U.S. Center UFJ Bank monographs on international financial markets.

Japan-U.S. Center UFJ Bank monographs on international financial markets

Language:

English

Subjects (All):

International finance--History.

International finance.

Capital market--History.

Capital market.

International economic relations--History.

International economic relations.

Physical Description:

1 online resource (xviii, 354 pages) : digital, PDF file(s).

Edition:

1st ed.

Place of Publication:

Cambridge : Cambridge University Press, 2004.

Language Note:

English

Summary:

This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone.

Contents:

Cover; Half-title; Series-title; Title; Copyright; Dedication; Contents; List of Tables; List of Figures; Acknowledgments; Part one Preamble; 1 Global Capital Markets: Overview and Origins; Part two Global Capital in Modern Historical Perspective; 2 Globalization in Capital Markets: Quantity Evidence; 3 Globalization in Capital Markets: Price Evidence; Part three The Political Economy of Capital Mobility; 4 Globalization in Capital Markets: A Long-Run Narrative; 5 Monetary Policy Interdependence and Exchange-Rate Regimes: Is the Trilemma Borne out by History?

6 The Changing Nature of Government Credibility: A Tale of Two Gold StandardsPart four Lessons for Today; 7 Uneven Integration; 8 Uneven Rewards and Risks; Data Appendix; Saving, investment and the current account; Exchange-risk-free nominal interest parity; Purchasing power parity; Sovereign risk, credibility, and the gold standard; Bibliography; Index

Notes:

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Includes bibliographical references (p. 315-348) and index.

ISBN:

1-107-14250-4

1-280-45820-8

0-511-18537-5

0-511-18454-9

0-511-18713-0

0-511-31335-7

0-511-61652-X

0-511-18620-7

OCLC:

489550398