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Global Capital Markets: Integration, Crisis, and Growth de Maurice Obstfeld

Global Capital Markets: Integration, Crisis, and Growth: Japan-US Center UFJ Bank Monographs on International Financial Markets

Autor Maurice Obstfeld, Alan M. Taylor
en Limba Engleză Paperback – 4 sep 2005
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.
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Specificații

ISBN-13: 9780521671798
ISBN-10: 0521671795
Pagini: 374
Ilustrații: 1
Dimensiuni: 155 x 227 x 18 mm
Greutate: 0.5 kg
Editura: Cambridge University Press
Colecția Cambridge University Press
Seria Japan-US Center UFJ Bank Monographs on International Financial Markets

Locul publicării:New York, United States

Cuprins

Part I. Preamble; Section 1. Global Capital Markets: Overview and Origins: 1. Theoretical benefits; 2. Problems of supernational capital markets in practice; 3. The emergence of world capital markets; 4. The trilemma: capital mobility, the exchange rate, and monetary policy; Part II. Global Capital in Modern Historical Perspective; Section 2. Globalization in Capital Markets: Quantity Evidence: 5. The stocks of foreign capital; 6 The size of international flows; 7. The saving-investment relationship; 8. Caveats: quantity criteria; Section 3. Globalization in Capital Markets: Price Evidence: 9. Real interest rate convergence; 10. Exchange-risk free nominal interest parity; 11. Purchasing power parity; 12. Caveats: price criteria; 13. Summary; Part III. The Political Economy of Capital Mobility; Section 4. Globalization in Capital Markets: A Long-Run Narrative: 14. Capital without constraints: the gold standard, 1870–1931; 15. Crisis and compromise: depression and war, 1931–46; 16. Containment then collapse: Bretton Woods, 1946–71; 17. Crisis and compromise II: the floating era, 1971–99; 18. Measuring financial integration using data on legal restrictions; Section 5. The Trilemma in History: 19. Methodology; 20. Data sources; 21. Stationarity of nominal interest rates; 22. Empirical findings: pooled annual differences; 23. Empirical findings: individual-country dynamics; 24. Conclusion; Section 6. Sovereign Risk, Credibility and the Gold Standard: 25. Five suggestive cases; 26. Econometric analysis; 27. Conclusion; Part IV. Lessons for Today; Section 7. Uneven Rewards: 28. Foreign capital stocks: net versus gross; 29. Foreign capital flows: rich versus poor; 30. Foreign capital stocks: rich versus poor; 31. Then: has foreign capital always been biased to the rich?; 32. Now: have poor countries really liberalized their markets?; 33. Variations in the types of capital flows; 34. Summary; Section 8. Uneven Risks: 35. Open markets, crises and volatility; 36. Crises, controls and economic performance; 37. Contagion and self-fulfilling crises; 38. Market failure, government failure and policy choices.

Recenzii

Overall, Global Capital Markets is an excellent study of the evolution of international capital markets since the classical gold standard period. This book is a must read for economists and economic historians with an interest in international economics. EH.NET
"Maurice Obstfeld and Alan Taylor have written a wonderful book that raises the academic bar...it is a coherent and comprehensive assessment covering all the issues...In short, there is no book out there to challenge the GCM and it should remain the market leader for some time to come."
Jeffrey G. Williamson, Journal of Economic Literature

Descriere

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.

Notă biografică