Unlocking potential with the best learning and research solutions

Global Capital Markets
Integration, Crisis, and Growth

Part of Japan-US Center UFJ Bank Monographs on International Financial Markets

Authors:
Maurice Obstfeld, University of California, Berkeley
Alan M. Taylor, University of California, Davis

Date Published: October 2005
availability: Available
format: Paperback
isbn: 9780521671798

Rate & review

Paperback

Add to wishlist

Other available formats:
Hardback, eBook

Looking for an inspection copy?

Please email [email protected] to enquire about an inspection copy of this book

Description

Contents

Resources

Courses

About the Authors

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.
- Most succinct, up-to-date analysis available of global capital markets, hot topic
- Senior author, world-class scholar, internationally renowned
- Rich in historical perspective, clearly written, no math, just figures and tables
Read more
Customer reviews

Not yet reviewed
Be the first to review

Log in to review

Review was not posted due to profanity
×

, create a review

(If you're not , sign out)

Please enter the right captcha value

Please enter a star rating.

Your review must be a minimum of 12 words.

How do you rate this item?

Reviews must contain at least 12 words about the product.

×

Product details
- Date Published: October 2005
- format: Paperback
- isbn: 9780521671798
- length: 374 pages
- dimensions: 227 x 155 x 18 mm
- weight: 0.483kg
- availability: Available
Table of Contents
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.
Look Inside
Authors
Maurice Obstfeld, University of California, Berkeley
Maurice Obstfeld is the Class of 1958 Professor of Economics at the University of California, Berkeley. His interests are in international finance and macroeconomics, areas in which he has published numerous research articles. Professor Obstfeld received his Ph.D. from MIT and later taught at Columbia, the University of Pennsylvania, and Harvard before moving to Berkeley. He has served as a consultant for the IMF, World Bank, European Commission, and several central banks. With Kenneth Rogoff, he is the author of Foundations of International Macroeconomics (1996). He is also the author, together with Paul Krugman, of International Economics: Theory and Policy, which has been translated into several foreign languages. He is a Research Associate of the National Bureau of Economic Research, a Research Fellow of the Centre for Economic Policy Research (London), and a Fellow of the Econometric Society.
Alan M. Taylor, University of California, Davis
Alan M. Taylor is Professor of Economics at the University of California, Davis, where he holds a Chancellor's Fellowship through to 2006. He previously taught at Northwestern University. Professor Taylor's research has been published in leading journals such as the American Economic Review, the Quarterly Journal of Economics, Econometrica, the Economic Journal, the Journal of Political Economy, International Economic Review, and the Journal of Economic History. A Research Associate of the National Bureau of Economic Research, he is the recipient of the 2000 Arthur H. Cole Prize (with G. della Paolera) and the 1993 Alexander Gerschenkron Prize. Professor Taylor coedited the collection Globalization in Historical Perspective (with M. D. Bordo and J. G. Williamson, 2005) and coauthored the 2001 Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935 (with G. della Paolera).

This title is available for institutional purchase via Cambridge Core

Related Books

Managing Economic Volatility and Crises

A Practitioner's Guide

The Changing Face of Central Banking

Evolutionary Trends since World War II

Credibility and the International Monetary Regime

A Historical Perspective

related journals

Browse by related subject

Save 20% off on your next online purchase with Cambridge Alerts

Receive email alerts on new books, offers and news...

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Products and services

About us

Careers

Unlocking potential with the best learning and research solutions

Global Capital Markets
Integration, Crisis, and Growth