By Maurice Obstfeld
Offering an monetary historical past of overseas capital mobility within the smooth period, this publication blends narrative and quantitative tools and connects fiscal results to the underlying political economic system of foreign macroeconomics. It demonstrates that contemporary globalization may be visible, partially, because the resumption of a liberal international order that had formerly been tested within the years 1880-1914, even if a lot is assorted in its explanations and results.
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Extra info for Global Capital Markets: Integration, Crisis, and Growth
See, for example, Helleiner (1994) and Kapstein (1994), and the references they list. Also relevant to our analysis is the paper by Epstein and Schor (1992), who link the existence of controls to the balance of power between labor-oriented interests favoring Keynesian macroeconomic policies and ﬁnancially-oriented interests favoring inﬂation containment. We stop short of a formal econometric analysis of the determinants of capital controls. Alesina, Grilli, and MilesiFerretti (1994) and Grilli and Milesi-Ferretti (1995) carry out panel studies of the incidence of capital controls (for 20 industrial countries over the years 1950 to 1989, and for 61 industrial and developing countries over the years 1966 to 1989).
We have already noted that, despite these fears, a succession of technological breakthroughs and a gradual institutional evolution had contributed to the emergence of a wide-reaching international capital market by the late nineteenth century. This network of nations embraced modern ﬁnancial practices and instruments and operated virtually free of controls on the part of governments. Under the generalized gold-standard monetary regime, a ﬂourishing global market for capital developed and reached its peak in the decades just before World War One.
Almost identical developments were witnessed in London as chronicled by John Houghton in his 1681 pamphlet A Collection for the Improvement of Husbandry and Trade. The correspondence in timing between the English and Dutch markets should come as no surprise: the two markets had long been intertwined by the evolving markets for bills of exchange and other instruments, so information ﬂowed between them very rapidly, and institutional developments were easily imitated. 24 Such developments arose in an already maturing British market for domestic credit, itself founded on an expanding and liquid market for government debt.