Global capital markets : integration, crisis, and growth

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Title:

Global capital markets : integration, crisis, and growth

Author:

Obstfeld, Maurice.

ISBN:

9780521633178

9780521671798

Personal Author:

Obstfeld, Maurice.

Publication Information:

New York : Cambridge University Press, 2004.

Physical Description:

xviii, 354 p. : graphs ; 24 cm.

Series:

Japan-U.S. Center Sanwa monographs on international financial markets

Series Title:

Japan-U.S. Center Sanwa monographs on international financial markets

Contents:

1. Global Capital Markets: Overview and Origins -- 2. Globalization in Capital Markets: Quantity Evidence -- 3. Globalization in Capital Markets: Price Evidence -- 4. Globalization in Capital Markets: A Long-Run Narrative -- 5. Monetary Policy Interdependence and Exchange-Rate Regimes -- 6. The Changing Nature of Government Credibility -- 7. Uneven Integration -- 8. Uneven Rewards and Risks.

Subject Term:

International finance -- History.

Capital market -- History.

International economic relations -- History.

Added Author:

Taylor, Alan M., 1964-

Copies:

Available:*

Library	Material Type	Item Barcode	Shelf Number	Copy	Status
Searching... 1:IIEMSA	1:GEN-BOOK	33168025501202	332.042 O.14G 2004	1	Searching... Unknown

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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.