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Global Capital Markets

Global Capital Markets
Integration, Crisis, and Growth

$47.99 (P)

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

  • Date Published: September 2005
  • availability: Available
  • format: Paperback
  • isbn: 9780521671798

$ 47.99 (P)

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About the Authors
  • This book presents an economic history of international capital mobility in the modern era. It blends narrative and quantitative methods and connects economic outcomes to the underlying political economy of international macroeconomics. The volume demonstrates that the recent globalization can be seen, in part, as the resumption of a liberal world order that had previously been established in the years 1880-1914, but also points out that much is different in terms of its causes and consequences.

    • 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
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    Reviews & endorsements

    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 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

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    Product details

    • Date Published: September 2005
    • format: Paperback
    • isbn: 9780521671798
    • length: 374 pages
    • dimensions: 227 x 155 x 18 mm
    • weight: 0.5kg
    • 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.

  • 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).

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