Global Capital Markets Integration, Crisis, and Growth [Paperback]

This book is an economic survey of international capital mobility from the late nineteenth century to the present.This book presents an economic history of international capital mobility in the modern era. The book blends narrative and quantitative methods and connects economic outcomes to the underlying political economy of international macroeconomics. The book shows 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.This book presents an economic history of international capital mobility in the modern era. The book blends narrative and quantitative methods and connects economic outcomes to the underlying political economy of international macroeconomics. The book shows 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.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.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: QuantitlĻ