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Global Capital Markets

Integration, Crisis, and Growth

Global Capital Markets by Maurice Obstfeld
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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.
Cambridge University Press; February 2004
374 pages; ISBN 9780511188978
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Title: Global Capital Markets
Author: Maurice Obstfeld; Alan M. Taylor
 
ISBNs
0511188978
9780511188978
9780521633178