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xi | |
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xiii | |
| Acknowledgments |
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xv | |
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1 | (42) |
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Global Capital Markets: Overview and Origins |
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4 | (39) |
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5 | (5) |
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Problems of supranational capital markets in practice |
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10 | (5) |
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The emergence of world capital markets |
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15 | (14) |
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Trilemma: Capital mobility, the exchange rate, and monetary policy |
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29 | (14) |
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Part Two: Global Capital in Modern Historical Perspective |
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43 | (80) |
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Globalization in Capital Markets: Quantity Evidence |
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46 | (41) |
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The stocks of foreign capital |
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49 | (8) |
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The size of net international flows |
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57 | (4) |
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The saving-investment relationship |
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61 | (19) |
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Variations in the types of capital flows |
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80 | (3) |
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Caveats: Quantity criteria |
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83 | (4) |
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Globalization in Capital Markets: Price Evidence |
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87 | (36) |
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Exchange-risk-free nominal interest parity |
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87 | (9) |
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Real interest-rate convergence |
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96 | (7) |
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103 | (18) |
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121 | (1) |
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122 | (1) |
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Part Three: The Political Economy of Capital Mobility |
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123 | (104) |
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Globalization in Capital Markets: A Long-Run Narrative |
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126 | (46) |
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Capital without constraints: The gold standard, 1870--1931 |
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126 | (10) |
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Crisis and compromise: Depression and war, 1931--1945 |
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136 | (15) |
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Containment then collapse: Bretton Woods, 1946--1972 |
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151 | (9) |
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Crisis and compromise II: Floating rates since 1973 |
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160 | (4) |
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Measuring integration using data on legal restrictions |
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164 | (4) |
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168 | (4) |
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Monetary Policy Interdependence and Exchange-Rate Regimes |
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172 | (23) |
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Measuring interest-rate interdependence |
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174 | (3) |
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177 | (3) |
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Persistence of nominal interest rates |
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180 | (3) |
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Empirical findings: Pooled annual differences |
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183 | (4) |
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Empirical findings: Individual-country dynamics |
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187 | (6) |
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193 | (2) |
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The Changing Nature of Government Credibility |
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195 | (32) |
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200 | (4) |
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204 | (20) |
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224 | (3) |
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Part Four: Lessons for Today |
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227 | (74) |
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230 | (29) |
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Foreign capital stocks: Net versus gross |
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231 | (1) |
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Foreign capital: Rich versus poor |
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232 | (11) |
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Has foreign capital always been biased toward the rich? |
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243 | (7) |
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How much have poor countries liberalized their markets? |
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250 | (7) |
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257 | (2) |
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259 | (42) |
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Borrowing to finance capital accumulation |
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260 | (5) |
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The role of cost distortions |
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265 | (6) |
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Financial opening and economic performance |
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271 | (8) |
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279 | (6) |
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Capital controls and growth |
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285 | (3) |
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Open markets, volatility, and crises |
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288 | (9) |
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297 | (4) |
| Data Appendix |
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301 | (14) |
| Bibliography |
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315 | (34) |
| Index |
|
349 | |
