Obstfeld*Japan-US Center UFJ Bank Monographs on

ISBN
9780521671798
354 Pagina's
Paperback
List of Tables
xi
List of Figures
xiii
Acknowledgments xv
Part One: Preamble
1(42)
Global Capital Markets: Overview and Origins
4(39)
Theoretical benefits
5(5)
Problems of supranational capital markets in practice
10(5)
The emergence of world capital markets
15(14)
Trilemma: Capital mobility, the exchange rate, and monetary policy
29(14)
Part Two: Global Capital in Modern Historical Perspective
43(80)
Globalization in Capital Markets: Quantity Evidence
46(41)
The stocks of foreign capital
49(8)
The size of net international flows
57(4)
The saving-investment relationship
61(19)
Variations in the types of capital flows
80(3)
Caveats: Quantity criteria
83(4)
Globalization in Capital Markets: Price Evidence
87(36)
Exchange-risk-free nominal interest parity
87(9)
Real interest-rate convergence
96(7)
Purchasing power parity
103(18)
Caveats: Price criteria
121(1)
Summary
122(1)
Part Three: The Political Economy of Capital Mobility
123(104)
Globalization in Capital Markets: A Long-Run Narrative
126(46)
Capital without constraints: The gold standard, 1870--1931
126(10)
Crisis and compromise: Depression and war, 1931--1945
136(15)
Containment then collapse: Bretton Woods, 1946--1972
151(9)
Crisis and compromise II: Floating rates since 1973
160(4)
Measuring integration using data on legal restrictions
164(4)
Summary
168(4)
Monetary Policy Interdependence and Exchange-Rate Regimes
172(23)
Measuring interest-rate interdependence
174(3)
Data sources
177(3)
Persistence of nominal interest rates
180(3)
Empirical findings: Pooled annual differences
183(4)
Empirical findings: Individual-country dynamics
187(6)
Summary
193(2)
The Changing Nature of Government Credibility
195(32)
Five suggestive cases
200(4)
Econometric analysis
204(20)
Summary
224(3)
Part Four: Lessons for Today
227(74)
Uneven Integration
230(29)
Foreign capital stocks: Net versus gross
231(1)
Foreign capital: Rich versus poor
232(11)
Has foreign capital always been biased toward the rich?
243(7)
How much have poor countries liberalized their markets?
250(7)
Summary
257(2)
Uneven Rewards and Risks
259(42)
Borrowing to finance capital accumulation
260(5)
The role of cost distortions
265(6)
Financial opening and economic performance
271(8)
The role of institutions
279(6)
Capital controls and growth
285(3)
Open markets, volatility, and crises
288(9)
Summary
297(4)
Data Appendix 301(14)
Bibliography 315(34)
Index 349
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