Globalization and Capital Markets

Maurice Obstfeld and Alan Taylor

No 8846, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from which policymakers have tried to confront them. This paper is devoted to documenting these vicissitudes quantitatively and explaining them. Economic theory and economic history together can provide useful insights into events of the past and deliver relevant lessons for today. We argue that theories of how international capital mobility has evolved must be understood within the framework of the basic policy trilemma constraining an open economy's choice of monetary regime.

JEL-codes: F2 F33 (search for similar items in EconPapers)
Date: 2002-03
New Economics Papers: this item is included in nep-lam and nep-mfd
Note: DAE IFM
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Citations: View citations in EconPapers (157)

Published as Globalization and Capital Markets , Maurice Obstfeld, Alan M. Taylor. in Globalization in Historical Perspective , Bordo, Taylor, and Williamson. 2003

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