Obstfeld, Maurice

Global capital markets: integration, crisis, and growth - Cambridge Cambridge University Press 2004 - xviii, 354 p.: ill. Includes bibliography and index - Japan-US Center UFJ Bank (former Sanwa) Monographs on international financial markets .

Table of Contents

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: Quantity Evidence:
5. The stocks of foreign capital
6 The size of international flows
7. The saving-investment relationship
8. Caveats: quantity criteria
Section 3. Globalization in Capital Markets: Price Evidence:
9. Real interest rate convergence
10. Exchange-risk free nominal interest parity
11. Purchasing power parity
12. Caveats: price criteria
13. Summary
Part III. The Political Economy of Capital Mobility
Section 4. Globalization in Capital Markets: A Long-Run Narrative:
14. Capital without constraints: the gold standard, 1870–1931
15. Crisis and compromise: depression and war, 1931–46
16. Containment then collapse: Bretton Woods, 1946–71
17. Crisis and compromise II: the floating era, 1971–99
18. Measuring financial integration using data on legal restrictions
Section 5. The Trilemma in History:
19. Methodology
20. Data sources
21. Stationarity of nominal interest rates
22. Empirical findings: pooled annual differences
23. Empirical findings: individual-country dynamics
24. Conclusion
Section 6. Sovereign Risk, Credibility and the Gold Standard:
25. Five suggestive cases
26. Econometric analysis
27. Conclusion
Part IV. Lessons for Today
Section 7. Uneven Rewards:
28. Foreign capital stocks: net versus gross
29. Foreign capital flows: rich versus poor
30. Foreign capital stocks: rich versus poor
31. Then: has foreign capital always been biased to the rich?
32. Now: have poor countries really liberalized their markets?
33. Variations in the types of capital flows
34. Summary
Section 8. Uneven Risks:
35. Open markets, crises and volatility
36. Crises, controls and economic performance
37. Contagion and self-fulfilling crises
38. Market failure, government failure and policy choices.

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.
Most succinct, up-to-date analysis available of global capital markets, hot topic
Senior author, world-class scholar, internationally renowned
Rich in historical perspective, clearly written, no math, just figures, and tables



International finance - History
Capital market - History
International economic relations - History.

332 / O2G5

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