Maurice++Obstfeld+and+Alan+Taylor+Globalization+and+Capital+Markets

Maurice++Obstfeld+and+Alan+Taylor+Globalization+and+Capital+Markets

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
NBER WORKING PAPER SERIES GLOBALIZATION AND CAPITAL MARKETS Maurice Obstfeld Alan M. Taylor Working Paper 8846 http://www.nber.org/papers/w8846 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2002 This paper was prepared for the NBER conference “Globalization in Historical Perspective” held in Santa Barbara, May 4–5, 2001, and is forthcoming in the NBER conference volume of the same name edited by Michael D. Bordo, Alan M. Taylor, and Jeffrey G. Williamson. Jay Shambaugh and Julian di Giovanni provided superb research assistance. For assistance with data we thank Michael Bordo, Gregory Clark, Stephen Haber, Ian McLean, Satyen Mehta, Chris Meissner, and Michael Twomey. For editorial suggestions we thank Michael Bordo. We received helpful comments from our discussant Richard Portes; from Marc Flandreau and other conference participants at Santa Barbara; from Michael Jansson, Lawrence Officer, and Rolf vom Dorp; and from participants in seminars at Stanford Graduate School of Business, University of Southern California, King’s College, Cambridge, and Universidad Argentina de la Empresa, Buenos Aires. Obstfeld acknowledges the financial support of the National Science Foundation, through a grant administered by the National Bureau of Economic Research. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. © 2002 by Maurice Obstfeld and Alan M. Taylor. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Globalization and Capital Markets Maurice Obstfeld and Alan M. Taylor NBER Working Paper No. 8846 March 2002 JEL No. F2, F33, F36, F41, N10, N20 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. Maurice Obstfeld Alan M. Taylor Department of Economics 549 Evans Hall #3880 University of California One Shields Avenue Berkeley, CA 94720-3880 Davis, CA 95616-8578 and NBER Tel: 510-643-9646 Tel: 530-752-1572 Fax: 510-642-6615 Fax: 530-752-9382 Email: [email protected] Email: [email protected] http://emlab.berkeley.edu/users/obstfeld/ http://www.econ.ucdavis.edu/faculty/amtaylor/
Background image of page 2
1 Global Capital Markets: Overview and Origins At the turn of the twenty-first century, the merits of international financial inte- gration are under more forceful attack than at any time since the 1940s. Even mainstream academic proponents of free multilateral commodity trade, such as
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/17/2011 for the course ECONOMICS 200 taught by Professor Clare during the Spring '08 term at Rutgers.

Page1 / 69

Maurice++Obstfeld+and+Alan+Taylor+Globalization+and+Capital+Markets

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online