NBER WORKING PAPER SERIES
GLOBALIZATION AND CAPITAL MARKETS
Alan M. Taylor
NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
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.