{"product_id":"global-capital-markets-integration-crisis-and-growth-paperback-9780521671798","title":"Global Capital Markets; Integration, Crisis, and Growth (Paperback) 9780521671798","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eGlobal Capital Markets\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eIntegration, Crisis, and Growth\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003eThis book is an economic survey of international capital mobility from the late nineteenth century to the present.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eMaurice Obstfeld (Author), Alan M. Taylor (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780521671798, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback, published 5 September 2005\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e374 pages\u003cbr\u003e22.7 x 15.5 x 1.8 cm, 0.483 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e\"Maurice Obstfeld and Alan Taylor have written a wonderful book that raises the academic bar...it is a coherent and comprehensive assessment covering all the issues...In short, there is no book out there to challenge the GCM and it should remain the market leader for some time to come.\"  \u003cbr\u003eJeffrey G. Williamson, Journal of Economic Literature\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThis book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePart I. Preamble\u003cbr\u003e Section 1. Global Capital Markets: Overview and Origins: 1. Theoretical benefits\u003cbr\u003e 2. Problems of supernational capital markets in practice\u003cbr\u003e 3. The emergence of world capital markets\u003cbr\u003e 4. The trilemma: capital mobility, the exchange rate, and monetary policy\u003cbr\u003e Part II. Global Capital in Modern Historical Perspective\u003cbr\u003e Section 2. Globalization in Capital Markets: Quantity Evidence: 5. The stocks of foreign capital\u003cbr\u003e 6 The size of international flows\u003cbr\u003e 7. The saving-investment relationship\u003cbr\u003e 8. Caveats: quantity criteria\u003cbr\u003e Section 3. Globalization in Capital Markets: Price Evidence: 9. Real interest rate convergence\u003cbr\u003e 10. Exchange-risk free nominal interest parity\u003cbr\u003e 11. Purchasing power parity\u003cbr\u003e 12. Caveats: price criteria\u003cbr\u003e 13. Summary\u003cbr\u003e Part III. The Political Economy of Capital Mobility\u003cbr\u003e Section 4. Globalization in Capital Markets: A Long-Run Narrative: 14. Capital without constraints: the gold standard, 1870–1931\u003cbr\u003e 15. Crisis and compromise: depression and war, 1931–46\u003cbr\u003e 16. Containment then collapse: Bretton Woods, 1946–71\u003cbr\u003e 17. Crisis and compromise II: the floating era, 1971–99\u003cbr\u003e 18. Measuring financial integration using data on legal restrictions\u003cbr\u003e Section 5. The Trilemma in History: 19. Methodology\u003cbr\u003e 20. Data sources\u003cbr\u003e 21. Stationarity of nominal interest rates\u003cbr\u003e 22. Empirical findings: pooled annual differences\u003cbr\u003e 23. Empirical findings: individual-country dynamics\u003cbr\u003e 24. Conclusion\u003cbr\u003e Section 6. Sovereign Risk, Credibility and the Gold Standard: 25. Five suggestive cases\u003cbr\u003e 26. Econometric analysis\u003cbr\u003e 27. Conclusion\u003cbr\u003e Part IV. Lessons for Today\u003cbr\u003e Section 7. Uneven Rewards: 28. Foreign capital stocks: net versus gross\u003cbr\u003e 29. Foreign capital flows: rich versus poor\u003cbr\u003e 30. Foreign capital stocks: rich versus poor\u003cbr\u003e 31. Then: has foreign capital always been biased to the rich?\u003cbr\u003e 32. Now: have poor countries really liberalized their markets?\u003cbr\u003e 33. Variations in the types of capital flows\u003cbr\u003e 34. Summary\u003cbr\u003e Section 8. Uneven Risks: 35. Open markets, crises and volatility\u003cbr\u003e 36. Crises, controls and economic performance\u003cbr\u003e 37. Contagion and self-fulfilling crises\u003cbr\u003e 38. Market failure, government failure and policy choices.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance [\u003ca title=\"See our other books on Finance\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20%5BKFF%5D%22\"\u003eKFF\u003c\/a\u003e], Economic history [\u003ca title=\"See our other books on Economic history\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economic%20history%20%5BKCZ%5D%22\"\u003eKCZ\u003c\/a\u003e], International economics [\u003ca title=\"See our other books on International economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22International%20economics%20%5BKCL%5D%22\"\u003eKCL\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46003020300568,"sku":"9780521671798","price":32.69,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9780521671798i_18a3518a-3a35-4376-ae82-a5d902492a72.jpg?v=1691379751","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/global-capital-markets-integration-crisis-and-growth-paperback-9780521671798","provider":"Freshly Printed Books","version":"1.0","type":"link"}