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Global Capital Markets: Integration, Crisis, and Growth
Abstract
This 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.
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Citations
Cited by
Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles
Kaminsky, G. L., & Schmukler, S. L. (2008) · Review of Finance · doi:10.1093/rof/rfn002 · Cited by 276
Unwilling Subjects of Financialization
Fields, D. (2017) · International Journal of Urban and Regional Research · doi:10.1111/1468-2427.12519 · Cited by 257
Seti, T. M., Mazwane, S., & Christian, M. (2025) · Journal of Risk and Financial Management · doi:10.3390/jrfm18020078 · Cited by 39
Metadata
- Authors
- Obstfeld, M., & Taylor, A. M.
- Venue
- Cambridge University Press eBooks
- Publisher
- Cambridge University Press
- Published
- 2004-02-19
- OpenAlex
- W576269108
- Cited by
- 670
- References
- 0
- FWCI
- 19.44
- Type
- book
- Language
- en
- Open access
- closed
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- Obstfeld, M., & Taylor, A. M. (2004). Global Capital Markets: Integration, Crisis, and Growth. Cambridge University Press eBooks. https://doi.org/10.1017/cbo9780511616525
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
