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Cited by 682Global Financial Crisis and PoliciesFinance, Markets, and RegulationGlobal Financial Regulation and Crises

The global capital market: Benefactor or menace?

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Obstfeld, Maurice·1998·Journal of Economic Perspectives
DOI 10.1257/jep.12.4.9
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Abstract

This paper reviews the theoretical functions, history, and policy problems raised by the international capital market. The goal is to offer a perspective on both the considerable advantages the market offers and on the genuine hazards it poses, as well as on avenues through which it constrains national policy choices. A duality of benefits and risks is inescapable in the real world of asymmetric information and imperfect contract enforcement. The author argues, however, that, in confronting the global capital market, the way to maximize net benefits is to encourage economic integration while attacking concomitant distortions and unwanted side effects at, or close to, their sources.

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Authors
Obstfeld, M.
Affiliations
University of California, Berkeley (US)
Corresponding author
Obstfeld, Maurice
ORCID
Obstfeld, Maurice
Venue
Journal of Economic Perspectives
Publisher
American Economic Association
Published
1998-11-01
Volume
12
Issue
4
Pages
9-30
ISSN
0895-3309 (ISSN-L)
DOI
10.1257/jep.12.4.9
OpenAlex
W2160313008
Cited by
682
References
39
Citations by year
2026: 12 · 2025: 9 · 2024: 21 · 2023: 18 · 2022: 14 · 2021: 19 · 2020: 58 · 2019: 22 · 2018: 16 · 2017: 24 · 2016: 15 · 2015: 18 · 2014: 20 · 2013: 22 · 2012: 30
FWCI
60.62
Type
journal article
Language
en
Open access
Locations
  • The Journal of Economic Perspectives (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Funders
University of Cambridge
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
  • Social Sciences › Economics, Econometrics and Finance › Finance › Finance, Markets, and Regulation
  • Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Regulation and Crises
Keywords
international capital markets, economic integration, information asymmetry, capital market policy

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