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International Trade and Finance Under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30


Alan M. Taylor


University of California, Davis - Department of Economics; University of Virginia - Department of Economics; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Janine Wilson


University of California, Davis - Department of Economics

September 2006

NBER Working Paper No. w12543

Abstract:     
Do international trade and finance flow together? In theory, trade and finance can be substitutes or complements, so the matter must be resolved empirically. We study trade and financial flows from the United Kingdom from 1870 to 1913 and the United States in the interwar years. Trade and finance are robustly correlated, even after allowing for simultaneity. Evidence from the British Empire casts doubt on the idea that trade is a punishment device in the event of a default.

Number of Pages in PDF File: 40

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Date posted: October 2, 2006  

Suggested Citation

Taylor, Alan M. and Wilson, Janine, International Trade and Finance Under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30 (September 2006). NBER Working Paper No. w12543. Available at SSRN: http://ssrn.com/abstract=932900

Contact Information

Alan M. Taylor (Contact Author)
University of California, Davis - Department of Economics ( email )
One Shields Drive
Davis, CA 95616-8578
United States
530-752-1572 (Phone)
530-752-9382 (Fax)
HOME PAGE: http://www.econ.ucdavis.edu/faculty/amtaylor/
University of Virginia (UVA) - Department of Economics ( email )
P.O. Box 400182
Charlottesville, VA 22904-4182
United States
(434)-924-3177 (Phone)
(434)-982-2904 (Fax)
HOME PAGE: http://people.virginia.edu/~amt7u
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
HOME PAGE: http://nber.org
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
HOME PAGE: http://cepr.org
Janine Wilson
University of California, Davis - Department of Economics ( email )
One Shields Drive
Davis, CA 95616-8578
United States
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