Globalization and Capital Markets

69 Pages Posted: 23 Mar 2002 Last revised: 26 Oct 2010

See all articles by Maurice Obstfeld

Maurice Obstfeld

University of California, Berkeley; Peterson Institute for International Economics; National Bureau of Economic Research; Centre for Economic Policy Research

Alan M. Taylor

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

Date Written: March 2002

Abstract

The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from which policymakers have tried to confront them. This paper is devoted to documenting these vicissitudes quantitatively and explaining them. Economic theory and economic history together can provide useful insights into events of the past and deliver relevant lessons for today. We argue that theories of how international capital mobility has evolved must be understood within the framework of the basic policy trilemma constraining an open economy's choice of monetary regime.

Suggested Citation

Obstfeld, Maurice and Taylor, Alan M., Globalization and Capital Markets (March 2002). NBER Working Paper No. w8846. Available at SSRN: https://ssrn.com/abstract=305072

Maurice Obstfeld (Contact Author)

University of California, Berkeley ( email )

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HOME PAGE: http://www.mauriceobstfeld.com

Peterson Institute for International Economics ( email )

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National Bureau of Economic Research ( email )

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Centre for Economic Policy Research ( email )

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Alan M. Taylor

University of California, Davis - Department of Economics ( email )

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HOME PAGE: http://www.econ.ucdavis.edu/faculty/amtaylor/

National Bureau of Economic Research (NBER)

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Centre for Economic Policy Research (CEPR)

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United Kingdom

HOME PAGE: http://cepr.org

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