Global Capital Markets: Integration, Crisis, and Growth by Maurice Obstfeld

By Maurice Obstfeld

This booklet provides an fiscal background of overseas capital mobility within the smooth period. It blends narrative and quantitative equipment and connects fiscal results to the underlying political financial system of foreign macroeconomics. the amount demonstrates that the new globalization might be noticeable, partly, because the resumption of a liberal international order that had formerly been validated within the years 1880-1914, but in addition issues out that a lot is diversified by way of its explanations and results.

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A flourishing world capital market had already evolved in the years between the midnineteenth century and 1914. But despite a revival following the hiatus of World War One, the market collapsed as a result of the worldwide Great Depression. The middle third of the twentieth century, was marked by a sharp reaction against global markets, especially the financial market. The core of this book will document the quantitative and institutional history of that market over the last century or more: how the market functioned in its golden age, its subsequent destruction, and the recent attempts to rebuild another, even more comprehensive, global market.

15 By the first half of the fourteenth century, Italian houses with agents or correspondents throughout the Atlantic seaboard of Europe and the Mediterranean were the center of a credit network based on nonnegotiable bills of exchange. 16 These bills greatly economized on the need to ship specie between financial centers, a costly and sometimes perilous enterprise. Interestingly, the dominance of foreign currency bills derived from the need to circumvent the Church’s usury doctrine. Because bills payable in foreign currency involved an element of exchange risk, church doctrine did not forbid their discounting.

If capital is free to emigrate in the face of taxes, then either the burden of providing social services must be shifted toward labor, or those services must be scaled back (or, alternatively, some capital emigrates, wages fall in equilibrium, and the burden is shifted by another means). Tax competition could lead to a global downward leveling of capital taxes below the politically desirable levels. In short, footloose capital confronts governments with a harsher tradeoff between the size of the public sector and an equitable functional distribution of income.

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