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Maurice Obstfeld, Alan M. Taylor - Global Capital Markets, Häftad

Häftad, Engelska, 2005

Global Capital Markets

Integration, Crisis, and Growth

Av Maurice Obstfeld, Alan M. Taylor

Del i serien Japan-US Center UFJ Bank Monographs on International Financial Markets

619 kr

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Beskrivning
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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Maurice Obstfeld is the Class of 1958 Professor of Economics at the University of California, Berkeley. His interests are in international finance and macroeconomics, areas in which he has published numerous research articles. Professor Obstfeld received his Ph.D. from MIT and later taught at Columbia, the University of Pennsylvania, and Harvard before moving to Berkeley. He has served as a consultant for the IMF, World Bank, European Commission, and several central banks. With Kenneth Rogoff, he is the author of Foundations of International Macroeconomics (1996). He is also the author, together with Paul Krugman, of International Economics: Theory and Policy, which has been translated into several foreign languages. He is a Research Associate of the National Bureau of Economic Research, a Research Fellow of the Centre for Economic Policy Research (London), and a Fellow of the Econometric Society. Alan M. Taylor is Professor of Economics at the University of California, Davis, where he holds a Chancellor's Fellowship through to 2006. He previously taught at Northwestern University. Professor Taylor's research has been published in leading journals such as the American Economic Review, the Quarterly Journal of Economics, Econometrica, the Economic Journal, the Journal of Political Economy, International Economic Review, and the Journal of Economic History. A Research Associate of the National Bureau of Economic Research, he is the recipient of the 2000 Arthur H. Cole Prize (with G. della Paolera) and the 1993 Alexander Gerschenkron Prize. Professor Taylor coedited the collection Globalization in Historical Perspective (with M. D. Bordo and J. G. Williamson, 2005) and coauthored the 2001 Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935 (with G. della Paolera).

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Overall, Global Capital Markets is an excellent study of the evolution of international capital markets since the classical gold standard period. This book is a must read for economists and economic historians with an interest in international economics. EH.NET

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