Table of contents for Global capital markets : integration, crisis, and growth / Maurice Obstfeld, Alan M. Taylor.


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Part I. Preamble: 1. Global capital markets: overview and origins: 1.1 Theoretical benefits
1.2 Problems of supernational capital markets in practice
1.3 The emergence of world capital markets
1.4 The trilemma: capital mobility, the exchange rate, and monetary policy
Part II. Global Capital in Modern Historical Perspective: 2. Globalization in capital markets: quantity evidence: 2.1 The stocks of foreign capital
2.2 The size of international flows
2.3 The saving-investment relationship
2.4 Caveats: quantity criteria
3. Globalization in capital markets: price evidence: 3.1 Real interest rate convergence
3.2 Exchange-risk free nominal interest parity
3.3 Purchasing power parity
3.4 Caveats: price criteria
3.5 Summary
Part III. The Political Economy of Capital Mobility: 4. Globalization in capital markets: a long-run narrative: 4.1 Capital without constraints: the gold standard, 1870-1931
4.2 Crisis and compromise: depression and war, 1931-46
4.3 Containment then collapse: Bretton Woods, 1946-71
4.4 Crisis and compromise II: the floating era, 1971-99
4.5 Measuring financial integration using data on legal restrictions
5. The trilemma in history: 5.1 Methodology
5.2 Data sources
5.3 Stationarity of nominal interest rates
5.4 Empirical findings: pooled annual differences
5.5 Empirical findings: individual-country dynamics
5.6 Conclusion
6. Sovereign risk, credibility, and the gold standard: 6.1 Five suggestive cases
6.2 Econometric analysis
6.3 Conclusion
Part IV. Lessons for Today: 7. Uneven rewards: 7.1 Foreign capital stocks: net versus gross
7.2 Foreign capital flows: rich versus poor
7.3 Foreign capital stocks: rich versus poor
7.4 Then: has foreign capital always been biased to the rich?
7.5 Now: have poor countries really liberalized their markets?
7.6 Variations in the types of capital flows
7.7 Summary
8. Uneven risks: 8.1 Open markets, crises, and volatility
8.2 Crises, controls and economic performance
8.3 Contagion and self-fulfilling crises
8.4 Market failure, government failure, and policy choices.


Library of Congress subject headings for this publication: International finance History, Capital market History, International economic relations History