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List of Tables | |
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List of Figures | |
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Acknowledgments | |
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Preamble | |
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Global Capital Markets: Overview and Origins | |
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Theoretical benefits | |
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Problems of supranational capital markets in practice | |
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The emergence of world capital markets | |
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Trilemma: Capital mobility, the exchange rate, and monetary policy | |
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Global Capital in Modern Historical Perspective | |
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Globalization in Capital Markets: Quantity Evidence | |
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The stocks of foreign capital | |
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The size of net international flows | |
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The saving-investment relationship | |
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Variations in the types of capital flows | |
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Caveats: Quantity criteria | |
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Globalization in Capital Markets: Price Evidence | |
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Exchange-risk-free nominal interest parity | |
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Real interest-rate convergence | |
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Purchasing power parity | |
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Caveats: Price criteria | |
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Summary | |
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The Political Economy of Capital Mobility | |
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Globalization in Capital Markets: A Long-Run Narrative | |
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Capital without constraints: The gold standard, 1870-1931 | |
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Crisis and compromise: Depression and war, 1931-1945 | |
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Containment then collapse: Bretton Woods, 1946-1972 | |
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Crisis and compromise II: Floating rates since 1973 | |
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Measuring integration using data on legal restrictions | |
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Summary | |
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Monetary Policy Interdependence and Exchange-Rate Regimes | |
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Measuring interest-rate interdependence | |
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Data sources | |
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Persistence of nominal interest rates | |
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Empirical findings: Pooled annual differences | |
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Empirical findings: Individual-country dynamics | |
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Summary | |
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The Changing Nature of Government Credibility | |
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Five suggestive cases | |
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Econometric analysis | |
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Summary | |
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Lessons for Today | |
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Uneven Integration | |
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Foreign capital stocks: Net versus gross | |
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Foreign capital: Rich versus poor | |
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Has foreign capital always been biased toward the rich? | |
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How much have poor countries liberalized their markets? | |
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Summary | |
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Uneven Rewards and Risks | |
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Borrowing to finance capital accumulation | |
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The role of cost distortions | |
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Financial opening and economic performance | |
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The role of institutions | |
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Capital controls and growth | |
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Open markets, volatility, and crises | |
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Summary | |
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Data Appendix | |
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Bibliography | |