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Description - Global Capital Markets by Maurice Obstfeld

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. A fundamental macroeconomic policy trilemma has forced policymakers to trade off between conflicting goals, with natural implications for capital mobility. The present era of globalization can be seen, in part, as the resumption of a liberal world order that had earlier been established in the years 1880-1914. Yet much has changed along the way. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates.

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Book Details

ISBN: 9780521671798
ISBN-10: 0521671795
Format: Paperback
(228mm x 152mm x 18mm)
Pages: 374
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 1-Sep-2005
Country of Publication: United Kingdom

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Author Biography - Maurice Obstfeld

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 is now in its sixth edition and 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, Quarterly Journal of Economics, Econometrica, Economic Journal, 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 forthcoming collection, Globalization in Historical Perspective (with M. D. Bordo and J. G. Williamson) and coauthored the 2001 Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880-1935 (with G. della Paolera).