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"INTERNATIONAL CAPITAL"
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Global Capital Markets
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.
eBook
The Feldstein–Horioka Puzzle or Paradox after 44 years: a fallacy of composition
The finding of Feldstein and Horioka (1980) that domestic saving and domestic investment are highly correlated across countries despite the rapid globalization and liberalization of financial markets in recent decades has been regarded as a Puzzle or Paradox. However, in this paper, we show that countries as a whole may not be able to transfer their capital abroad and that the Feldstein–Horioka Finding of domestic saving and domestic investment being highly correlated across countries may arise even if there are no frictions in financial markets and even if individual investors can freely transfer their capital abroad if there are frictions in goods markets such as transport costs, tariffs, nontariff barriers, the cost of regulatory compliance, etc. In fact, there is evidence that frictions in goods markets are a more serious impediment to countries as a whole being able to transfer their capital abroad than frictions in financial markets, especially in the short run.
Journal Article
Financial Globalization: A Reappraisal
The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, while the macroeconomic evidence remains inconclusive. We attempt to provide a unified conceptual framework for organizing this vast and growing literature. This framework allows us to provide a fresh synthetic perspective on the macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the recent empirical literature is that it lends some qualified support to the view that developing countries can benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited claims that financial globalization by itself leads to deeper and more costly developing country growth crises.
eBook
Mobilities of labour and capital
\"This book explores the mobilities of capital and labour in the contemporary global economy with a particular focus on Asia. Using an analytical framework around three dimensions related to spatiality, institutional forms of governance and cultural contexts, the book uses a variety of sub-national, national and transnational sites within Asia to examine the interrelationships between capital and labour mobilities at multiple levels of analyses. It seeks to make a fundamental argument about the need to integrate labour and capital mobility in the same conceptual frame. By putting the interaction of labour and capital mobility at the centre of its analyses, it identifies the multi-level institutional actors facilitating these mobilities in diverse cultural and geographical contexts. There is a growing interest in academic, corporate and policy circles in understanding the evolving and enhanced role of Asia, especially the erstwhile developing economies, in the global political-economic environment, especially in the terms of capital accumulation and mobility, shifting demographics and labour mobility, and development of alternative institutions -- for instance, development banks, trade routes, and regional co-operation. The proposed volume, through the use of diverse geographical and cultural settings, will contribute to an understanding of these emerging realities in Asia\"-- Provided by publisher.
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