First published in 1988, this study of international capital
movements looks at their historical role in the financing of trade
and their dramatically increased role in the world economy in
recent years. It examines the current economic theory and the
policy implications of these changes. Beginning with an analysis of
the balance of payments, the authors goes on to discuss
international short-term and long-term capital movements, both
historically and with reference to current events. A further
chapter deals with financial deregulation and the progression
during the last few years towards the integration of international
capital markets. The author looks forward to two possible futures
for international finance: a gradual federalisation of
macro-economic behaviour on a world basis, or a move towards
self-reliance and autarky. The book is based on the author's
Marshall Lectures, given in the University of Cambridge. It will be
of interest to those studying international and financial
economies, graduate students and those involved in the formulation
of policy.
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