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.
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