International Capital Mobility in History: The Saving-Investment Relationship
International Capital Mobility in History: The Saving-Investment Relationship
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历史上的国际资本流动：储蓄与投资的关系
DOI：
10.3386/w5743
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发表时间：
1996
期刊：
影响因子：
--
通讯作者：
Alan M. Taylor
中科院分区：
文献类型：
--
作者：
Alan M. Taylor
经济史学家一直关注国际资本市场的长期演变，但对市场一体化的实证检验却很有限。本文利用 1850 年以来 12 个国家的储蓄与投资相关性的时间序列和横截面分析来调查资本流动的长期和短期标准，从而丰富了文献。结果呈现了资本市场演变的细致入微的图景。样本显示出相当大的跨国异质性。从广义上讲，两次世界大战之间的时期，特别是大萧条，是一个资本流动性减弱的时代，直到最近我们才能观察到资本流动性暂时恢复到十九世纪末期的程度。
Economic historians have been concerned with the evolution of international capital markets over the long run, but empirical testing of market integration has been limited. This paper augments the literature by investigating long- and short-run criteria for capital mobility using time-series and cross-section analysis of saving-investment correlation for twelve countries since 1850. The results present a nuanced picture of capital market evolution. The sample shows considerable cross-country heterogeneity. Broadly speaking, the inter-war period, and especially the Great Depression, emerge as an era of diminishing capital mobility, and only recently can we observe a tentative return to the degree of capital mobility witnessed during the late nineteenth century.