The Great Depression as a Watershed: International Capital Mobility Over the Long Run
The Great Depression as a Watershed: International Capital Mobility Over the Long Run
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大萧条是一个分水岭：长期的国际资本流动
DOI：
10.7208/9780226066912-015
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发表时间：
1997
期刊：
影响因子：
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通讯作者：
Alan M. Taylor
中科院分区：
文献类型：
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作者：
M. Obstfeld;Alan M. Taylor
本文考察了19世纪末以来国际资本流动的演变。我们首先概述关于全球资本市场一体化的兴衰的经验证据。关于体制发展的讨论侧重于在不断变化的货币制度背景下利用资本管制和追求国内宏观经济政策目标。一个根本性的宏观经济政策三难境地迫使政策制定者在相互冲突的目标之间进行权衡。三难困境的自然含义是，在政治上广泛支持汇率从属的货币政策制度(例如金本位)，或者支持以牺牲汇率稳定为代价、主要面向国内目标的货币制度(例如最近的浮动汇率)的情况下，资本流动占上风并得到扩大。大萧条通过影响公众对金本位制和政府宏观经济干预的合法范围的态度，成为国际资本市场近代史上的关键转折点。
This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital controls and the pursuit of domestic macroeconomic policy objectives in the context of changing monetary regimes. A fundamental macroeconomic policy trilemma has forced policymakers to trade off among conflicting goals. The natural implication of the trilemma is that capital mobility has prevailed and expanded under circumstances of widespread political support either for an exchange-rate subordinated monetary policy regime (e.g., the gold standard), or for a monetary regime geared mainly toward domestic objectives at the expense of exchange-rate stability (e.g., the recent float). Through its effect on popular attitudes toward both the gold standard and the legitimate scope for government macroeconomic intervention, the Great Depression emerges as the key turning point in the recent history of international capital markets.
DOI：
10.2307/2534573
发表时间：
1995
期刊：
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影响因子：
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作者：
J. Sachs;Andrew M. Warner
通讯作者：
J. Sachs;Andrew M. Warner