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Capital Mobility and the Origins of Stock Markets

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Author Info
Daniel Verdier
Abstract

I illustrate the accepted, though hardly researched, idea that political institutions play a role in locking in factor specificity across sectors, space, and borders. I use the emergence of modern capital markets in the nineteenth century, a process that threatened to redeploy financial resources away from land and traditional sectors to heavy industry, as a test case to ascertain the degree of domestic financial capital mobility in nine advanced industrialized countries. The main finding is that cross­national variations in financial capital mobility, holding constant the level of economic development, reflect the degree of state centralization. © 2001 The IO Foundation and the Massachusetts Institute of Technology

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Article provided by MIT Press in its journal International Organization.

Volume (Year): 55 (2001)
Issue (Month): 2 (June)
Pages: 327-356
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Handle: RePEc:tpr:intorg:v:55:y:2001:i:2:p:327-356

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