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Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century

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  • Alan M. Taylor

Abstract

This paper is concerned with integration in the world capital market between the" economies of the core and periphery in the twentieth century. It proceeds with some general" observations and with a special focus on the case of Argentina. I will argue that understanding" the changing relations in international capital markets offers important insights into the growth" and development process, especially for the countries of the periphery. Moreover extent of market integration in history informs current conditions in the relationship between" capital-scarce economies, like Argentina, and the global capital market as a whole. Looking to" the future, the repercussions of economic reform and demographic change suggest likely" implications for future saving, investment, and international capital flows."

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6302.

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Date of creation: Dec 1997
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Publication status: published as Journal of Development Economics, Vol. 57, no. 1 (October 1998): 147-184.
Handle: RePEc:nbr:nberwo:6302

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  1. Jeffrey Sachs & Andrew Warner, 1995. "Economic Reform and the Progress of Global Integration," Harvard Institute of Economic Research Working Papers 1733, Harvard - Institute of Economic Research.
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  16. Alan M. Taylor, 1996. "International Capital Mobility in History: Purchasing-Power Parity in the Long Run," NBER Working Papers 5742, National Bureau of Economic Research, Inc.
  17. Alan M. Taylor, 1996. "International Capital Mobility in History: The Saving-Investment Relationship," NBER Working Papers 5743, National Bureau of Economic Research, Inc.
  18. Neal, Larry, 1985. "Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Twentieth Centuries," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 219-226, June.
  19. Obstfeld, Maurice & Taylor, Alan M, 1997. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," CEPR Discussion Papers 1633, C.E.P.R. Discussion Papers.
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  21. Sinn, Stefan, 1992. "Saving-Investment Correlations and Capital Mobility: On the Evidence from Annual Data," Economic Journal, Royal Economic Society, vol. 102(414), pages 1162-70, September.
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