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Capital Mobility and the Origins of Stock Markets

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  • Verdier, Daniel

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 cross-national variations in financial capital mobility, holding constant the level of economic development, reflect the degree of state centralization.

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  • Verdier, Daniel, 2001. "Capital Mobility and the Origins of Stock Markets," International Organization, Cambridge University Press, vol. 55(2), pages 327-356, April.
    • Handle: RePEc:cup:intorg:v:55:y:2001:i:02:p:327-356_44
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    Cited by:

    1. Hautcoeur Pierre-Cyrille & Riva Angelo E., 2013. "What Financiers Usually Do, and What We Can Learn from History," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(3), pages 1-19, April.
    2. Jackson, Gregory & Deeg, Richard, 2006. "How Many Varieties of Capitalism? Comparing the Comparative Institutional Analyses of Capitalist Diversity," MPIfG Discussion Paper 06/2, Max Planck Institute for the Study of Societies.

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