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Argentina and the world capital market: saving, investment, and international capital mobility in the twentieth century

  • Taylor, Alan M.

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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Article provided by Elsevier in its journal Journal of Development Economics.

Volume (Year): 57 (1998)
Issue (Month): 1 (October)
Pages: 147-184

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Handle: RePEc:eee:deveco:v:57:y:1998:i:1:p:147-184
Contact details of provider: Web page: http://www.elsevier.com/locate/devec

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  3. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
  4. Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, vol. 56(02), pages 389-428, June.
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  9. Hammer, Jeffrey S., 1986. "Population growth and savings in LDCs: A survey article," World Development, Elsevier, vol. 14(5), pages 579-591, May.
  10. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-32, August.
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  12. Easterly, William & DEC, 1993. "How much do distortions affect growth?," Policy Research Working Paper Series 1215, The World Bank.
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  15. Maurice Obstfeld & Alan M. Taylor, 1998. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 353-402 National Bureau of Economic Research, Inc.
  16. Barry Eichengreen., 1990. "Trends and Cycles in Foreign Lending," Economics Working Papers 90-146, University of California at Berkeley.
  17. 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.
  18. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  19. Jansen, Willem Jos & Schulze, Günther G., 1993. "Theory-based measurement of the saving-investment correlation with an application to Norway," Discussion Papers, Series II 205, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
  20. Harrison, Ann, 1991. "Openness and growth : a time series, cross-country analysis for developing countries," Policy Research Working Paper Series 809, The World Bank.
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  25. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
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