Capital account liberalization and financial globalization, 1890-1999: a synoptic view
An indicator of financial openness spanning the period 1890-1999 is used to evaluate policies towards the capital account of the balance of payments. Findings include that: financial globalization was deeper in 1890-1913 than subsequently; countries with liberal capital account policies recovered more quickly from the Great Depression than countries that restricted capital account transactions; the correlation between democracy and capital account openness was negative or zero during the gold standard era, in contrast to subsequent periods, when it has tended to be positive; and countries in geographic proximity to one another have tended to behave similarly in their policies towards the capital account. Copyright © 2003 John Wiley & Sons, Ltd.
Volume (Year): 8 (2003)
Issue (Month): 3 ()
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References listed on IDEAS
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NBER Chapters,in: Globalization in Historical Perspective, pages 121-188
National Bureau of Economic Research, Inc.
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- H. A. Shannon, 1949. "The British Payments and Exchange Control System," The Quarterly Journal of Economics, Oxford University Press, vol. 63(2), pages 212-237. Full references (including those not matched with items on IDEAS)
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