Capital Goods Prices, Global Capital Markets and Accumulation, 1870-1950 PDF Download
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Author: William J. Collins
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 60
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Book Description
Conventional wisdom has it that global financial markets were as well integrated in the 1890s as in the 1990s, but that it took several post-war decades to regenerate the connections that existed before 1914. This view has emerged from a variety of tests for world financial capital market integration ranging from the correlation of saving and investment aggregates to the dispersion of security prices and real interest rates. Presumably, we care about global capital market integration because it can have an impact on accumulation performance and the global distribution of the capital stock. Oddly enough, however, the relative price of capital goods, an important component of the user cost of capital, has never been incorporated into studies of capital market integration and almost never in comparative studies of pre-1950 economic growth. This could be an important omission. This paper explores the issue with a panel data base 1870-1950 for eleven OECD countries. It turns out that capital goods prices have been central to accumulation, and therefore to growth and convergence. They have also been as important to the evolution of global capital markets as have been interest rates and other financial costs.
Author: William J. Collins
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 60
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Book Description
Conventional wisdom has it that global financial markets were as well integrated in the 1890s as in the 1990s, but that it took several post-war decades to regenerate the connections that existed before 1914. This view has emerged from a variety of tests for world financial capital market integration ranging from the correlation of saving and investment aggregates to the dispersion of security prices and real interest rates. Presumably, we care about global capital market integration because it can have an impact on accumulation performance and the global distribution of the capital stock. Oddly enough, however, the relative price of capital goods, an important component of the user cost of capital, has never been incorporated into studies of capital market integration and almost never in comparative studies of pre-1950 economic growth. This could be an important omission. This paper explores the issue with a panel data base 1870-1950 for eleven OECD countries. It turns out that capital goods prices have been central to accumulation, and therefore to growth and convergence. They have also been as important to the evolution of global capital markets as have been interest rates and other financial costs.
Author: Maurice Obstfeld
Publisher: Cambridge University Press
ISBN: 9780521633178
Category : Business & Economics
Languages : en
Pages : 382
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Book Description
Publisher Description
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226065995
Category : Business & Economics
Languages : en
Pages : 600
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Book Description
As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.
Author: Jean-Pierre Dormois
Publisher: Routledge
ISBN: 1134262965
Category : Business & Economics
Languages : en
Pages : 380
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Book Description
This book summarizes the recent empirical research carried out on the issue of the classical period of trade protectionism. It provides a basis for revising widely held views on the standard effects of tariffs on economic structures and progress.
Author: Michael B. Katz
Publisher: Russell Sage Foundation
ISBN: 1610443314
Category : Social Science
Languages : en
Pages : 369
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Book Description
American society today is hardly recognizable from what it was a century ago. Integrated schools, an information economy, and independently successful women are just a few of the remarkable changes that have occurred over just a few generations. Still, the country today is influenced by many of the same factors that revolutionized life in the late nineteenth century—immigration, globalization, technology, and shifting social norms—and is plagued by many of the same problems—economic, social, and racial inequality. One Nation Divisible, a sweeping history of twentieth-century American life by Michael B. Katz and Mark J. Stern, weaves together information from the latest census with a century's worth of data to show how trends in American life have changed while inequality and diversity have endured. One Nation Divisible examines all aspects of work, family, and social life to paint a broad picture of the American experience over the long arc of the twentieth century. Katz and Stern track the transformations of the U.S. workforce, from the farm to the factory to the office tower. Technological advances at the beginning and end of the twentieth century altered the demand for work, causing large population movements between regions. These labor market shifts fed both the explosive growth of cities at the dawn of the industrial age and the sprawling suburbanization of today. One Nation Divisible also discusses how the norms of growing up and growing old have shifted. Whereas the typical life course once involved early marriage and living with large, extended families, Americans today commonly take years before marrying or settling on a career path, and often live in non-traditional households. Katz and Stern examine the growing influence of government on trends in American life, showing how new laws have contributed to more diverse neighborhoods and schools, and increased opportunities for minorities, women, and the elderly. One Nation Divisible also explores the abiding economic paradox in American life: while many individuals are able to climb the financial ladder, inequality of income and wealth remains pervasive throughout society. The last hundred years have been marked by incredible transformations in American society. Great advances in civil rights have been tempered significantly by rising economic inequality. One Nation Divisible provides a compelling new analysis of the issues that continue to divide this country and the powerful role of government in both mitigating and exacerbating them. A Volume in the Russell Sage Foundation Census Series
Author: Robert Devlin
Publisher: IDB
ISBN: 9781931003308
Category : Business & Economics
Languages : en
Pages : 268
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Book Description
Latin America has been pursuing intense structural reforms since the mid-1980s. The reforms have been a primary instrument for achieving the development goals of stable and higher rates of economic growth, more social equity, and a solid democratic setting. The region has advanced on all three fronts, but much more needs to be done. Bridges for Development explores options to strengthen policies and institutions for deepening structural reforms in all areas of development through trade and integration. Making advances in these areas is critical because the multilateral negotiations in the Doha Development Round are contingent on the complex dynamics of worldwide consensus -- and Latin America's capacity to adequately represent its interests in terms of determining the direction of unilateral policy and regional initiatives. However, as the book points out, it might be said that the easystages of unilateral trade and regional integration are over; the next steps toward consolidation will require countries to redouble their political will to confront difficult challenges as well as to refine policies, build stronger institutional structures to support them, and work better with civil society. The wave of market opening and regionalism in the 1990s has provided new opportunities in these areas.
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 570
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Book Description
Author: Almas Heshmati
Publisher: Nova Publishers
ISBN: 9781600214783
Category : Business & Economics
Languages : en
Pages : 320
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Book Description
Looks at the global issues that cause some nations to stagnate while others rush forward.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
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Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Dani Rodrik
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 34
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Book Description
Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just as free trade in goods, there is no guarantee that capital mobility makes everyone better off. Consequently, capital mobility may be politically unsustainable even though it enhances efficiency. This paper discusses how such a dilemma might arise, and suggests that international tax coordination might serve as a way out under some circumstances.
