English, Article, Journal or magazine article edition: Trends and Cycles in Foreign Lending Barry Eichengreen.

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Trends and Cycles in Foreign Lending.
Author
  • Barry Eichengreen.
Physical Description
  • preprint
Notes
  • Over the past century, the world economy has passed through a succession of phases characterized by very different levels of internstionsl capital flows. This paper asks whar accounrs for these dramatic shifts in the extent of capital aovements across national borders, Three categories of explanation are considered. The first emphasizes the policy regime, attributing the unusual extent of capital flows prior ro 1914 to the operation of the international gold standard. The second focuses on the stages-of-indehtedness sometimes thought to characterize the process of economic development. The third ascribes changes in the extent of capital flows to the boom-and-bust cycles through which international capital markets are thought to pass. Though each approach conrrihutes something to our understanding of the phenomenon, none is totally satisfactory. I therefore suggest an alternative explanation, which lays stress on the increase in the magnitude of real interest rate and reel exchange race variability char has occurred over the last 100 years.
  • RePEc:nbr:nberwo:3411
  • RePEc:ucb:calbwp:90-146
Language
  • English
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