TY  - BOOK
AU  - Obstfeld,Maurice
AU  - Taylor,Alan M.
ED  - National Bureau of Economic Research.
TI  - Globalization and Capital Markets
T2  - NBER working paper series
PY  - 2002///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - March 2002; Hardcopy version available to institutional subscribers
N2  - The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from which policymakers have tried to confront them. This paper is devoted to documenting these vicissitudes quantitatively and explaining them. Economic theory and economic history together can provide useful insights into events of the past and deliver relevant lessons for today. We argue that theories of how international capital mobility has evolved must be understood within the framework of the basic policy trilemma constraining an open economy's choice of monetary regime
UR  - https://www.nber.org/papers/w8846
UR  - http://dx.doi.org/10.3386/w8846
ER  -