@techreport{Schularick2006Does,
abstract = {Does international financial integration boost economic growth? The question has been
discussed controversially for a long time. As of yet, robust evidence for a positive impact is
lacking (Edison et al., 2002). However, there is substantial narrative evidence from economic
history that highlights the contribution European capital made to economic growth of
peripheral economies before 1914. We have compiled the first comprehensive data set to test
this hypothesis. The main finding is that there was indeed a significant and robust growth
effect. Our theoretical explanation stresses property rights protection as a prerequisite for the
standard neoclassical model to work properly.},
author = {Moritz Schularick and Thomas M. Steger},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F30; O16; O11; F21; N20; F15; N10; 330; international financial integration; economic growth; first era of globalization; Globalisierung; Internationaler Finanzmarkt; Marktintegration; Wirtschaftswachstum; Wirtschaftsgeschichte; Welt},
language = {eng},
number = {1691},
title = {Does financial integration spur economic growth? : New evidence from the first era of financial globalization},
type = {CESifo working papers},
url = {http://hdl.handle.net/10419/19155},
year = {2006}
}
