Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/28069
Authors: 
Schularick, Moritz
Steger, Thomas M.
Year of Publication: 
2008
Series/Report no.: 
Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft der Freien Universität Berlin 2008/3
Abstract: 
In the first era of financial globalization (1880-1914), global capital market integration led to substantial net capital movements from rich to poor economies. The historical experience stands in contrast to the contemporary globalization where gross capital mobility is equally high, but did not incite a substantial transfer of savings from rich to poor economies. Using data for the historical and modern periods we extend Lucas' (1990) original model and show that differences in institutional quality between rich and poor countries can account for the sharply divergent patterns of international capital movements.
Subjects: 
capital market integration
financial globalization
economic history
JEL: 
F15
F21
F30
N10
N20
O11
O16
ISBN: 
3938369744
Document Type: 
Working Paper

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