Recent trends suggest the world economy may be tending towards an equilibrium with two distinct trading blocs, each …

integration before World War I was more limited. Given that integration today is even more pervasive than a hundred years ago, it … for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from …

This paper argues that the globalization of securities markets may promote contagion among investors by weakening …

This paper examines the impact of globalization on the cost of equity capital. We argue that the cost of equity capital … decreases because of globalization for two important reasons. First, the expected return that investors require to invest in … prediction that globalization decreases the cost of capital, but the documented effects are lower than theory leads us to expect …