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Is Globalization Today Really Different than Globalization a Hunderd Years Ago?
Bordo, Michael D. - 1999
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 … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …
Persistent link: https://www.econbiz.de/10012471593
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Crises Now and Then : What Lessons from the Last Era of Financial Globalization
Eichengreen, Barry - 2002
We consider the operation of international capital markets in two periods of globalization, before 1914 and after 1971 … international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …
Persistent link: https://www.econbiz.de/10012469999
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Political Limits to Globalization
Acemoglu, Daron - 2010
Despite the major advances in information technology that have shaped the recent wave of globalization, openness to … suggests that a particular threat and a limiting factor to globalization and its future developments may be militarist …
Persistent link: https://www.econbiz.de/10012462958
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International Coordination and Precautionary Policies
Aizenman, Joshua - 2015
This paper highlights the rare conditions leading to international cooperation, and the reasons why eliciting this cooperation may be beneficial in preventing adverse tail shocks from spiraling into global depressions. In normal times, deeper macro cooperation among countries is associated with...
Persistent link: https://www.econbiz.de/10012456878
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Sterilization, Monetary Policy, and Global Financial Integration
Aizenman, Joshua - 2008
liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset …
Persistent link: https://www.econbiz.de/10012464745
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Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises
Bordo, Michael D. - 2015
Why did some countries learn to grow up to financial stability and others not? We explore this question by surveying the key determinants and major policy responses to banking, currency, and debt crises between 1880 and present. We divide countries into three groups: leaders, learners, and...
Persistent link: https://www.econbiz.de/10012457380
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Assessing the Emerging Global Financial Architecture : Measuring the Trilemma's Configurations over Time
Aizenman, Joshua - 2008
We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account...
Persistent link: https://www.econbiz.de/10012464115
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Keeping Capital Flowing : The Role of the IMF
Bordo, Michael D. - 2004
In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate...
Persistent link: https://www.econbiz.de/10012467855
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Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?
Bordo, Michael D. - 2000
We examine the evidence of contagion during the pre World War I era and the interwar and contrast our findings with the …
Persistent link: https://www.econbiz.de/10012470837
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Was There Really an Earlier Period of International Financial Integration Comparable to Today?
Bordo, Michael D. - 1998
In this paper we reconsider the international market integration, starting at high levels in the late nineteenth century, collapsing between the wars, and recovering gradually after 1945 to reach levels comparable to pre-1914 in the 1990's. The empirical evidence we survey suggests that in some...
Persistent link: https://www.econbiz.de/10012472076