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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
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
This paper places current efforts at international economic policy coordination in historical perspective. It argues that successful cooperation is most likely in four sets of circumstances. First, when it centers on technical issues. Second, when cooperation is institutionalized - when...
Persistent link: https://www.econbiz.de/10012460992
While many political scientists and diplomatic historians see the Bush presidency as a distinctive epoch in American foreign policy, we argue that there was no Bush Doctrine in foreign economic policy. The Bush administration sought to advance a free trade agenda but could not avoid the use of...
Persistent link: https://www.econbiz.de/10012464815
, with the spread of globalization, there is a new periphery, Asia, but the same old core, the United States, with the same … interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …
Persistent link: https://www.econbiz.de/10012468196
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
We analyze the impact of China's growth on the exports of other Asian countries. Our innovation is to distinguish the increase in China's demand for imports from its increased penetration of export markets. Using the gravity model, we disaggregate among commodity types and account for the...
Persistent link: https://www.econbiz.de/10012467922
favorable nor unfavorable implication for world trade; instead the balance of trade-creating and trade-diverting effects …
Persistent link: https://www.econbiz.de/10012474505
This paper investigates the theory and evidence that history plays a role in shaping the direction of international trade. Because there are reasons to anticipate a positive correlation between the predominant direction of trade flows in the past and membership in preferential arrangements in...
Persistent link: https://www.econbiz.de/10012473283
Much ink has been spilled over the connections between capital account liberalization and growth. One reason that previous studies have been inconclusive, we show, is their failure to account for the impact of crises on growth and for the capacity of controls to limit those disruptive output...
Persistent link: https://www.econbiz.de/10012469276