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 …

cross country comparison in the post World War II period of 84 countries arrayed from very low to very high per capita …

of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold … the two eras of globalization reflects factors such as strong cross-country interdependence fostered through links to gold …

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 …

context of globalization then (pre-1914) and now (1980 to the present). I then discuss the determinants of emerging market …