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 … movements. -- capital market integration ; financial globalization ; economic history …

history of the first era of financial globalization (1880-1914) for new insights. Based on a newly compiled data set, we test …, but no longer does so today. Unlike its historical predecessor, the current wave of financial globalization has not …

economic growth of peripheral economies during the so-called first age of financial globalization before 1914. For this paper … globalization. Our temptative explanation for this marked difference between now and then stresses property rights protection as a …