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 where gross capital mobility is equally high, but did...

To obtain benefits from capital globalization, it is necessary for the domestic financial market to be well-developed and regulated. This paper analyzes the effect of capital globalization on the financial system from an institutional perspective. Institutional change is produced by the market...

This article is devoted to the search for a solution to overcoming the consequences of the global financial and economic crisis and the development of a post-crisis global economy. The purpose of this article is to determine perspectives and directions for the development of new growth poles in...

Does international financial integration boost economic growth? The empirical literature has not yet established a robust link between openness to the international capital market and economic growth. In this paper we turn to the economic history of the first era of financial globalization...