The Great Depression as a Watershed: International Capital Mobility Over the Long Run

  title={The Great Depression as a Watershed: International Capital Mobility Over the Long Run},
  author={Maurice Obstfeld and Alan M. Taylor},
  journal={SPGMI: Compustat Fundamentals (Topic)},
This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital controls and the pursuit of domestic macroeconomic policy objectives in the context of changing monetary regimes. A fundamental macroeconomic policy trilemma has forced policymakers to trade off among… 

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