Journal ArticleDOI
Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Twentieth Centuries
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In this article, the authors compare prices of identical assets that are traded simultaneously in two or more markets and infer threshold levels, transaction cost levels, and the efficiency of arbitrage operations, respectively.Abstract:
The integration of capital markets is usually tested with an interest rate arbitrage model even though much different financial assets must be compared This paper compares prices of identical assets that are traded simultaneously in two or more markets The range, average level, and time series pattern of the differences can be used to infer threshold levels, transaction cost levels, and the efficiency of arbitrage operations, respectivelyExamples are given for financial crises from 1745 to 1907, using prices from the London, Amsterdam, Paris, and New York stock exchanges These show European capital markets to be well integrated by mid-eighteenth centuryread more
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Convergence in the age of mass migration
TL;DR: The authors of as discussed by the authors suggest that migration could account for very large shares of the convergence in labour productivity and real wages, though a much smaller share in GDP per capita, and that virtual cessation of convergence in the interwar period could be partially explained by the imposition of quotas and other barriers to migration.
MonographDOI
Capitals of capital : a history of international financial centres, 1780-2005
TL;DR: The age of private bankers, 1780-1840 2. The concentration of capital, 1840-75 3. A globalised world, 1875-1914 4. Wars and depression, 1914-45 5. Growth and regulation, 1945-80 6. Globalisation, innovation and crisis, 1980-2009 Conclusion Glossary as discussed by the authors
Journal ArticleDOI
Productivity and American Leadership
TL;DR: A review of W. J. Baumol, S. A. Blackman and E. N. Wolff's work on Productivity and American Leadership can be found in this paper.
Journal ArticleDOI
Real interest rate equalization and the integration of international financial markets
Barry K. Goodwin,Thomas Grennes +1 more
TL;DR: In this paper, the authors argue that conventional regression tests of real interest rate equality may be misleading because they neglect to consider transactions costs, which may inhibit the one-to-one correspondence between changes in real rates in alternative countries that is presumed by conventional tests.
Journal ArticleDOI
External dependence demographic burdens and Argentine economic decline after the Belle Epoque.
TL;DR: A demographic model of national saving demonstrates that the burdens of rapid population growth and substantial immigration depressed Argentine saving, contributing significantly to the demise of the Belle Apoque following the wartime collapse of international financial markets.
References
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Journal ArticleDOI
The Investment Market, 1870–1914: The Evolution of a National Market
TL;DR: In the early stages of economic development, because the uncertainty discounts are high, capital is not very mobile as discussed by the authors, and as a result, rates of return vary widely between industries and between regions; and growth in high-interest regions is retarded.
Journal ArticleDOI
Federal Policy, Banking Market Structure, and Capital Mobilization in the United States, 1863–1913
TL;DR: The success with which capital funds are mobilized and transferred to industrial and related activities is widely regarded as a critical determinant of both the timing and the pace of industrialization in the modern era as discussed by the authors.
Journal ArticleDOI
The Development of the National Money Market, 1893-1911
TL;DR: In this article, the convergence of U.S. interregional interest rates in the late nineteenth century is examined and two major hypotheses are tested in the framework of a bank portfolio selection model based on the capital-asset-pricing model.