By Barry Eichengreen
An research of the connections among capital flows and monetary crises in addition to among capital flows and monetary development.
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Additional info for Capital Flows and Crises
There were exceptions, however. Although policy was largely passive in the high gold-standard years, periodic monetary shocks at the center still aggravated the crisis problem at the periphery. In 1906, for example, Britain’s demand for funds for its war in Southern Africa, the ﬁscal consequences of the conﬂict between Japan and Russia, and the accelerating arms race between Germany and its rivals put upward pressure on global interest rates. 28 Chapter 2 The fact or prospect of gold losses then caused European central banks to raise their discount rates.
Whereas some studies approach the phenomenon from a macroeconomic point of view, others take a ﬁrmly microeconomic perspective. Whereas some focus on the effects of capital account liberalization, others focus on the causes— that is to say, on the political economy of the decision to liberalize. Any survey of this extensive and varied terrain requires a focus. 2 Measuring Capital Account Liberalization A ﬁrst reason why studies of capital account liberalization do not speak clearly is the difﬁculty of measuring the policy.
It is not simply quarrels among theorists that have rendered capital account liberalization controversial, in other words, but that attempts to move beyond anecdote and assertion to systematic empirical analysis have not yielded conclusive results. The question is why. Have the questions been formulated poorly? Are the methods ﬂawed? Or are the data not up to the task? A critical review of the literature is the obvious ﬁrst step toward answering these questions. The challenge for such a review is that the literature on capital mobility is large and varied.