Recent globalization trends have refocused attention on the historical evolution of international capital mobility over the long run. The issue is examined here using time-series analysis of current-account dynamics for fifteen countries since circa 1850. The inter-war period emerges as an era of low capital mobility and only recently can we observe a tentative return to the degree of capital mobility witnessed during the late nineteenth century. The analysis of saving and investment dynamics also helps make sense of the frequently observed high correlation of saving and investment rates in historical data.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
8927.
Length: Date of creation: May 2002 Date of revision: Handle: RePEc:nbr:nberwo:8927
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Find related papers by JEL classification: F2 - International Economics - - International Factor Movements and International Business F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
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