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Capital Market Integration and National Wealth

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  • Tony Makin

Abstract

This article examines the effects of increased capital market integration on Australia's external liabilities, total assets and national wealth using an inter‐temporal approach. Stylised national balance sheets‐then provide summary statements of how these aggregates changed following the unprecedented international financial liberalisation of the 1980s. Though the level of international debt was relatively high at the end of the 1980s compared to the 1970s, it was easily exceeded by growth in asset values, resulting in a sharp rise in wealth per head.

Suggested Citation

  • Tony Makin, 1993. "Capital Market Integration and National Wealth," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 26(2), pages 61-70, April.
    • Handle: RePEc:bla:ausecr:v:26:y:1993:i:2:p:61-70
    DOI: 10.1111/j.1467-8462.1993.tb00784.x
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    1. Raymond W. Goldsmith & Robert E. Lipsey & Morris Mendelson, 1963. "Introduction to "Studies in the National Balance Sheet of the United States, Vol. 2"," NBER Chapters, in: Studies in the National Balance Sheet of the United States, Volume 2, pages 1-40, National Bureau of Economic Research, Inc.
    2. repec:ucp:bkecon:9780226301532 is not listed on IDEAS
    3. Raymond W. Goldsmith & Robert E. Lipsey, 1963. "Studies in the National Balance Sheet of the United States, Volume 1," NBER Books, National Bureau of Economic Research, Inc, number gold63-1.
    4. Raymond W. Goldsmith & Robert E. Lipsey & Morris Mendelson, 1963. "Studies in the National Balance Sheet of the United States, Volume 2," NBER Books, National Bureau of Economic Research, Inc, number gold63-2.
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    Cited by:

    1. Karl Whelan, 2013. "Sovereign default and the euro," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(3), pages 478-501, AUTUMN.
    2. Anthony Makin & Wei Zhang & Grant Scobie, 2009. "The contribution of foreign borrowing to the New Zealand economy," New Zealand Economic Papers, Taylor & Francis Journals, vol. 43(3), pages 263-278.
    3. Tony Makin, 1994. "Open economy measures of wealth and Hicksian national income," Open Economies Review, Springer, vol. 5(4), pages 361-369, October.
    4. André Cartapanis & Vincent Dropsy & Sophie Mametz, 2002. "The Asian Currency Crises: Vulnerability, Contagion, or Unsustainability," Review of International Economics, Wiley Blackwell, vol. 10(1), pages 79-91, February.

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