Format:
1 online resource (996 pages)
Edition:
1st ed.
ISBN:
9780521553520
,
9781139145565
Series Statement:
Japan-US Center UFJ Bank Monographs on International Financial Markets Series
Content:
This study examines the impact of British capital flows on the evolution of capital markets in Argentina, Australia, Canada, and the United States over the years 1870 to 1914. It contrasts the experiences of the frontier countries and provides historical insights into current economic problems in Asia and Latin America
Note:
Cover -- Half-title -- Series-title -- Title -- Copyright -- CONTENTS -- CHAPTER 1 Institutional invention and innovation: foreign capital transfers and the evolution of the domestic capital... -- 1-1. Introduction -- 1-1a. History and current events -- 1-1b. The formation of capital markets -- 1-2. Capital accumulation and mobilization -- 1-3. Britain and the four frontier countries: an overview -- 1-4. British long-term capital transfers -- 1-5. Conclusions -- Appendix: The role of financial intermediaries in decisions to save and invest -- CHAPTER 2 The United Kingdom -- 2-1. Introduction -- 2-2. Income, savings, and investment -- 2-3. The growth and evolution of the financial sector -- 2-3a. The banks and non-bank intermediaries: introduction -- 2-3b. The formal securities market -- 2-4. British investors -- 2-4a. Their identity -- 2-4b. The rate of return on investments in the four frontier countries -- CHAPTER 3 International capital movements, domestic capital markets, and American economic growth, 1865-1914 -- 3-1. Introduction -- 3-2. The pattern of U.S. economic growth before World War I -- 3-3. Savings-investment aggregates -- 3-3a. Domestic savings and investment -- 3-3b. Foreign investment -- 3-4. The industrial disposition of foreign capital: micro-evidence -- 3-4a. The railroads -- 3-4b. Government securities -- 3-4c. Land-related industries -- 3-4d. Commerce and manufacturing -- 3-5. The evolution of American financial markets -- 3-5a. Introduction -- 3-5b. The commercial banks -- 3-5c. Non-bank intermediaries -- 3-5d. The formal securities market -- 3-6. The London and New York stock exchanges in the late nineteenth century -- 3-7. Conclusions -- Appendix: U.S. estimates of national product -- CHAPTER 4 Domestic savings, international capital flows, and the evolution of domestic capital markets: The Canadian... -- 4-1. Introduction
,
4-1a. Patterns of growth, 1867-1914 -- 4-1b. Growth before 1867 -- 4-1c. 1867-1896 -- 4-1d. 1897-1914 -- 4-1e. The institutional environment and constraints -- 4-2. Foreign investment: in Canada -- 4-2a. The temporal pattern of foreign flows -- 4-2(b). The investors -- 4-3. The evolution of the Canadian capital market: introduction -- 4-3a. The chartered banks -- 4-3b. Non-bank intermediaries: introduction -- 4-3c. The primary and secondary securities markets -- 4-4. Conclusions -- CHAPTER 5 Domestic saving, international capital flows, and the evolution of domestic capital markets: The Australian... -- 5-1. Introduction -- 5-2. Historical background -- 5-2a. The role of the government -- 5-2b. The long boom, depression, and after: the impact on the demand for finance -- 5-3. Income, savings, investment, and foreign finance -- 5-4. The evolution of the domestic capital market in Australia -- 5-4a. Introduction -- 5-4b. The trading banks -- 5-4c. The non-bank intermediaries -- 5-4d. The formal securities markets -- 5-5. Institutional relations with the British capital market -- 5-6. Conclusions -- CHAPTER 6 Argentine savings, investment, and economic growth before World War I -- 6-1. Introduction -- 6-2. Economic change -- 6-2a. The pace of growth -- 6-2b. Population change -- 6-2c. Structural change -- 6-3. Financial intermediaries -- 6-3a. The banking system -- 6-3b. Insurance companies -- 6-3c. The Stock Exchange -- 6-4. Financing development -- 6-4a. The aggregates -- 6-4b. The sectoral pattern of investment -- 6-5. Conclusions -- Appendix: Estimating investment and savings series -- 6A-1. Introduction -- 6A-2. Real gross fixed domestic capital formation -- 6A-3. Investment in inventories -- 6A-4. Foreign contribution to gross capital formation -- 6A-5. Net capital formation -- 6A-6. Test of the estimates
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6A-7. A reestimation employing the GFCF series of Alexander Ganz -- 6A-8. Capital/output ratios -- CHAPTER 7 Lessons from the past: International financial flows and the evolution of capital markets, Britain and Argentina,... -- 7-1. Introduction -- 7-2. The data -- 7-3. Britain and the four frontier countries: the primary links -- 7-4. Britain and the four frontier countries: secondary links and the interaction between British savers and domestic... -- 7-5. Institutional adaptation: the case of the market for inland bills -- 7-6. Institutional fragility: obsolescence, structural weakness, and regime changes -- 7-7. Asymmetric information and institutional innovation: whose signals do you trust? -- 7-8. The political response to foreign investment -- 7-9. Conclusions -- CHAPTER 8 Skipping ahead: The evolution of the world's finance markets 1914-1990 - A brief sketch -- 8-1. Introduction -- 8-2. How did the five fare after 1913? -- 8-3. World financial developments after 1913 -- 8-3a. World War I -- 8-3b. The interwar period -- 8-3c. World War II and the Bretton Woods era -- 8-3d. The return to the global economy: the 1970s to the 1990s -- 8-4. Conclusions -- CHAPTER 9 Lessons from the past -- 9-1. Introduction -- 9-2. Japan -- 9-2a. Introduction: Japanese foreign investment in the past thirty years -- 9-2b. The evolution of the Japanese financial infrastructure, 1870-1970 -- 9-3. History and current events: developing economies in Latin America and Asia: problems of the 1980s and 1990s -- 9-3a. Latin America -- 9-3b. From tigers to pussycats: the Asian NICS, 1996-1999 -- 9-4. Conclusions -- BIBLIOGRAPHY -- INDEX
Additional Edition:
Print version Davis, Lance E. Evolving Financial Markets and International Capital Flows New York : Cambridge University Press,c2001 ISBN 9780521553520
Language:
English
Keywords:
Electronic books
URL:
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