By Barry Eichengreen
An research of the connections among capital flows and monetary crises in addition to among capital flows and fiscal development.
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Extra info for Capital Flows and Crises
Still, these are no grounds for selfcongratulation. At the national level, governments and societies have made considerable headway since World War II in enhancing economic and ﬁnancial stability. Automatic ﬁscal stabilizers have moderated cyclical ﬂuctuations. Deposit insurance has all but eliminated bank runs and banking panics. Central banks have recognized and acted upon the need to backstop payments systems. But, in the international domain, there has been less progress. All this is to say that policymakers have not yet succeeded in coming to terms with the growth of international ﬁnancial markets.
They established bond departments and securities afﬁliates, opened store-front sales ofﬁces, and took out newspaper ads. Investment-trust and insurancecompany balance sheets expanded rapidly, and these non-bank intermediaries provided the same portfolio management and diversiﬁcation services as their British counterparts. Foreign securities were increasingly among their holdings. Because the majority of this borrowing was by governments, and because market access required only hooking up to an existing infrastructure, these capital inﬂows did less to stimulate the development of ﬁnancial markets than in Canada or the United States before 1913.
Thus, when economic conditions deteriorated in Britain, investment was redeployed from home to overseas markets (Cairncross 1953). British imports might decline, worsening conditions in the periphery, but when they did, British capital exports would rise, exercising an offsetting effect. Capital ﬂows were stabilizing, in other words, because they were countercyclical. Thus, the operation of the ﬁnancial system was eased by the economic context in which the capital transfer took place. The Political Context Whereas Fishlow attributes the stability of prewar capital markets to the economic context, Feis (1930) emphasizes instead the political context.