| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16375 |
| DP16375 The Global Capital Market Reconsidered | |
| Maurice Obstfeld | |
| 发表日期 | 2021-07-19 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | While the globalization of production has been a prominent target of anti-globalization backlash, globalized finance has seemed to be much less in the public bull’s-eye. The blueprint for the postwar international economy agreed at Bretton Woods in 1944 envisioned nothing like today’s extensive and fluid global capital market. The demise of the 1946-1973 fixed exchange rate system, however, also brought a progressive dismantling of barriers to international financial flows motivated by special-interest politics, national economic competition, and ideology – alongside the benign desire for a more efficient international allocation of capital. Unfortunately, free cross-border financial capital mobility can compromise governments’ capacities to attain domestic economic and social goals in several ways. This essay links the dynamics of financial liberalization to the Teflon-like resilience of finance to backlash so far, and suggests that stronger backlash could emerge if national governments fail to enhance multilateral cooperation to manage the financial commons. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Global capital market Embedded liberalism Financial stability Globalization Multilateralism |
| URL | https://cepr.org/publications/dp16375 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545338 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld. DP16375 The Global Capital Market Reconsidered. 2021. |
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