By Barry Eichengreen

First released greater than a decade in the past, Globalizing Capital is still an necessary a part of the industrial literature this day. Written via well known economist Barry Eichengreen, this vintage e-book emphasizes the significance of the foreign financial method for realizing the overseas economic system. short and lucid, Globalizing Capital is meant not just for economists, but additionally a basic viewers of historians, political scientists, execs in govt and company, and a person with a huge curiosity in diplomacy. Eichengreen demonstrates that the overseas financial process will be understood and successfully ruled provided that it's visible as a ancient phenomenon extending from the interval of the highest quality to trendy international of fluctuating costs. This up to date variation keeps to rfile the impact of floating trade premiums and encompasses a new bankruptcy at the Asian monetary situation, the arrival of the euro, the way forward for the buck, and similar themes. Globalizing Capital exhibits how those and different fresh advancements should be installed point of view just once their political and ancient contexts are understood.

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Extra resources for Globalizing Capital: A History of the International Monetary System (Second Edition)

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The composition of international reserves and the statutes governing their utilization also differed from country to country. In India, the Philippines, and much of Latin America, reserves took the form of financial claims on countries whose currencies were convertible into gold. In Russia, Japan, AustriaHungary, Holland, Scandinavia, and the British Dominions, some but not all international reserves were held in this form. Such countries might maintain a portion of their reserves in British Treasury bills or bank deposits in London.

By reducing the money supply, central bank intervention put downward pressure on prices and enhanced the competitiveness of domestic goods, eliminating the external deficit as effectively as a gold outflow. Extending the model to include a central bank that intervened to reinforce the impact of incipient gold flows on the domestic money supply thus could explain how external adjustment took place in the absence of substantial gold movements. 41 Banks and other financial intermediaries (known as discount houses) lent money to merchants for sixty or ninety days.

44 Along with providing a place for central banks in the operation of the gold standard, this mechanism introduces a role for capital flows in adjustment. When a central bank losing gold raised its discount rate, it made that market more attractive for investors seeking remunerative short-term investments, assuming that domestic and foreign assets were imperfect substitutes, which allowed for some slippage between on- and offshore interest rates. Higher interest rates rendered the domestic market more attractive for investors seeking remunerative short-term investments and attracted capital from abroad.

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