The Great Reversals: The Politics of Financial Development in the 20th Century
We attempt to identify and explain the broad patterns of financial development in developed countries over the twentieth century. We find that, contrary to the predictions of most existing theories, indicators of financial development do not seem monotonic over time. In particular, we find that by m...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2000
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | We attempt to identify and explain the broad patterns of financial development in developed countries over the twentieth century. We find that, contrary to the predictions of most existing theories, indicators of financial development do not seem monotonic over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and that a major reversal took place between 1913 and 1950. To explain this we outline a simple theory of the political economy of financial development. Empirically, our analysis suggests that the forces opposing financial development will be weaker when a country is open to international trade and capital flows. We find this to be true both in the cross-section and over time. In periods of free capital movement world-wide, a country's level of financial development is directly related to its openness to trade. Similarly, the low frequency movements of financial development over time appear to be correlated ... |
| Beschreibung: | 1 Online-Ressource (52 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/371486741616 |
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| spelling | Rajan, Raghuram G... Verfasser aut The Great Reversals The Politics of Financial Development in the 20th Century Raghuram G. Rajan and Luigi Zingales Paris OECD Publishing 2000 1 Online-Ressource (52 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers We attempt to identify and explain the broad patterns of financial development in developed countries over the twentieth century. We find that, contrary to the predictions of most existing theories, indicators of financial development do not seem monotonic over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and that a major reversal took place between 1913 and 1950. To explain this we outline a simple theory of the political economy of financial development. Empirically, our analysis suggests that the forces opposing financial development will be weaker when a country is open to international trade and capital flows. We find this to be true both in the cross-section and over time. In periods of free capital movement world-wide, a country's level of financial development is directly related to its openness to trade. Similarly, the low frequency movements of financial development over time appear to be correlated ... Economics Zingales, Luigi ctb https://doi.org/10.1787/371486741616 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Rajan, Raghuram G.. The Great Reversals The Politics of Financial Development in the 20th Century Economics |
| title | The Great Reversals The Politics of Financial Development in the 20th Century |
| title_auth | The Great Reversals The Politics of Financial Development in the 20th Century |
| title_exact_search | The Great Reversals The Politics of Financial Development in the 20th Century |
| title_exact_search_txtP | The Great Reversals The Politics of Financial Development in the 20th Century |
| title_full | The Great Reversals The Politics of Financial Development in the 20th Century Raghuram G. Rajan and Luigi Zingales |
| title_fullStr | The Great Reversals The Politics of Financial Development in the 20th Century Raghuram G. Rajan and Luigi Zingales |
| title_full_unstemmed | The Great Reversals The Politics of Financial Development in the 20th Century Raghuram G. Rajan and Luigi Zingales |
| title_short | The Great Reversals |
| title_sort | the great reversals the politics of financial development in the 20th century |
| title_sub | The Politics of Financial Development in the 20th Century |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/371486741616 |
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