By Barry Eichengreen

An research of the connections among capital flows and monetary crises in addition to among capital flows and financial progress.

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Communication between the markets and the ministries was commonplace. Beginning in 1823, approval by the Ministry of Finance was required for admission of a foreign loan to the French Bourse. France had a more dirigiste tradition, of course, and the perceived slow growth of French industry sustained support for financial Colbertism. S. Steel stock in Paris being a famous case in point. It led the government to tie approval to a commitment by the borrower to buy French goods. A Century of Capital Flows 23 In Germany, intervention was grounded in the Listian tradition.

Although there is theoretical support for both positions, the unfortunate fact is that the evidence on them does not speak clearly. It is not simply quarrels among theorists that have rendered capital account liberalization controversial, in other words, but that attempts to move beyond anecdote and assertion to systematic empirical analysis have not yielded conclusive results. The question is why. Have the questions been formulated poorly? Are the methods flawed? Or are the data not up to the task?

If information asymmetries are endemic to financial markets and transactions, then there is no reason to assume that financial liberalization, either domestic or international, will be welfare improving (Stiglitz 2000). And even if information asymmetries in domestic markets are judged insufficiently severe to undermine the case for domestic financial liberalization, the same may not be true of international financial liberalization to the extent that international financial transactions take place among agents separated by greater physical and cultural distance.

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