Capital Mobility and the Origins of Stock Markets
I illustrate the accepted, though hardly researched, idea that political institutions play a role in locking in factor specificity across sectors, space, and borders. I use the emergence of modern capital markets in the nineteenth century, a process that threatened to redeploy financial resources aw...
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| Veröffentlicht in: | International organization 2001-04, Vol.55 (2), p.327-356 |
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| container_end_page | 356 |
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| container_title | International organization |
| container_volume | 55 |
| creator | Verdier, Daniel |
| description | I illustrate the accepted, though hardly researched, idea that political institutions play a role in locking in factor specificity across sectors, space, and borders. I use the emergence of modern capital markets in the nineteenth century, a process that threatened to redeploy financial resources away from land and traditional sectors to heavy industry, as a test case to ascertain the degree of domestic financial capital mobility in nine advanced industrialized countries. The main finding is that cross-national variations in financial capital mobility, holding constant the level of economic development, reflect the degree of state centralization. |
| doi_str_mv | 10.1162/00208180151140595 |
| format | Article |
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I use the emergence of modern capital markets in the nineteenth century, a process that threatened to redeploy financial resources away from land and traditional sectors to heavy industry, as a test case to ascertain the degree of domestic financial capital mobility in nine advanced industrialized countries. 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I use the emergence of modern capital markets in the nineteenth century, a process that threatened to redeploy financial resources away from land and traditional sectors to heavy industry, as a test case to ascertain the degree of domestic financial capital mobility in nine advanced industrialized countries. The main finding is that cross-national variations in financial capital mobility, holding constant the level of economic development, reflect the degree of state centralization.</description><subject>Bank loans</subject><subject>Bank markets</subject><subject>Banking regulation</subject><subject>Capital</subject><subject>Capital flow</subject><subject>Capital market</subject><subject>Capital markets</subject><subject>Capital mobility</subject><subject>Capital movement</subject><subject>Centralization</subject><subject>Civil law</subject><subject>Corporations</subject><subject>Cost control</subject><subject>Credit</subject><subject>Crossnational Differences</subject><subject>Economic development</subject><subject>Economic History</subject><subject>Equity</subject><subject>Finance</subject><subject>History</subject><subject>Industrial Societies</subject><subject>Industrialization</subject><subject>Institutional investments</subject><subject>International relations</subject><subject>International trade</subject><subject>Investors</subject><subject>Liquidation</subject><subject>Lobbying</subject><subject>Markets (Economics)</subject><subject>Nineteenth Century</subject><subject>Planned economy</subject><subject>Political institutions</subject><subject>Political Systems</subject><subject>Politics</subject><subject>Rent-seeking</subject><subject>Research & development expenditures</subject><subject>Savings banks</subject><subject>Securities markets</subject><subject>Stock exchange</subject><subject>Stock exchanges</subject><subject>Stock Markets</subject><subject>Studies</subject><subject>Trade 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| fulltext | fulltext |
| identifier | ISSN: 0020-8183 |
| ispartof | International organization, 2001-04, Vol.55 (2), p.327-356 |
| issn | 0020-8183 1531-5088 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_60553120 |
| source | Worldwide Political Science Abstracts; HeinOnline Law Journal Library; JSTOR Archive Collection A-Z Listing; Cambridge University Press Journals Complete |
| subjects | Bank loans Bank markets Banking regulation Capital Capital flow Capital market Capital markets Capital mobility Capital movement Centralization Civil law Corporations Cost control Credit Crossnational Differences Economic development Economic History Equity Finance History Industrial Societies Industrialization Institutional investments International relations International trade Investors Liquidation Lobbying Markets (Economics) Nineteenth Century Planned economy Political institutions Political Systems Politics Rent-seeking Research & development expenditures Savings banks Securities markets Stock exchange Stock exchanges Stock Markets Studies Trade models |
| title | Capital Mobility and the Origins of Stock Markets |
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