Capital Mobility and the Origins of Stock Markets
Title: Capital Mobility and the Origins of Stock Markets
Author: VERDIER, Daniel
Citation: International Organization, 2001, 55, 2, 327-+
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.
Files in this item
There are no files associated with this item.