Capital Mobility and the Origins of Stock Markets
International Organization, 2001, 55, 2, 327-+
VERDIER, Daniel, Capital Mobility and the Origins of Stock Markets, International Organization, 2001, 55, 2, 327-+ - http://hdl.handle.net/1814/16718
Retrieved from Cadmus, EUI Research Repository
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.
Cadmus permanent link: http://hdl.handle.net/1814/16718
Full-text via DOI: 10.1162/00208180151140595
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