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Global Capital Markets in the Long Run: A Review of Maurice Obstfeld and Alan Taylor's Global Capital Markets

机译：从长远来看，全球资本市场：莫里斯·奥伯斯特菲尔德（Maurice Obstfeld）和艾伦·泰勒（Alan Taylor）的全球资本市场回顾

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摘要

Written by Maurice Obstfeld and Alan Taylor, Global Capital Markets: Integration, Crisis, and Growth was a much-needed book that will be cited extensively by those with interests in the long run evolution of the world financial capital market. The book does not simply assess changes in the efficiency of global capital markets over the past 150 years, but rather adds significantly to debates about instability and crisis, asymmetry between rich and poor countries in the costs of going open, the Lucas Paradox, the connections between foreign exchange and financial capital market regimes, and much more. The hook makes far better use of the comparative evidence generated by the three epochs since 1850—the first global century before 1914, the second global century after 1950, and the autarchy in between—than do competitors that focus solely on one regime, whether the gold standard, post-World War II Breton Woods, or the float since, In addition, while the financial literature rarely assesses in any useful empirical way the connection between financial markets and the real economy, this book makes that connection absolutely clear. Global Capital Markets is a stimulating book with a very wide and deep reach.
机译：由莫里斯·奥布斯特菲尔德（Maurice Obstfeld）和艾伦·泰勒（Alan Taylor）撰写的《全球资本市场：整合，危机和增长》是一本急需的书，那些对世界金融资本市场的长期发展感兴趣的人将广泛引用。该书不仅评估了过去150年来全球资本市场效率的变化，而且还大大增加了关于不稳定和危机，贫富国家之间在开放成本，卢卡斯悖论，人脉关系方面的不对称性的辩论。外汇和金融资本市场制度之间的关系等等。与那些只关注一个政权的竞争者相比，该钩子更好地利用了1850年以来的三个时期（1914年之前的第一个全球世纪，1950年之后的第二个全球世纪以及两者之间的专制）产生的比较证据。黄金标准，第二次世界大战后的布雷顿森林体系或之后的浮动汇率。此外，尽管金融文献很少以任何有用的经验方法评估金融市场与实体经济之间的联系，但本书明确指出了这种联系。 《全球资本市场》是一本令人振奋的书，其影响范围非常广。

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