| Author: | Verdier, D. |
| Title: | Domestic responses to capital market internationalization under the gold standard, 1870-1914 |
| Journal: | International Organization
1998 : WINTER, VOL. 52:1, p. 1-34 |
| Index terms: | DOMESTIC TRADE CAPITAL MARKETS INTERNATIONALIZATION |
| Language: | eng |
| Abstract: | The internationalization of capital markets that occurred during the era of the classical gold standard (1870-1914) was part of a broader set of trends that threatened to drain local markets from capital and channel that capital to the national financial center, and from there, toward other national financial centers. Still, internationalization was neither inevitable, uniform, not irreversible but was a political choice informed by redistributional considerations between rival domestic interests and decided by politically dominant coalitions. |
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