What do We Know About Capital Flows? 150 Years of Data and Policy

29 Oktober 2018
17:30  - 19:00

Rui Pedro Ferreira Da Costa Esteves, Associate Professor, International History, The Graduate Institute Geneva

The lecture will cover three themes related to the long history of international capital flows. It starts by covering the evidence on 140 years of capital flows around the World, organised along six stylized facts. In a second part, it connects capital flows to exchange rates and monetary policies by using the familiar framework of the macroeconomic trilemma. It deals with countries' policy preferences and then turns to the political economy of their choices over time. In the third part, the lecture focusses on the connections between international finance and economic and financial stability. To this effect, it presents and analyses consistent and updated measures of currency, banking, debt and growth crises over the century and a half and investigates how their incidence is related to the exposure of countries to foreign capital as well as their policy choices.

 

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