Financial Integration, Investment, and Economic Growth: Evidence from Two Eras of Financial Globalization
利用1880-1914年第一轮金融全球化的历史数据，发现国际金融一体化显著促进了经济增长，而这一效应在现代已消失，原因在于历史时期开放带来了净资本流入和投资增加，而现代则不然。
Does international financial integration boost economic growth? The empirical literature has not yet established a robust link between openness to the international capital market and economic growth. In this paper, we turn to the economic history of the first era of financial globalization (1880-1914) for new insights. Using identical empirical models and techniques as contemporary studies, we find a significant growth effect in the historical period. A key difference between now and then is that opening up to the international market led to net capital movements and higher investment in the historical period, but it no longer does so today. (c) 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.