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By Barry Eichengreen

An research of the connections among capital flows and monetary crises in addition to among capital flows and financial development.

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To encourage them to do so, they arranged stabilization loans, as in the case of Austria. Strong and his compatriots sought to bring the same business to New York. ’’36 This may or may not have been the reality, but it was the perception. It led politicians to turn a blind eye to financial excesses. The weakness of the British balance of payments played into this American policy. Reflecting the reduced interest earnings consequent on wartime sales of foreign securities, successive British governments embargoed long-term foreign lending at the beginning of the 1920s, in 1925, and again toward the end of the decade.

G. 20 Vehicles for risk sharing, diversification, and delegated monitoring included investment trusts serving a clientele of high-income investors. 21 The years following 1870 also saw the development of insurance companies as vehicles for holding foreign investments. British insurance 26 Chapter 2 companies increasingly invested in marketable securities, foreign securities in particular. As a result, a growing number of workingclass savers held foreign securities indirectly, via their insurance policies.

The Political Context Whereas Fishlow attributes the stability of prewar capital markets to the economic context, Feis (1930) emphasizes instead the political context. His approach has the advantage of accounting for the happier results of British, as opposed to French and German, lending. British industry did not object to freedom of overseas investment, given its awareness of the value of overseas markets for its own 22 Chapter 2 export sales. Investment in railroad construction, mining, shipping, and land development generated orders for British firms.

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