What do We Know About Capital Flows? 150 Years of Data and Policy
Rui Pedro Ferreira Da Costa Esteves, The Graduate Institute, Geneva
29. Okt 2018
Center for Financial Studies, House of Finance, Goethe University Frankfurt
CFS Lecture (jointly organized by the Center for Financial Studies, the Institute for Banking and Financial History (IBF) and the Association of Foreign Banks in Germany)
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.
Rui Pedro Ferreira Da Costa Esteves, Ph.D.
Associate Professor, International History at the Graduate Institute, Geneva. Faculty member since September 2018, Rui Esteves previously held academic positions at the University of Oxford and Simon Fraser University. He is specialised in monetary and financial history straddling the fields of international finance, institutional economics, and public finance. His research provides perspective on the globalisation of finance, financial crises, sovereign debt, financial market architecture, the choice of exchange rate regimes and emigrant remittances, as well as rent-seeking and corruption in public office.
House of Finance, Goethe University, Campus Westend, Theodor-W.-Adorno-Platz 3, D-60323 Frankfurt am Main