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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/151

Title: Changes in the degree of international financial integration over the past three centuries
Authors: Lothian, James R.
Issue Date: Feb-2001
Publisher: CEIS
Series/Report no.: Quaderni CEIS; 139
Abstract: In the research reported in this paper I examine the degree of international financial market integration in all three of these episodes as well as during the two quite lengthy periods in between. To do so I use multi-country data for the near 300-year span of years from 1700 to 1998. The measure that I use to judge the degree of integration is the cross-country standard deviation of real interest rates. I compute these for both short-term and long-term interest rates for groups of countries that vary over time according to data availability. A major focus of this exercise is on the differences and the similarities in behavior across the various subperiods. A particularly important question here is how eighteenth century experience stacks up against the two later episodes. Another question has to do with the forces that operated in these three episodes, the most recent one in particular. I reach two conclusions. The first is that financial integration has been the rule rather than t...
URI: http://hdl.handle.net/2108/151
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