The Political Economy of International Capital Mobility
International capital mobility is a fundamental aspect of the political economy of globalization, and this study develops a new framework for understanding this crucial phenomenon. Matthew Watson draws a distinction between the spatial and the functional mobility of capital, allowing fresh insights into existing work on the subject whilst repoliticizing the very idea of capital being 'in motion'. The dynamics of capital mobility and the patterns of risk exposure are illustrated through four cases: the Asian financial crisis; the Tobin tax; the Enron affair; and the proposed consolidation of the European stock market.
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The Intellectual Conditions for Recent Increases
The Historical Conditions for Recent Increases
Capital Mobility Exchange Rate Instability
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Asian financial crisis asset prices assumption attempt baht banks Bretton Woods system capital controls cash changes Chapter company's consistency models contamination risk countries created decisions depreciation risk derivative instruments derivative markets Deutsche Borse dynamics East Asian economic effects Enron exchange rate existing financial assets financial markets financial risks financial system flows foreign exchange market functional capital mobility functional mobility funds future global hedge holdings incentives increasingly individual stocks inflation international financial order investors liberal automaticity liberalisation market environment market index market liquidity market-makers mobility of capital mobility options monetary natural rate options pricing overall Phillips curve political portfolio possible potential price movements pricing structure rational expectations risk society sector selling shareholder value social spatial capital mobility Special Purpose Entities speculation risk spot market Stock Exchange stock market stock market index stock options stock price tion Tobin tax transactions costs whilst