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Two Hundred Years of Financial Integration: A New Database with an Example from Latin America
Most empirical studies on financial integration examine the experience of the last thirty years because capital flow data are available only since the late 1970s.
With just thirty years of data it is hard to estimate the effects of globalization on growth or examine the differences between crises starting in the financial center or in the periphery. I construct a new database on international issuance starting in 1820. This database includes individual sovereign bonds and loans as well as bonds, loans, and equities issued by private corporations. This paper presents the database with an example for Latin America.
With just thirty years of data it is hard to estimate the effects of globalization on growth or examine the differences between crises starting in the financial center or in the periphery. I construct a new database on international issuance starting in 1820. This database includes individual sovereign bonds and loans as well as bonds, loans, and equities issued by private corporations. This paper presents the database with an example for Latin America.