Capital Goods Prices, Global Capital Markets and Accumulation, 1870-1950

Conventional wisdom has it that global financial markets were as well integrated in the 1890s as in the 1990s, but that it took several post-war decades to regenerate the connections that existed before 1914. This view has emerged from a variety of tests for world financial capital market

主流学术共识指出，全球金融市场在19世纪90年代与20世纪90年代的一体化水平不相伯仲；而要重建1914年之前便已存在的跨境金融关联，则需耗费战后数十年的时间。该观点源自针对全球金融资本市场所开展的各类实证检验。