Foreign Capital and Economic Growth in the First Era of Globalization
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We explore the association between income and international capital flows between 1880 and 1913. Capital inflows are associated with higher incomes per capita in the long-run, but capital flows also brought income volatility via financial crises. Crises also decreased growth rates of income per
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美国国家经济研究局创建时间：
2007-11-01
