Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century

Abstract

This paper is concerned with integration in world capital market the economies of core and periphery in twentieth century. It proceeds with some general observations and with a special focus on case of Argentina. I will argue that understanding changing relations in international capital markets offers important insights into growth and development process, especially for countries of periphery. Moreover extent of market integration in history informs current conditions in relationship between capital-scarce economies, like Argentina, and global capital market as a whole. Looking to future, repercussions of economic reform and demographic change suggest likely implications for future saving, investment, and international capital flows.