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date: 08 March 2021

Abstract and Keywords

This chapter tracks the volume and distribution of international investment since the mid-nineteenth century. The first part presents quantitative evidence on the volume of capital flows since the early nineteenth century. The second section focuses on the golden age of global capital mobility and the determinants of capital flows and sovereign risk during the first era of financial globalization in the late nineteenth century The third section deals with the experience of the twentieth century. The last part discusses, from the perspective of economic history, the economic effects of capital flows, in particular the role of capital flows in economic development and the link between capital flows and financial crises.

Keywords: capital flows, international investment, economic development, financial crises, sovereign risk

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