CEPR Discussion Paper – The Trials of the Trilemma: International Finance 1870-2017

Authors: Barry Eichengreen, and Rui Esteves Date: January 2019 Abstract: In this paper we survey the history of international finance spanning a century and a half. We start by characterizing capital flows in the long run, organizing our discussion around six facts relating to the volume and volatility of capital flows, measured in both net[…]