Sentences with phrase «international capital mobility»
A crucial underpinning of this remarkably successful era was the regulation of the financial sector and constraints on international capital mobility.
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Indeed, in a classic paper written in the early 1960s, Mundell (Mundell, 1963) showed how, in a world of complete asset substitutability and perfect capital mobility, real interest rates would be largely determined by international market forces with the exchange rate moving in response to changes in domestic monetary policy to provide most of the desired accommodation or tightening.