Cover -- Half-title -- Series-title -- Title -- Copyright -- CONTENTS -- CHAPTER 1 Institutional invention and innovation: foreign capital transfers and the evolution of the domestic capital… -- 1-1. Introduction -- 1-1a. History and current events -- 1-1b. The formation of capital markets -- 1-2. Capital accumulation and mobilization -- 1-3. Britain and the four frontier countries: an overview -- 1-4. British long-term capital transfers -- 1-5. Conclusions -- Appendix: The role of financial intermediaries in decisions to save and invest -- CHAPTER 2 The United Kingdom -- 2-1. Introduction -- 2-2. Income, savings, and investment -- 2-3. The growth and evolution of the financial sector -- 2-3a. The banks and non-bank intermediaries: introduction -- 2-3b. The formal securities market -- 2-4. British investors -- 2-4a. Their identity -- 2-4b. The rate of return on investments in the four frontier countries -- CHAPTER 3 International capital movements, domestic capital markets, and American economic growth, 1865-1914 -- 3-1. Introduction -- 3-2. The pattern of U.S. economic growth before World War I -- 3-3. Savings-investment aggregates -- 3-3a. Domestic savings and investment -- 3-3b. Foreign investment -- 3-4. The industrial disposition of foreign capital: micro-evidence -- 3-4a. The railroads -- 3-4b. Government securities -- 3-4c. Land-related industries -- 3-4d. Commerce and manufacturing -- 3-5. The evolution of American financial markets -- 3-5a. Introduction -- 3-5b. The commercial banks -- 3-5c. Non-bank intermediaries -- 3-5d. The formal securities market -- 3-6. The London and New York stock exchanges in the late nineteenth century -- 3-7. Conclusions -- Appendix: U.S. estimates of national product -- CHAPTER 4 Domestic savings, international capital flows, and the evolution of domestic capital markets: The Canadian… -- 4-1. Introduction.

4-1a. Patterns of growth, 1867-1914 -- 4-1b. Growth before 1867 -- 4-1c. 1867-1896 -- 4-1d. 1897-1914 -- 4-1e. The institutional environment and constraints -- 4-2. Foreign investment: in Canada -- 4-2a. The temporal pattern of foreign flows -- 4-2(b). The investors -- 4-3. The evolution of the Canadian capital market: introduction -- 4-3a. The chartered banks -- 4-3b. Non-bank intermediaries: introduction -- 4-3c. The primary and secondary securities markets -- 4-4. Conclusions -- CHAPTER 5 Domestic saving, international capital flows, and the evolution of domestic capital markets: The Australian… -- 5-1. Introduction -- 5-2. Historical background -- 5-2a. The role of the government -- 5-2b. The long boom, depression, and after: the impact on the demand for finance -- 5-3. Income, savings, investment, and foreign finance -- 5-4. The evolution of the domestic capital market in Australia -- 5-4a. Introduction -- 5-4b. The trading banks -- 5-4c. The non-bank intermediaries -- 5-4d. The formal securities markets -- 5-5. Institutional relations with the British capital market -- 5-6. Conclusions -- CHAPTER 6 Argentine savings, investment, and economic growth before World War I -- 6-1. Introduction -- 6-2. Economic change -- 6-2a. The pace of growth -- 6-2b. Population change -- 6-2c. Structural change -- 6-3. Financial intermediaries -- 6-3a. The banking system -- 6-3b. Insurance companies -- 6-3c. The Stock Exchange -- 6-4. Financing development -- 6-4a. The aggregates -- 6-4b. The sectoral pattern of investment -- 6-5. Conclusions -- Appendix: Estimating investment and savings series -- 6A-1. Introduction -- 6A-2. Real gross fixed domestic capital formation -- 6A-3. Investment in inventories -- 6A-4. Foreign contribution to gross capital formation -- 6A-5. Net capital formation -- 6A-6. Test of the estimates.

6A-7. A reestimation employing the GFCF series of Alexander Ganz -- 6A-8. Capital/output ratios -- CHAPTER 7 Lessons from the past: International financial flows and the evolution of capital markets, Britain and Argentina,… -- 7-1. Introduction -- 7-2. The data -- 7-3. Britain and the four frontier countries: the primary links -- 7-4. Britain and the four frontier countries: secondary links and the interaction between British savers and domestic… -- 7-5. Institutional adaptation: the case of the market for inland bills -- 7-6. Institutional fragility: obsolescence, structural weakness, and regime changes -- 7-7. Asymmetric information and institutional innovation: whose signals do you trust? -- 7-8. The political response to foreign investment -- 7-9. Conclusions -- CHAPTER 8 Skipping ahead: The evolution of the world's finance markets 1914-1990 - A brief sketch -- 8-1. Introduction -- 8-2. How did the five fare after 1913? -- 8-3. World financial developments after 1913 -- 8-3a. World War I -- 8-3b. The interwar period -- 8-3c. World War II and the Bretton Woods era -- 8-3d. The return to the global economy: the 1970s to the 1990s -- 8-4. Conclusions -- CHAPTER 9 Lessons from the past -- 9-1. Introduction -- 9-2. Japan -- 9-2a. Introduction: Japanese foreign investment in the past thirty years -- 9-2b. The evolution of the Japanese financial infrastructure, 1870-1970 -- 9-3. History and current events: developing economies in Latin America and Asia: problems of the 1980s and 1990s -- 9-3a. Latin America -- 9-3b. From tigers to pussycats: the Asian NICS, 1996-1999 -- 9-4. Conclusions -- BIBLIOGRAPHY -- INDEX.