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英语翻译The last three decades saw an extraordinary increase in

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英语翻译
The last three decades saw an extraordinary increase in cross-border capital flows and the elimination of barriers to free capital mobility.From a historical perspective,however,
financial globalization is not a new phenomenon.A first wave of globalization started in the middle of the 19th century and came to an abrupt end with World War I.This era was characterized by a high level of integration reached again only in the 1990s.Obstfeld
and Taylor (2004) characterize the development stages of global financial markets,connecting financial globalization in the 19th century with the present,by the exchange rate regimes and their consequences for capital flows.During the period from 1870 until
1914,most countries successively adopted the classical gold standard and both capital and labor markets were highly integrated.Policymakers followed a laissez-faire policy and few restrictions were imposed on financial markets.The following period,between
1914 to 1945,was shaped by the two World Wars and the Great Depression leading to a rise in nationalism.During this time,policymakers increasingly focused on domestic goals and pursued protectionist policies.
在过去30年中出现了跨境资本流动和消除壁垒行动超常的增加,然而,从历史的角度来看,资金自由流动,金融全球化并不是一个新的现象.第一次全球化浪潮开始于19世纪中叶,第一次世界大战突然终止了它.这个时代的特点是高集成度.仅在20世纪90年代才又达到了这个水平.Obstfeld 和Taylor ( 2004 )特征分析总结全球金融市场的发展阶段,通过联系19世纪金融全球化在与当前形势,由汇率制度及其对资本流动的影响.从1870年持续到 1914年,在此期间,大多数国家先后通过了古典金本位制和资本和劳动力市场的高度集成.决策者对金融市场采取了放任自流的政策和一些限制.
1914年至1945年,形成了两次世界大战,大萧条导致民族主义的上升.在这段时间内,政策制定者越来越关注于国内的目标和采取保护主义政策.
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