New data documenting E uropean bond issues in major financial centres from 1919 to 1932 show that conditions in international capital markets and not just in borrowing countries are important for explaining the surge and reversal in capital flows. In particular, the sharp increase in stock market volatility in the major financial centres at the end of the 1920s figured importantly in the decline in foreign lending. This article draws parallels with Europe after 2008.
Ashley S. Felix, Mia M. Gaudet, Carlo La Vecchia, Christina M. Nagle, Xiao Ou Shu, Elisabete Weiderpass, Hans Olov Adami, Shirley A.A. Beresford, Leslie Bernstein, Chu Chen, Linda S. Cook, Immaculata De Vivo, Jennifer A. Doherty, Christine M. Friedenreich, Susan M. Gapstur, Dierdre Hill, Pamela L. Horn‐Ross, James V. Lacey, Fabio Levi, Xiaolin Liang, Lingeng Lu,
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